Scott’s Top 5 – Tips for Starting a Business
People are always asking me for advice on how they can find success in real estate investing, and while there are certain elements unique to the field of real estate, it’s more or less the same as starting any other business. Starting a business, no matter what industry, takes focus, dedication and persistence. It also takes careful planning. No matter what field you’re entering into, make sure you consider these 5 tips.
Develop a Business Plan
A concise business plan is vital to success in any industry. Make sure all of your goals are realistic, specific and measurable.
Develop a Power Team
A growing business needs a team that can grow with it, so build your “power team” early. These are the people you need to support you and the business in getting off the ground. Choose your team carefully because these are the people you’ll be trusting with your dream (and your money!). They should have diverse skillsets that not only complement yours, but provide their own areas of expertise.
Identify Your Target Audience
Every business needs customers. Identify who these people are early and learn everything there is to know about them. If you can anticipate their needs and wants before they do you’ll be a step ahead on your path to success.
Develop a Marketing and Sales Plan
A product is no good if you can’t properly market it. Figure out the best way to promote your product or service and put the right budget behind it. It’s not going to sell itself! And don’t be afraid to use a fail-fast approach. If something isn’t working it’s better to let it go and move on quickly. Sometimes a fast loss can lead to a long term win.
Determine What Makes You Different
Why is your product or service different than what’s already available on the market? If you can’t answer that question you’re doomed. It is essential that you have at least one differentiator from what already exists on the market.
Scott acted as mentor to the team from GOODcoins on CBC’s The Play Exchange, airing in January 2015. Photo Courtesy of CBC