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5 Things to Prepare When Starting a Business in 2024

You're finally ready. Taking that big leap of faith and starting your own business. Its the most exciting time of your life...then its not. Can't close sales. Don't know how to handle objections. What the hell is SEO? Nobody likes your post. Accidently spent $500 on Google ads running the wrong ad. It's okay. Everyone makes mistakes when starting their first business. We're here to help you minimize those mistakes and be ready with 5 Things to Prepare When Starting a Business in 2024.

  1. Learn to sell. Your business simply won't survive if you don't. Don't get caught up in the deep psychology of sales just yet. For now, learn how to write a good sales script. Figure out how to handle objections and build value. If you've never sold anything before, this is going to be a rough learning curve for you but the only way to improve here is fail and learn from it.

  1. Pick a marketing strategy and stick with it until you understand it. You'll see tons of post about how to do SEO or Facebook ads. How to use TikTok for your business. The problem is that it's extremely overwhelming. Especially if you're a solo business owner and handle everything yourself. Now if you're business is already acquiring a lot of overhead before you find your market you are in trouble, that's just part of the deal. You have some very expensive ad cost in your future. Your first instinct will be to try all of them at once. Tiktok, Instagram, Facebook, snapchat, google ads, starting a podcast, sending free stuff to Joe Rogan hoping he will post about it. Just take a breath and become an expert in one or two. You can have a thriving business that only advertises on Facebook or has great SEO and content and will get great returns on Google ads.

  2. Find your value to the customer and price your product/service accordingly. A lot of startups feel compelled to be the cheapest in the market because they aren't as experienced. This can not only decrease the perceived value of your business but cut deep into your margins. Making it much harder to grow your business in the future. Give yourself healthy margins to account for mistakes and expansion in the future.

  1. Build a referral and rewards program. There is no better customer than the one who "has a buddy that could use this". Unfortunately, if you don't have a referral program in place, he has no motivation to send that customer your way. This is a huge loss of pre-earned rapport, higher closing percentage, and zero customer acquisition cost. Here's the guidelines:

  • The referral reward only comes after the referred person makes a purchase. This will keep you from getting a bunch of unqualified leads.

  • The reward should ideally be a discount on a future purchase. It can be points, a coupon, whatever you want. If the reward is useable on the next purchase, you increase that chances that customer comes back. Easy way to extend your customer's lifetime value.

5. Finally, set obtainable goals. Thanks to everything on social media a lot of young entrepreneurs set unrealistic goals and feel so defeated that they give up entirely. Set real goals that are easy but necessary. Improve ROI on ad spend by 5%. Lower your customer acquisition cost. Upsell more items in the sales process. Set something you can do without being extraordinary and it will give you the confidence to make the right moves.

Basically everything is about building your foundation. The best people in the world in every aspect of life use fundamentals. These are business fundamentals you need to be ready to start your business in 2024.

If you still need help or just want some guidance, feel free to contact us here and we'll do our best to point you in the right direction. If its a bit of advice or scheduling you for one of our sales accelerator programs. We're here to help.

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1 comentário

Gaven Davis
Gaven Davis
09 de dez. de 2023

This is definitely worth the investment. When I first tried starting my business I was completely lost and was losing money daily trying to do my own ads. Even when I got people into calls my lack of sales skills always lost me a potential customer. That's when I found Michael. Mike guided me through the entire ad and social media process while teaching me valuable sales skills and even helped me with my script! If it wasn't for Mike I would've just been another statistic who never made it.

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