Entrepreneurs for Startup Businesses in Australia

Startup Mentoring understand there are so many things to remember when it comes to start ups, yet it’s impossible to be across them all. In business, it’s inevitable that many lessons are learnt along the entrepreneurial journey, that’s why having a support network of people who have ‘been there, done that’ is invaluable.

At Startup FMCG Mentoring our team of experts can help you jump the hurdles of business with ease. And to help you start off on the right foot, here are the top 15 things you need to know when starting a business!

1. Trust your gut instincts, (but do not ignore the facts):

Being successful in business is often a mix of facts & instinct. So while it’s important to be across facts & stats, it’s equally important to develop a gut instinct that you can trust. Quite often this develops over time, with experience.

2. Learn how to identify market opportunities:

Do your research so you can identify trends and know where money is being spent. Speak to 30-50 potential customers, before you invest money, to help you identify any potentially profitable market opportunities.

3. Be a learning machine:

The entrepreneurial journey is a never ending learning process. Develop insights into your industry and competitors so you know how to best differentiate yourself among the pack.

4. Business plans are over rated: 

Have a vision and follow it and instead spend that time finding your ideal and most profitable customers.

5. Money is important BUT it’s not the only thing that matters:

Know your values and core purpose. As the old adage goes ‘if you do something that you love, and make money from it then it will never be work”. Knowing your “why” will definitely keep you going through tough times.

6. Dream big and aim high:

Aim to be the best (top 20%) in your field, globally; do it well enough and the money will come.

7. Find and learn from your customers:

Ask potential customers what they need, collect some customer insights, develop your solution, acquire feedback, refine and so on until you land on a solution they value.

8. Be prepared to pivot and change your idea:

(or even throw it away if you have to), until you start making sales. It’s at this point you have the beginnings of a business model.

9. Learn how to build a competitive advantage:

Do something that’s rare, unique and hard to replicate. This will give you an edge in your market.

10. Learn how to sell:

If you can’t sell you will never succeed, as initial sales are built on trust and likeability.  People will generally only buy off you if they like and trust you.

11. Understand your numbers:

Focus on developing your costings, price points and market positioning. Focus on your profit margins and don’t discount, as price wars are seldom won over the long term.

12. Work out how much it will cost to acquire a customer:

Sometimes the cost of getting a customer exceeds the value that you give them. So understand how to get a customer, how long it will take and how much it will cost.

13 .Develop your team:

Learn how to build your team as you go along, share ideas with people (but don’t give away too much) and keep networking for potential talent.

14. Be prepared to fail:

Entrepreneurship can be a tough game of trial and error, but if you don’t try, you will never succeed. The test of a successful entrepreneur is their ability to bounce back (resilience) many times.

15. Continually develop yourself personally:

Don’t over or underestimate yourself. A mentor or business coach who has experienced the blood, sweat and tears of a start up is an invaluable resource and sounding board for you.
As you can see there is a bit to remember when it comes to start ups! That’s why the importance of a mentor and supportive network can never be underestimated as they greatly increase your chance of long-term success.

Startup FMCG offers Startup, FMCG and small business mentoring as part of our service. If you’d like to know more or meet the founder, Anthony Harb, fill in our contact form. He is a specialist mentor in Fast Moving Consumer Goods with 30 years experience and multiple product launches with products achieving more than $100 million turnover .