4 Rules of Business That Were Made to be Broken

‘Everybody has a plan until they get punched in the mouth.’

Mike Tyson may not be at the top of your list of philosophers, but the implication is profound nonetheless. And it applies directly to the first rule of business that Kevin and Rohan think you should consider breaking, that of developing a detailed business plan. While a business plan does have its place in a limited number of cases, they argue that you simply cannot predict what will happen once a business is up and running, and the Innclusive Grow team recommends an alternative that doesn’t involve exhaustive projections that will likely prove meaningless.

Rohan, Kevin and Kerry-Ann identify other needless business conventions, offering an unconventional approach to inventory, alternatives to the traditional workspace, and an innovative marketing plan that drives traffic to your site organically. Listen and learn how to save marketing dollars, reduce your risk, and get your business going more quickly – by breaking the rules!

Topics Covered

[1:23] Why it’s okay to skip the business plan

  • Allows for action
  • Launch and learn
  • Create one-pager as alternative
  • Only necessary in raising capital (bank, VC)

[6:07] What to include in your one-pager

  • What you’re selling
  • Is it already in marketplace (answer should be ‘yes’)
  • What does competition look like (branding, communication, shipping, etc.)
  • How intend to attract customers

[7:45] What you should document as business grows

  • ‘No battle plan survives contact with the enemy’
  • Document efforts that result in customer acquisition
  • Devote time to platforms with best returns (80/20 rule)
  • Create systems, processes based on experience

[16:39] How to approach inventory

  • Start small (buy just five, move those first)
  • Consider drop-shipping
  • Don’t purchase in bulk without established audience
  • Mitigate risk in terms of cost and time

[22:28] The pros and cons of working from an office

  • Office makes venture feel ‘real’
  • No office means work from anywhere, save on overhead
  • Some don’t do well virtually, need interaction
  • Do what works best for productivity

[27:13] Why you shouldn’t spend money on marketing (at first)

  • More important to create community (focus on relationships, trust)
  • Implement free, organic marketing strategies
  • Google search articles, reach out to authors
  • Compile list of bloggers, YouTubers and send free product
  • Guest post
  • Write case studies
  • Email
  • Personal Facebook page
  • Twitter advanced search
  • Spend time in forums
  • Once understand customers, purchase targeted ads

[36:51] The importance of quality content

  • Facebook rewards over time

Resources

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