DO:
- Sell on a compelling value
- Find 20 reasons, not based on price, why someone should do business with you. Meet the needs of your customer and deliver great value.
- Get input and feedback from crucial decision makers
- Success may not come from the initial idea but from fine-tuning based on market response.
- Make connections to the industry
- Attend trade shows and conferences. Talk to knowledgeable industry insiders. Read industry publications. Focus on developing a team of mentors, advisers, suppliers, and associates, Draw up a list of people with whom you’d like to connect and systematically talk to them all. Ask who else you should to talk so you.
DON'T:
- Delay in getting up and running just to protect your idea
- Many have thought of the same business idea. Successful entrepreneurs are implementers, first and foremost.
- Start without industry knowledge
- Discover in detail how the industry works, what the norms are, what trends exist, who the key players are, both buyers and sellers.
- Start a business with excess baggage
- Too many personal issues or unmanageable debt can drain your energies and take you away from the business. Pay off your debts; say no to time wasters and unhealthy relationships; obtain support from family and friends. Your business will require all your focus.
- Compromise on price
- There will always be someone cheaper than you. Too many businesses fail because of poor pricing strategy and for the most part it’s because they undercharge.
- Source: Toronto Business Development Centre