Compiled by Peter@Wiz4.biz 4/13
7. Choose your Battles wisely, because your cant afford to fight many, when you’re just starting – like the “big boys” can. Try to do as much as you can on your own. If one to those big boys tries to steal “your idea”, see if you can scare them off, by letting them know how hard it would be to re-engineer it. [this and other Barriers to Entry] Can you get a dominant Market Share, before they can compete? If it’s going to be too much time, $$ or energy, maybe you should let them buy you out – before they ruin you. Take the $$ and develop another product.
8. Adding Staff. (Only when you desperately need them) What if you ramp-up and your sales doesn’t meet projections? Then, you only have un-productive overhead. It’s better to be a little late, than burn thru your cash – with people who don’t have much to do.
9. Go Direct. Get the word out and start selling from your Web-site. First, you’ll get to keep more of your profit and you can communicate with customers more directly and find out what they like & don’t – about your product. Once you got all the minor “bugs” out of your product & operation, you can talk to distributors, retailers, etc.
10. Position with the Leader. In your advertising & PR, say: “We’re just like name brand X, except we’re significantly less $$, much easier to install, have many more features, etc.” You help them to more easily understand what you are offering, by identifying with a known item. Then you explain or demonstrate, how you are better.
11. When you get some “Traction”, that’s the time to talk to Investors to help you scale-up to expand your operations. By then, you’ve got all the “bugs” out of your operation and can handle most anything – all the Cash Flow to the Bank. Take a little time to enjoy it !!!
Comments: Does that cover it adequately? Anything to add?