Written by: Vickie Sullivan | March 18, 2021
The Real Cost of Running a Business
In the early years of running my business, I got a lot of interest from “newbies,” successful people from one area who wanted to become thought leaders. One of the biggest “surprises” I had for them was the actual cost in the first year.
According to a January Enterprise Times article, “Shopify survey: The costs of starting a US business,” people regularly underestimate the cost. When I read that most businesses spend $40,000 when they thought the budget would be $18,000, I laughed out loud. That data point rings so very true.
I also agree that marketing costs can become quicksand. Move past the article’s focus on larger product-driven business models. The biggest game-changer here for thought leaders: how they approach market strategy.
2 Mistakes Thought Leaders Make When Starting their Business
Here are two common marketing strategy mistakes thought leaders make when starting their business:
• They put too much emphasis on themselves. The big reason why many get into the thought leader game is that they have something to share. Fair enough. But there are many ways to share that brilliance. The key is figuring out the best path. And when there are a lot of options, that choice can get confusing fast.
• They put too much emphasis on selling. A lot of folks mistake passion for direction. They think, “I just gotta get out there.” The problem, however, is the market is too crowded for this “exposure alone” strategy. If you don’t stand out, all the sales talent in the world won’t help you grow.
Listen: How to Do Market Strategy Right
Those mistakes appeal to the impatience in all of us. They look like inexpensive and easy alternatives to what’s really needed, which is a deep understanding of how you fit in a marketplace full of successful people. The reality is you get only so many chances to shine before buyers form an opinion about you that won’t easily change. In crowded markets, you have to sharpen the saw before you cut.
Now Read This:
- Marketing Strategy vs. Sales Strategy
- How to Determine Market Feasibility and Direction for All Your Bright Ideas