Jun 25 • General Discussions
3 BIG MISTAKES TO AVOID IN A NEW BUSINESS
Guys, as a serial entrepreneur with over 5 high-net businesses, I’m going to share these secrets with you for free, and I hope you avoid some of my very painful failures.
Through the next week, I will be dropping these points in the general discussion room. The next post after this will come with a very invaluable but FREE gift 🎁 that will help you strengthen your finances.
You have an idea, you did good research, and you’re convinced it will work. Then you ran off to look for funds or invest yours.
BIG MISTAKE NUMBER ONE.
1. NEVER INVEST IN ANY IDEA THAT HAS NEVER BEEN TESTED AND PROVEN PROFITABLE.
Businesses must be tested and proven profitable before investment decisions are allowed. In the early millennial age, any idea that looked like it could work easily attracted funding and support. In fact, people were called geniuses for merely starting a website business.
But today, that’s impossible. The competition is higher, and buying choices and options have skyrocketed.
To stay safe with your investment funds, you must learn to test your product or services. Get some basic sales — or if it’s that good, land some huge surprises.
HOW TO TEST:
When my team and I started our fintech/payment infrastructure, after research reports came in from R&D, everyone wanted us to build a powerful mobile app, web app, and all that stuff that makes us look big and powerful — with an investment of about $200K or more — after which we would start to chase customers.
But from my experience, that would be a horrible idea. Here’s what we did instead:
1.1 We looked for a white-label business in that niche, applied, and got approved — but never spent a dime.
1.2 We asked everyone on the team to reach out to friends, families, or people on the street who might need that service or even a switch from what they were already using.
1.3 We asked questions about how they would prefer to use the service if offered a replacement.
1.4 We realized they wanted value-added services and lower fees — stuff we could provide without spending so much.
1.5 We pitched a partner program that gave them more options and made them put some money down.
Finally, in about 3 months, we had around 15 customers and 4 partners who paid $5K each. At this point, we knew what kind of product people wanted and how they would prefer to use the regular payment services they were already using.
This is how ITUMP was born.
While we developed Itump over a span of three years, we had comfortably reported $300K to $975K in annual tax returns before the company was officially launched a few years ago.
Ask me any questions and I’ll be happy to answer. Comment, share your process or challenges in the comment section — I’ll be here to help you test your ideas to level up.
Save your hard-earned money if you can use customers’ money to start that business.
Stay tuned for the next one, which will put you in control of your finances. 🔥
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3 BIG MISTAKES TO AVOID IN A NEW BUSINESS
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