How to Launch Your Business Successfully Without Major Pitfalls
Written on
Chapter 1: The Journey of Starting a Business
In 2019, my brother and I embarked on a photography studio venture. Our father generously offered us one of his shops free of charge, but we declined because it wasn't located in the "bustling center" of the city. Instead, we spent a significant part of our budget on a pricier location, believing we needed "visibility" to succeed.
Ultimately, our business lasted only a year and a half. We often tell others that COVID-19 was the reason for our downfall, but the truth is more complex.
When launching a new venture, the tendency is to aim for perfection and grandeur. We often feel compelled to create something unique and groundbreaking. However, this mindset can be detrimental; it adds stress and may lead to wasted effort. More often than not, you're the only one who sees your idea as revolutionary, and that pressure can be overwhelming.
Despite pouring your heart and soul into a project, there is no guarantee of success. Business can be unforgiving, and the statistics are sobering: "40% of new businesses fail within the first year." A common pitfall is the desire to launch with a spectacular bang, which I have experienced firsthand.
To increase your chances of success when starting a new venture, the key is to start SIMPLE and then EXPAND later.
If you have a concept in mind, your primary focus should be to minimize the time and resources required for launch. Forget about achieving perfection right out of the gate; aim for "good enough." After all, if your product or service is perfect from day one, what excitement will there be for future improvements?
Many assume that the concept of a Minimum Viable Product (MVP) applies solely to tangible goods, but this principle is equally applicable to content creators, writers, freelancers, and anyone dealing with intangible products.
For example:
- Instead of investing in high-end camera equipment for your YouTube channel, begin with your smartphone and test your concept.
- Rather than purchasing a domain and hosting for an online store, start by selling on established platforms like Amazon, Etsy, or Shopify.
- Instead of creating a personal portfolio site at the onset of your freelance career, utilize freelance marketplaces such as Fiverr or Upwork.
This strategy allows you to test your ideas at minimal cost. If successful, you can then expand with a stronger foundation and potentially a built-in client base. If things don't go as planned, you’ll have conserved your resources and can pivot to a new or refined idea, equipped with insights from your initial attempts.
Starting a venture doesn't need to be overly complicated—unless you're literally launching rockets! Simplifying your approach in the early stages can set the stage for later growth.
Now, I’m off to explore and gather more experiences to share with you. Keep creating!
Cheers!
Disclosure:
- As an Amazon Associate and participant in various affiliate programs, I may earn commissions from qualifying purchases made through links in my articles.
Chapter 2: Learning from Experience
This video titled "How To Turn Around a Failing Business" provides valuable insights into revitalizing struggling ventures and avoiding common mistakes.