Businesses, especially business start-ups needing cash flow, may lose sight of why they got started in business or the benefits to the customer of their product.
In my experience, I was part of a marketing start-up where we couldn't find our focus. We ended up producing everything from brochures and Web sites to trying to generate leads for a Foreign Exchange (FOREX) investment company.
We had successes, but we also disappointed some of our clients. Finally, feeling scattered and stressed I then called it a day.
This week, I'm going to write about a business start-up in Pasadena, California that's a coffee roasting company and you'll learn why they decided to invest capital and open their doors.
So here is one key point to keep in mind:
Why are you starting your business? What are you offering to your customers that is unique?
This is a basic step in strategic thinking and planning.
If you offer one product then it's easier to keep in mind.
But if you're a service company and you and your partners have multiple talents then you can get sidetracked chasing accounts and income that pull you away from where you perform at your best.
Early on, you may need cash flow but it may do you more harm than good in the long run to try and land every job.
Try to land ones you know you can do and ones that are willing to pay your price.
Early on in my previous start-up, we gave away too many creative hours and we were afraid to charge the right price for what we offered. We tried to "win" every account and we got too scattered.
So stay focused, land the clients you really want, and have courage to charge the right price.
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