Here is your startup roadmap for business success. Remember, never start a business without a dream team:
- Superpower Brand
- Habit Forming Product or Service
- Large Cult-like Universe
- Big Profit Margin
- Scale On Day One
If you are transitioning from being a 9-5 employee to a self-made entrepreneur, then you must be coached in mindset shift because entrepreneurship without the proper mindset is challenging.
Step into your power and grab the entrepreneurial bull by the horn:
- Superpower Brand: The brand is you, your company, and your brand story. It must be so powerful that it crush the competition out of existence. The brand must be one-of-a-kind that cannot be duplicated or copied. Starting a business without a brand that can sell itself or be sold at high multiples is just a waste of time and money. There are about ten or more key components to a superpower brand.
- Habit Forming Products or Services: If the products or services you offer prospects are not habit forming or does not cause recurring revenue to stream, then your business will suffer from insufficient funds. You want your offer to be bought frequently, progressively, and with longevity. The objective is to create recurring revenue streams from each of your clients that can form a tidal wave of sales, revenue, and profits.
- Large Cult-like Universe: You want your brand to serve a large universe of clients and you want that large universe of clients to be cult-like in purchases. This right here is your key to happy banking. Ignore this and you will miss you daily bank deposits.
- Big Profit Margins: We at Melilla Concepts believe in exponential growth. You cannot start a business without exponential profit growth. The reason is simple. You will have to wait years just to break even. However, if your services can be produced for a onetime cost but they can be sold without additional production cost, then you have big profit margin winner. Also, small increases in key areas will lead to exponential profit impact.
- Scale On Day One: Now here is where we get sophisticated. We want to start and operate a profitable business that feeds our family but does not take up much of our time. We want this business to have room to grow and expand naturally without disrupting our lifestyle. Here is an example. My business scaled on day one because I offer group coaching as my bread and butter product. My time? One hour per day.
As you have seen, starting a profitable business takes skill and entrepreneurship. However, what you lack in knowledge and experience you can make up for by assembling a rock solid team. Consider the five areas of successful business startup in this post and learn how to deploy them. If you need help, hire a business coach, and save yourself the headache of trial and error.