Success Psychology
Without a doubt, for new business start-ups, bootstrapping is the best way to get off the ground. This is great because it allows you to test the waters then build up on strength when you find something that works. If you can accept failures as they come and get stronger when set backs arise, then you are likely to learn quickly and treat your business as your life, taking it all in your stride.
An important thing to remember is that money = direct correlation of your perceived value. Thus, to earn more, you simply need to create valuable things for people. Easy, right?
Choosing a niche
The single biggest mistake new business owners make is the idea that because they like something and would be willing to pay hard earned money for something, that lots of other people will be willing to do the same too. The reality is that niches are OTHER peoples needs and wants, not yours. Start with the customers needs that are motivated by pain, urgency or emotions and then figure out a way to provide solutions to those problems. Test the waters – talk to the potential customers, and if you find that your prospects are pro-active in searching for solutions, you can be sure to have found a solid viable business niche.
The right product
Just like we touched upon when identifying a niche – you don’t sell a good or product; you sell a benefit, an outcome or a resolution of a problem!
Once you have a product that provides a solution to this problem or delivers an outcome, increase the perceived value in the product by going ‘high end’ on everything the customer sees. Advertising, packaging, customer service. This has to feel ‘high end’ even if it is low cost. The perception is the reality. Look at brands like Louis V. or Gucci. They are made in China bags, yet sell at an incredibly high price, due to the perception of high status that the brand portrays throughout its service and media campaign.
Name your product with something catchy – think cocacola, kakaotalk, whatsapp or google. Catchy names stick in the head and we remember them easily. This is a competitive advantage for you and your brand, product or service. Last, but certainly not least,
create a customer avatar and create a product or service that will sell directly to that ‘person’ and their wants, needs and desires.
Marketing
The key to successful marketing is making customers take action, not having them simply ‘remember’ you. Simply put, good marketing = good selling. Good sales come from close relationships, so try to get feet on the ground. If you can, try to position your product as the ‘original’ and ‘the leader’. Serve ‘freemium’ content in large numbers in newsletters and in give-aways. Paraphrasing from evernote CEO “The quickest/easiest way to get one million people paying is to get a billion people using”.
Always tell your customer exactly what they need to do to BUY NOW.
Focus and Action
One thing – just one thing at a time.
We learn more from doing than from planning, so make a plan and then do it immediately, readjust your schedule as you learn more. Analytic information feedback is vital to your success.
People
You need great people to have a good business. So you should always search for heroes, but you need to remember to only hire people who are NOT like you; hire people to do things you can’t do, won’t do, don’t like to do – leaving the creativity and running of the business to you. When managing your people, look at what people are doing, not what they are saying. One and the other are easily confused. Set your staff one weekly task, then leave your people to work on their own. Hire and fire as necessary.
Without a doubt, for new business start-ups, bootstrapping is the best way to get off the ground. This is great because it allows you to test the waters then build up on strength when you find something that works. If you can accept failures as they come and get stronger when set backs arise, then you are likely to learn quickly and treat your business as your life, taking it all in your stride.
An important thing to remember is that money = direct correlation of your perceived value. Thus, to earn more, you simply need to create valuable things for people. Easy, right?
Choosing a niche
The single biggest mistake new business owners make is the idea that because they like something and would be willing to pay hard earned money for something, that lots of other people will be willing to do the same too. The reality is that niches are OTHER peoples needs and wants, not yours. Start with the customers needs that are motivated by pain, urgency or emotions and then figure out a way to provide solutions to those problems. Test the waters – talk to the potential customers, and if you find that your prospects are pro-active in searching for solutions, you can be sure to have found a solid viable business niche.
The right product
Just like we touched upon when identifying a niche – you don’t sell a good or product; you sell a benefit, an outcome or a resolution of a problem!
Once you have a product that provides a solution to this problem or delivers an outcome, increase the perceived value in the product by going ‘high end’ on everything the customer sees. Advertising, packaging, customer service. This has to feel ‘high end’ even if it is low cost. The perception is the reality. Look at brands like Louis V. or Gucci. They are made in China bags, yet sell at an incredibly high price, due to the perception of high status that the brand portrays throughout its service and media campaign.
Name your product with something catchy – think cocacola, kakaotalk, whatsapp or google. Catchy names stick in the head and we remember them easily. This is a competitive advantage for you and your brand, product or service. Last, but certainly not least,
create a customer avatar and create a product or service that will sell directly to that ‘person’ and their wants, needs and desires.
Marketing
The key to successful marketing is making customers take action, not having them simply ‘remember’ you. Simply put, good marketing = good selling. Good sales come from close relationships, so try to get feet on the ground. If you can, try to position your product as the ‘original’ and ‘the leader’. Serve ‘freemium’ content in large numbers in newsletters and in give-aways. Paraphrasing from evernote CEO “The quickest/easiest way to get one million people paying is to get a billion people using”.
Always tell your customer exactly what they need to do to BUY NOW.
Focus and Action
One thing – just one thing at a time.
We learn more from doing than from planning, so make a plan and then do it immediately, readjust your schedule as you learn more. Analytic information feedback is vital to your success.
People
You need great people to have a good business. So you should always search for heroes, but you need to remember to only hire people who are NOT like you; hire people to do things you can’t do, won’t do, don’t like to do – leaving the creativity and running of the business to you. When managing your people, look at what people are doing, not what they are saying. One and the other are easily confused. Set your staff one weekly task, then leave your people to work on their own. Hire and fire as necessary.