Most entrepreneurs strive to launch their startup like a stallion, but the reality is, most businesses don't make it past their first year.
Whether it be a poor business model, lack of funding, or a case of shiny object syndrome, failure can be avoided.
Chris Hummel, the founder of FITTEAM, an all-natural beverage, hit nearly $10 million in sales his first year in business by "creating his own secret sauce to winning business and scale quickly."
Hummel credits these six, simple strategies to his success.
1. Planning and Preparation
Before launching your business, have your ducks in a row. Hummel took years to research the niche he wanted to enter and experimented by sampling and testing competitive products.
"See what's resonating most in the market place, look at trends, and be prepared to be nimble should market conditions change. You will never know everything you need to, and as soon as you launch things, will change," Hummel said. "The plan will change but preparation for different challenges that may arise can help you overcome them quickly."
Spend as much time as possible with trusted advisors, people who have launched successful companies in the past and get their input.
When I hired a business coach, this is exactly what I looked for. I want to learn from people who have been there and done that. In addition, I wanted to see their clients succeeding from the coaching relationship. If I'm the smartest person in the room, I leave because I'm in the wrong room.
Every single day, be consistent.
This is why I live and breathe by my schedule. Planning ahead keeps you on track and lets your audience know what to expect daily, or even hourly. This isn't only helpful for you as a business owner, but it lets potential customers and clients know you are organized and reliable.
4. Customer Focused Quality
Go above and beyond for customers.
"Listen to their voice and support their needs. Provide rewards and incentives to key partners," Hummel said. "Always put people over profits and profits will prevail."
5. Don't Cut Corners
Adding value with things that are important to consumers helps to build your brand quickly and differentiate your unique value proposition.
"Be very strategic and thoughtful about how you spend the company's money," Hummel warns. "Some startups raise funds from sources and don't spend it like it's their own."
This when it's important to look at your budget and ask yourself what you want and what you need. (Yes, there is a difference.)
Keeping things simple enables companies to stay nimble and move forward as a team confidently with purpose and vision. If it doesn't need to be complicated, then why make it that way?
Now, how are you going to grow your business to $10 million in the next year?