Would you like to know the winning strategy for your startup business?
It starts with understanding this simple roadmap for startup success, which looks like this:
Too many startup businesses attempt to go straight to the 3rd stage, thinking that they need to go straight for “Financial Freedom” by paying for Facebook ads, using scalable growth engines, creating apps, launching their Youtube channel and be the all-singing all-dancing business before they do anything else.
This results in failure!
You can’t afford to fund that growth, so you quickly run out of cash or have to seek investment… which limits your freedom (traditional investors don’t tend to like founders who aren’t willing to work all hours!).
Instead, follow the steps.
When you start, focus on just getting your first few sales!
This will give you validation that your product solves a real problem (that customers are prepared to hand over hard cash for).
Once you have that, you can then move onto stage 2 – generating a profit. This will enable you to pay your bills and fund growth to take your business to the next level.
The key to moving to stage 3 (scalable growth & financial freedom) is first having a profitable business machine. This means you have confidence (backed up by data!) that $1 spent on acquiring customers = $2 or more in gross profit.
This is what will give you the opportunity to reach stage 3 (the one that many entrepreneurs often attempt to jump to first).
So, STOP what you are doing and be clear about your current situation, then focus on the right next step.
I ran an online training session about the step-by-step approach I use to build startups (and help other Parentpreneurs to build theirs) without sacrificing health or time with family. Click here to find out more (and watch the video).