How to start a business ASAP

Everyone wants to start a business. 

That is true, yet few people know what it takes to start a business in the right way. People think that starting a business is either very easy, or very difficult, bordering on impossible. In truth, starting a business is neither of those things, but certain strategies could make it go better.

Starting a business is simple, not easy, and not impossible; you need to validate your business model quickly. This is simple. You develop basic research about your niche, then find 3 clients in that niche, and solve a problem - with payment of course. You do not need to go through the process of getting a corporate charter, spend thousands of dollars on marketing, or investing time and money in getting started.

Find and serve a niche.

First, you find out what problems the people in your niche have. This is whether you are doing B2B or B2C. You do this through introductory calls. You ask what their biggest pain points are - in a diplomatic fashion, or what would make their lives easier. When you are hearing the same thing from your niche multiple times, you have a market for a solution. Build a solution to the problem in either a service or a product, and you are well on your way to start your business.

When you have that solution, it is a sales and marketing game. You build your business around solving that particular problem, and expand offerings using the same approach you did to your beginning offering. Expand strategically, make sure you become indispensable to your niche. When you scale, the process is hard sales work while beginning, and then strategic positioning and execution, relying on referrals and marketing for growth.

Execute

The most challenging part will be execution or building that product or service in time for the people originally interested in your product or service. You have to deliver in a reasonable time or you lose your client base. Execution is a moat, despite what all the so-called “experts” say. The difference between a good idea that never gets implemented and a billion dollar company is execution. Execution is a secret sauce, there are many ways to get it right, and there are many ways to get it wrong. However the companies who get it right tend to have two things in common.

When you execute, you have to think of two things: quality and speed. These execution elements are critical for the success of your business, and will decide how many people or businesses adopt your services. There is a quality that will be accepted by the people you serve, but in order to set yourself apart, you will need quality that will wow the people using the products and services you provide, in a way that those people will be your greatest advocates. In addition to that, you need to deliver on speed. You have to solve problems in a quick manner, because otherwise, others will eat your lunch, or even worse, your clients will find another way of solving the problem without you. Quality and speed are critical to solving the problems clients face, and ensuring client satisfaction.

Once you are able to do all these things, then you worry about setting prices for your clients. The best way of developing pricing is by developing a system of value extraction. You use supply and demand, as well as sales to set the price. This can be done automatically through dynamic pricing if you have your products or services online. If you want to know how dynamic pricing and pricing for value works, essentially if you've solved a common problem and it is very painful, with difficult execution, you can charge high prices. If it is a less painful issue that has relatively easy execution, there isn’t much of a moat and there is ultimately a relatively low limit to the prices you can charge.

Reduce tax and protect your assets.

Only when you have enough clients and business, and worries about liability and asset protection become more of a concern, do you then focus on incorporating. There are many forms of corporate forms you can use, either for tax efficiency, or to attract investors. You should choose one which will be most effective for your purpose, and do not rush the process, because you will need an accountant to keep your books proper when you have a corporation, LLC, etc.

The way you structure your corporate entity is critical, so you should not rush things. In addition to that, if your business is location independent, you can take advantage of living overseas, and reduce your tax rate to extremely low percentages, possibly zero. By structuring your life and your businesses in a tax efficient manner, you can truly grow your wealth, and thus your ability to change the world, much faster.

But don’t get ahead of yourself. For now, you must grow your business. You must grow in the market, and do your best to build and work on your idea and make it a reality. Focus on growing your business, and everything else will follow.

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