I know how easy it is for entrepreneurs to be obsessing over sales — especially before you have any, and especially if you don’t know how to sell. And many entrepreneurs don’t. They are enthusiastic experts in their field, but rarely do they have the benefit of having gone through a career in sales and marketing (I consider myself VERY lucky that way, and that’s why I have decided to Pay Forward what I’ve learned.).
(Missed the first 5 questions? Click here)
The Anti Crow Rule
I asked my Twitter followers a while back if Marketing or Sales was harder to get right, and the majority said Marketing. I believe the two are closely linked, and if you get your marketing right, your sales will come. I strongly encourage having a clear image of who your customer is, and to segment your market. MAKE CHOICES and stick to them. I call it the Anti Crow Rule: stay away from the shiny objects! It is VERY easy to get distracted, and as an enthusiastic entrepreneur we are flattered and grateful when someone wants our stuff. Don’t get me wrong, do sell….just stick to your overarching plan.
Bank people DO make good friends
If you don’t have finance experience, I strongly encourage you to collaborate with someone who can build you a solid budget, including cashflow projections. Not only will it save you eons of time, it will also ensure you won’t find yourself in a situation that you have a profitable business but no money o pay people or buy stock with. In addition, it will also make any bank conversations you will have a lot more productive. (I never borrowed any money to start my companies, but I do recognise that it is very common to have to do that. And even if you don’t need a cash inflow at the start, having your bank team well informed is a plus should you ever need their help and/or advice.
I am done for tonight, but I do want to talk Exit strategy (because you need not just one but several, and I don’t mean just different versions of you selling your company to the highest bidder and taking off to Aruba) and what/when/how to abandon your plan.
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(No spam, no selling of your data, no me selling to you. I #neversell and am just Paying It Forward. Why? Because I can.)
