Key’s in. Tank’s full. Engine’s revved. Now, let’s take your startup full throttle. Business innovator and investor Tim Ferriss, the best-selling author of The Four-Hour Work Week, is here with five quick tips to make sure your small business is firing on all cylinders. Ready? Let’s go.
1. Have no competition
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What’s better than being a horse of a different color? Being a horse that flies or swims or hosts a swanky dinner party. Pioneer a new product category instead of trying to dominate an existing one.
Resources:
- The 22 Immutable Laws of Marketing by Al Ries and Jack Trout (Book)
- Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne (Book)
- Small Giants by Bo Burlingham (Book)
2. Find your diehard fans
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Folks know you. But find those folks that <really know you. The ones that eat, sleep, breathe your product. Focus on them to refine your messaging, market more efficiently and build bigger buzz.
Resources:
- 1000 True Fans by Kevin Kelly (Blog Post)
- How to Create a Million-Dollar Business This Weekend by Noah Kagan (Blog Post)
3. Don’t be the low-cost option
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Most entrepreneurs bust out of the gate eager to compete on price, but larger companies in your space can easily slash their prices and drive you out of business. If pricing is in your game plan, you better go big or go home.
Resources:
- Confessions of the Pricing Man by Hermann Simon (Book)
- Selling to the Affluent by Thomas Stanley (Book)
4. Subtract before you add
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More is better, right? Not so fast. Fixing your business problems doesn’t always mean adding more people or resources (which can actually make things worse). Efficiency comes from removing anything that’s unnecessary.
Resources:
- The 4-Hour Workweek by Tim Ferriss (Book)
- Essentialism by Greg McKeown (Book)
- What My Morning Journal Looks Like by Tim Ferriss (Blog Post)
5. First impressions count
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Like it or not, snap judgments matter. Nail that first impression with a top-notch logo, landing page, and other marketing pieces to prove that your business is professional and high-quality.
Resources:
- Public Speaking — How I Prepare Every Time by Tim Ferriss (Blog Post)
- How to Build a World-Class Network in Record Time by Tim Ferriss (Blog Post)
- Tim’s book club page offers a few good examples, with several thumbnails optimized for click-through. The Seneca books were all designed using 99designs.”
Alright, time to hunker down and get to work! Master these five tips and build a game plan that fits your small business. With a solid, smart strategy in place, you’ll be well on your way to startup success.
