What valuable lessons will you learn here?
These are some very valuable yet random business tips I’ve learned buying and starting many businesses.
Go ahead and read them.
It’s short and quick to read…
1. Create a range of products
I learned this one from Russell Brunson. You need to have a range of products that have various levels of value.
You will always have a signature product that’s a best seller or the one that’s both affordable and relevant to most of your audience. But then once you’ve created your signature product it’s good practice to add other levels of products that compliment it.
Of course, don’t just roll out products for the sake of it. Make sure there’s actual demand for it. Listen to your audience/customers.
2. Use a calendar
Many people think that they should have a to-do list to manage their days. But the problem with to-do lists is they don’t have any deadlines so you’re likely to procrastinate.
That’s why it’s much more effective to manage your day using a calendar to script your day. The world’s billionaires use this to manage their days and so should you if you are looking to a successful entrepreneur.
So write down a To-Do list with everything you have to do. And then schedule them on the calendar to make sure you get them done at those specific times.
But don’t cram it all in one day. Just add what you can do on that day and prioritize. Most important tasks first.
3. Have an opinion
Trying to play it safe so everyone can like you is one is common among beginners. What people don’t realize is, when you share neutral opinions with others, you will be classed as the boring person because neutral is boring. You need to stand out by sharing your opinions. Those who agree with you will stand by you and those that don’t will be against you. You have to get ready for fans and haters if you want to be successful in this world.
So it’s either fans and haters or bored people that walk away. Pick one.
If you ask me, I’d rather have the fans and haters. Than be boring vanilla and invisible by playing it safe.
4. Hire slow, fire fast
Hiring is a hard task and a very sensitive one. Adding someone to your payroll isn’t easy for a small business and can mean the success and failure of your venture. Make sure you know exactly what talent you are looking for and whether they are suitable for the job. Make sure they fit in the culture, get the work done, create value and are within your budget.
Firing an employee isn’t a pleasant experience for both you and the employee. But it’s unlikely your ex-employee will come back as an evil villain for revenge after a few years and turn your life into a thriller action movie.
It’s simple each employee should generate more revenue than they are paid (or how much they can save).
5. Learn how to Code
Kids these days are starting to learn how to code. You don’t need to become a professional programmer, but you need to know basic stuff. You can learn that easily in a month or less from an online school (include article link). Every business has a website and hiring a developer for even the smallest tasks is an unnecessary cost for a small business. So go and at least learn some basic HTML and CSS.
There are dozens of programming languages out there. You can learn from freecodecamp.org for HTML & CSS. But there are plenty of other free sources. Pick the languages you’re most exposed to in your business.
I outsource coding myself. But I still know a few basics. Sometimes it costs you to outsource something you could have easily done in 30 seconds.
6. Don’t waste time networking
Yes, your network determines your net worth. We’ve all heard that one before and you will find a lot of articles from entrepreneurs telling you to go out and network, which is good. But not if it means you can’t get your work done, not many entrepreneurs highlight that point.
Making products, learning and planning for your startups future are the main things you should be focusing on as an entrepreneur. Schedule certain times for networking, such as weekends or after 6 pm when you’ve done your main projects or whenever you’re done with the main revenue-generating tasks (whatever they are for your business).
Besides most people who go to networking events are hoping to sell something so its not really a great place unless you’re looking for partnerships or you know for certain that your buyers are hanging out there.
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