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Today Jen & Todd chat about some of their Do's and Don'ts for business. This episode was based on a request for some "business basics."
To be successful, you need a plan. If you don't have one, you will run into trouble, eventually.
Here's a look at the topics they covered.
Do
- start with a mission, vision, and core values
- create and set up your accounts, i.e., banking, business structure, EIN#, etc.
- know your strategic differences
- have a plan for everything! also, expect your plan to fail
- research: demographics, psychographics, geographics, and behavioral, i.e., market segmentation
- built avatars
- build strategies
- build systems
- have goals
- build a team
- dream & think BIG
- have a lawyer
- have an accountant
- have a mentor and the RIGHT mentor
Don't
- avoid any of the things on our DO list
- start with a name
- start with a logo
- skip an employee handbook
- assume anything
- put stuff off or avoid dealing with problems
- rely on the if I build it; they will come, mentality
- avoid marketing
- be seduced by a location
- ignore or hide from criticism
- think competition is bad
- spend your money before you've made it
- assume it's going to be easy to build and run a biz
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