15 Things To Know For Your First Startup

A great post from Neil Patel about things to know when starting.

  1. Swing for the fence (Aim High)
  2. Create a simple product (SMPL)
  3. Solve a problem
  4. Know your market’s price tolerance
  5. Advertising is a must
  6. Payments should be easy
  7. Be patient
  8. Premium prices have advantages
    • You appear like an authority
    • You will get fewer complaints
    • You deliver excellent customer service when focusing on a small number of clients
    • You’re reputation grows
  9. Free work can lead to lucrative work (Don’t lower your price)
  10. Never Stop Closing
  11. Eliminate everything else but the essentials (FOCUS)
  12. Always lock into your passion (It’s going to be a long, bumpy road, you might as well enjoy the trip
  13. Hire carefully (Hire Slowly, Fire Fast)
    • Test the waters yourself
    • Develop a process
    • Forget about pay
    • Consider more than talent
  14. Smart people learn from other people’s mistakes
    • Get a mentor
    • Read about business failures
  15. Cash is king
    • Use volunteers and interns
    • Work like a slave
    • Resist a fat salary
    • Don’t buy expensive office furniture
    • Keep the office space at a minimum

Source: http://bit.ly/Ocu6J6


Meeting with New People

Remember to

  • Not reject the idea you hear right off the bat. Listen to it carefully and try to understand where it is coming from. The chances are the people in the meeting are more interested about that.
  • Never forget to say “How Can I Help You?”
  • Always have a follow-on action and continue the conversation beyond the meeting
  • State the perks connection with you can bring to the table and mention your capabilities and resources
  • Share the big picture of what you are working on
  • Stay GENUINE

Make Your Money’s Worth From Deal Sites

I was just at the Superior Rustproofing for the first time. The garage is 20min drive from my place and it is located in a rather secluded crescent, definitely not a kind of place you would pass by. The way I learned about them was through Dealicious.ca and a coupon I bought for oil spray rustproofing. If it was’t for the coupon, there was no way on earth I would have known these guys and trusted them with the job.

After trying a couple of times to book an appointment for a month later, I finally go there. The manager, who took my car in, immediately points out to the different levels of service and I could use the coupon towards more expensive services. Kudos that he’s trying to get more sales and get me to spend more at his shop. Not only he found a new customer that is going to talk about him but also he would get the customer to spend more and would charge extra on taxes that would easily make up for the money he spent on the coupon. The question remains if the customer a returning customer?!


Phone Phobia

In selling, there will be a lot of cold calling and sales pitching that can be intimidating. To help overcome the fear, remember:

  • Sales conversation is just a dialog
  • The prospects love to hear from you, since you are offering a solution for their problems
  • Selling is telling AFTER listening; no one likes sales pitches, but they  like to talk about themselves