Out of 627,000 American businesses that’s created each year, only 5.1%(32,000) makes it to the end of the year.
So how can you make sure your business stay profitable and makes it to the end of the year? That’s what I’m about to share in this article below 👇.
Tai Lopez, an American Investor, Phillantropist, Advisor and owner of multiple multi-million dollar businesses have the following to say about growing your business with Little money or experience.
7 Steps to Start a Business with Little Money or Experience.
1. Pick an idea that works for you.
This simply means you should do what you know how to do best.
2. Spot trends
You should be able to spot where your industry is moving towards. Doing this makes you stay ahead and keep being relevant to the market place.
3. Launch quickly.
Launch as soon as you have a product people are willing to pay for over an over again. Do not wait till you have a perfect product before you decide to launch.
4. Pivot around what customers want.
Though your business idea got you started, Tai Lopez advice that you should not fall in love with it. Instead, you should be willing to change as far as you continue to give value to customers and they continue to pay.
5. Optimize your pricing.
Tai thinks pricing is one thing many entrepreneurs fail out. He suggest that entrepreneurs should test a couple of prices and choose the one that works best for the business.
6. Scale the business.
Once you feel your product is good enough based on your monthly customer base, you should try to scale the business. Free viral marketing and paid advertising will help you reach more customers and inturn increase your revenue 💰.
7. Have a mentor
You can’t do it all alone, you need to have someone who is a professional in what you’re doing. It’s most likely they have gone through thesame part you’re following, so they’re best to advice you on what to do and what not to do.
Hope you enjoyed this article. Don’t hesitate to post your questions and suggestions below👇.