8 rules of start up
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This document provides 8 rules for starting a successful business: 1. Ensure your business idea is truly distinctive and different from competitors. Love what you do to stay motivated. 2. Focus on acquiring high-quality customers through great customer experience rather than just sales numbers. Grow the business through each customer. 3. Build credibility and trust with customers before communicating, as credibility enhances trust and word-of-mouth marketing.
8 rules of start up
- 1. …… ITS TOUGH!!! 8 Rules of Starting a Business
- 2. 1. Has your business got a beating heart? Do you have a great idea? Is is truly distinctive? Is it just the same? If its not different it needs to be cheaper! Be in love with what you do! Beating hearts keep motivating & inspiring!
- 3. 2. Gain customers at an impressive pace…… Not about sales its about great customers! Customer acquisition & retention It’s not about the numbers but what you do with them Customer experience! Grow the business thru’ by each customer
- 4. 3. Build credibility then communicate it…. Scrapping for attention can destroy reputation Credibility is what sells Credibility fosters trust Credibility supports WOM Trust is scare, credibility enhances Communicate it…..
- 5. 4. Add value…. Add value to people Focus efforts on where you can really add value Outsource the other stuff Understand talents and ‘gifts’ then do them You are not a ‘jack of all trades’
- 6. 5. Who is your caddie? No such thing as a sole entrepreneur This is one of your first moves Think like a sportsperson Be careful in your selection Never rely on friends, family or anyone that has not been in pain
- 7. 6. Hold your nerve…. Learn this skill quickly Things will not go as well as you thought Manage the highs and lows Don’t underestimate how emotional it is Persistence is incompatible with failure
- 8. 7. Chase cash not turnover…. Cash – profit - turnover Choose customers carefully Watch cashflow like a hawk Cash is different than profit Chase debtors Reserve for a rainy day
- 9. 8. Things to do….. Barriers to growth Customer by customer You are more important than the product You are not going to get rich quick Customer experience Hold your nerve
- 10. Any Questions? www.annholman.co.uk www.twitter.com/annholman www.facebook.co.uk /annholmancompany