Summary: In today’s podcast, Kyle Widrick from Win Brands Group and Stephen Halasnick from Financing Solution discuss practical experience in building a business through a real-life entrepreneurial experience. These solutions are immensely helping businesses to thrive.
My Entrepreneurial Journey to Founding Win, a Holding Company.
Starting a business involves a lot of strategic planning, due diligence, forbearance, hard work, and experience. Building a business means building a product that solves customers’ needs. Before diving into setting up a business, you need to carry out rigorous research to ensure your idea is actually worthwhile. Proper evaluation is vital because experience has shown that an estimated 79.4% of companies didn’t survive their first year in operation. Conducting adequate research helps budding entrepreneurs know whether their project is worth pursuing. Through market research, they will be able to analyze their competition. In addition, they will be able to understand their customers’ needs and identify potential problems with their products or services. Plus, it will help them minimize the chances of financial losses as they will make more informed decisions.
Aspiring entrepreneurs should identify their audience by looking at who benefits from their products. Variables like age, location, and gender are salient factors to consider when targeting a specific audience. Next, business owners must engage their audience in the most effective way to identify their compelling needs. Conducting a survey and direct engagement are prominent ways of gaining actionable feedback.
Moreover, analyzing competing products and services gives entrepreneurs an idea of what already exists in a particular market niche, thereby helping them look for veritable ways to improve their products. Moreso, knowing your competitors’ prices for the product gives you a range of how much customers are willing to offer for a similar product.
Business owners should have a roadmap that guides their daily decisions. A handy business plan that offers at a glance the current and future objectives of your business is a great resourceful tool. A business plan is very crucial for every entrepreneur. It helps business owners to make informed decisions. Furthermore, it ensures that business owners remain focused on their goals and strategies. The benefits of a business plan are manifolds. It streamlines the communication of ideas to stakeholders by organizing critical information about the business. In addition, with a sound business plan, business owners will be able to hire the right employees for their company.
Financing your Business
A very critical factor to consider while building a business is funding. Your ability to obtain sufficient finance to kickstart and sustainably grow your business is essential. There are numerous ways to obtain funding for your business, including using your savings and borrowing from family and friends. However, other alternatives that have been very efficient over the years are angel financing, crowdfunding, small business credit cards, and venture capital. A business owner should identify the financing solution that best aligns with his company’s goal through proper analysis.
Build a Team and Make Consultations
Successful businesses are built on collaboration. Business owners who leverage partnerships tend to be more successful in their endeavors. Teamwork alleviates the difficulty inherent in setting up a business and helps entrepreneurs make the right decisions. Collaborators always get your back and encourage you to stick it out when faced with daunting challenges.
In addition, making consultations with people already in the field is of utmost importance. After all, these people have garnered a wealth of experiences over the years through hands-on events.
Develop a Viable Marketing Strategy
Building a business entails having an adequate marketing strategy. No business flourishes without the owners having an aggressive marketing strategy that breaks boundaries. A well-thought-out marketing concept is highly essential for the scalability and growth of every business. Furthermore, no investor can comfortably invest in any business that lacks clear-cut effective marketing techniques. The backbone of every business is the marketing crew. Business owners should endeavor to have the most efficient marketing personalities to most effectively influence customers’ decisions.
Learn More About Our Guest
Kyle is the co-founder and CEO of Win Brands Group, an e-commerce holding company that buys and builds category-defining brands. Win’s enviable stable of brands includes Homesick (scented candles and home fragrance), QALO (silicone wedding rings and accessories), and Gravity (the original weighted blanket). Through Win, Kyle is focused on leveraging best-in-class technology partners to scale the most innovative customer-first brands in the world. He has spent nearly a decade honing the art of consumer-focused venture capital and brand building, raising millions of dollars, and building businesses responsible for employing hundreds of people in the process. His background includes working side-by-side with billionaire serial entrepreneur and branding guru J. Christopher Burch, as well as founding multiple best-in-class investment and marketing operations in the US and abroad.
About the Our Company Financing Solutions
Financing Solutions provides an easy-to-setup unsecured business line of credit to small businesses. The small business financing product is a great cash backup plan that costs nothing to set up, nothing until used, and is inexpensive when needed. Financing Solutions is rated A+ by the Better Business Bureau and 5 stars by the BBB/Google Reviews.
Unlike a traditional business bank loan, our business credit line requires no collateral or personal guarantee (except in the cases of fraud) making it an excellent alternative business financing option. Small businesses often used their line of credit for short-term expenses, working capital, to make payroll, or for a business investment especially when business cash flow is temporarily down.
Get a free, no-obligation business line of credit quote by filling out our simple 2- minute business line of credit application here.
Remember: The time to set up a credit line is when you don’t need it.
Note: Financing Solutions donates 10% of its profits to various nonprofit charities