Some entrepreneurs are at their best when they are starting a new business or launching a new product. There is the excitement of creating something from scratch, bringing in those first employees and literally (or figuratively) opening up the door for business. The next phase is more like a reality check where the entrepreneur needs to run an actual business instead of selling the idea of one.
It can be a hard transition going from idea person to businessperson. Here are some tips and strategies for the next step in the life of a start-up:
- Stop thinking about the product: There may be time to update and improve your product, but the first order of business is now selling the original product to bring in money.
- The courtship is over: Things are not new and shiny anymore, so some may feel a letdown if the business is open and ideally doing well. Remember that there are still many new challenges ahead.
- Adjust the price: The product’s price may need to go up or down, depending on demand, cost or other unique factors.
- Free trials: Getting people in the door may take free samples to start with. Also, use these early adopter customers as guinea pigs for working out the kinks.
- Create lists of contacts: Businesses need to reach out to the early adopters and influencers, but they also need to build a list of customers they can send marketing information.
- Not everything will go as planned: People do not always follow through on promises to become customers. People that did not seem interested may suddenly need your services. Course adjustments will be necessary as businesses learn through trial and error.
- Concentrate on building relationships: Not everyone is a people person, but owners need to get out there and sell the product and be the face of the business. People like having contact with the person in charge or the owner.
- Sell: Similar to the above point, people like to buy from the owner. No one is more qualified to sell the company’s wares than the owner, even if there is a sales staff.
- Find a good business law attorney: Business law attorneys provide helpful ongoing advice to business owners and managers. Ideally, they can help with creating a viable business plans, licensing, employee handbooks, business deals and protecting intellectual property. They can also help negotiate sound business deals that enable companies to flourish.