- Posted by Jeff Vacek
- On July 2, 2016
- 0 Comments
First, full disclosure and credit… My business partner and great friend Alan Basinger wrote the article below.
Alan is one of the smartest people I know when it comes to starting a business. He started his first business at 21 and was a self-made millionaire by 23.
I recommend following his advice and connecting with him in our Facebook Group here.
Anyway, here’s his post…
Here is my list of business rules I try hard to follow especially when starting a new company.
Never spend money you do not have to until you’re sure you have something to spend it on.
- Bootstrap the office… ‘Build it out of your garage’ for as long as you can
- Don’t hire people you don’t need too quickly… Hustle, grind and work 18 hour days your self until you can really justify replacing yourself with an employee or a contractor
- Do not purchase tools, apps, or courses until you need to.
- Find a mentor you can ask questions to when you get stuck
Model what other successful businesses in your niche/market have done in the past and then improve upon them. Most serious wealth is created by improving upon something existing now creating something new.
- Create a product or service that people really want… Not what you think they want.
- Know EXACTLY who your ideal customer avatar is as soon as possible.
- Build an audience of your ideal customer avatar as soon as possible even if you don’t necessarily have a specific product to sell. They will tell you what they want, what to sell to them and then swarm it when you launch it.
Document everything you do and create systems and processes right from the beginning as much as possible.
- Start proper bookkeeping from the beginning. If you do not know how hire someone to help you set it up.
- Create documented SOP (standard operating procedures) know they will change as your business does but they allow people who work for or with you to do the job
Network and create key relationships from the beginning whether you ‘use’ them or not at first. Give, give, give to that relationship so that when you come calling they will answer.
- For customers and partnerships alike.
- Be willing to fire customers, partners, and joint ventures that exhibit take only mentalities.
Give the customer what they want.
- Constantly listen to your customers via feedback, reviews, and social media
- Send emails asking for information on what the customer likes or dislikes
- Be proactive not reactive when communicating with customers. Customers will like you better and feel that you truly care (hopefully you do!)
This list is by no means complete and I am sure I am missing some really good nuggets that I just plain forgot about, but maybe you have some you can add to the list so that others can share as well?