Starting and running your own business is challenging, but it can also be gratifying if you have the right business growth strategies in place from the very beginning. Here at Bold TV, we like to give our viewers the business advice they need to be savvy and successful. Most new entrepreneurs have two lingering questions: How much money do I need to get started? And how do I get started? Business strategist Heather Simone joined Philip Michael on Bold Business to share tips on growing your business and knowing your “genius zone.”
How much do you need to get started?
“You just need $500 to get started,” Simone said. Why is this the case? Well, because technology has made business and marketing more manageable than ever before, especially with social media. Before, you would have to make phone calls and meet with different people—maybe investors—to get started. But because of social media, you can reach many in an extremely short amount of time for a small amount of money. In addition, you can meet people in your niche who can give you advice, which wasn’t a possibility before. Networking and finding a mentor are two vital business growth strategies.
Knowing your “genius zone”
What is the “genius zone”? It sounds like a cool place to be! So, how do I get there?
Simone said everyone has a genius zone, which is unique to each entrepreneur. The genius zone is when you know three things: You’re good at it, you’re passionate about it, and it’s profitable. If one of these three things is missing, don’t pursue the idea. The motivation to work on your business is dependent on these pillars. If it’s unstable, you may lose the will to continue your endeavor. Knowing your skillset, passion, and profit probability will make the process a lot easier.
7-figure algorithm
One of the most essential business growth strategies is knowing who you’re selling to. For whatever you want to do—if it’s real estate, a restaurant, or technology—, there is likely an audience and a niche market out there. So, the first step in business strategy is to identify your client base. How much value will they bring you for your services? Then, find out how much money other businesses like yours need to break even, and estimate how much profit you think you can make in your local market. If your client base times your value of service—(Clients/Customers * Service Value) / Costs = Profits)—is greater than a million dollars, congratulations. You have a million-dollar idea.
Learn from your mistakes
Starting a business is hard work, but you’ll learn a lot in the process. Even those who succeed might have made one or two costly mistakes along their path to success. But learning from mistakes can help you become a more innovative and resilient entrepreneur. Don’t be afraid of failure; it can actually help your company succeed.
