Start Your Business, Then Optimize for Profits
Why is it so difficult to get things started?
One of the biggest obstacles to starting a new business, product, or initiative can be building up the momentum to get it off the ground. One thing’s for sure, your venture will never be successful if you don’t start it.
Although maximizing profits is your goal, you can’t expect every new product or business to be profitable from day one. Have you heard the phrase
“Ready, Aim, Fire”
My business coach uses an adaptation of that phrase that is useful at overcoming inertia and launching tests of new markets or businesses.
“Ready, Fire, Aim”
Obviously, the key component here is action. Launch a quick market test, then analyze your results and aim for the sweet spot, if one exists. Until you have a product or service up and running, there are no profits to optimize. Begin small, you don’t need to spend a lot of money to start your business testing.
As you track it’s success (or failure), you’ll see where the opportunities exist. Once you have an income goal for your new venture, then you can tweak what you’re doing to aim for that goal.
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