My Best Advice for Starting Your First Business
Summary
- When Alex and I started Gym Launch, we didn't have an elaborate plan or perform extensive market research.
- Instead, we used our personal experience and asked, "What would have truly helped us when we were starting out?"
- That's why I believe starting a business in a field you're familiar with is so powerful.
- Knowing your customer intimately means understanding their desires, needs, and purchasing habits.
- Overcomplicating the process is unnecessary; simplicity is key.
- Always ask yourself, "Which customer do I understand the most?"
Video
How To Take Action
I would suggest starting with what you know best. Think about what you wished you had when you were beginning, just like I did with Gym Launch. It makes things much simpler. Here's how you can apply this to your own plans:
Identify Your Strengths: Write down what you're good at and what you know a lot about. Focus on these areas.
Understand Your Customer: Think about the people who need what you know. What are their problems? What do they wish for? Make notes on these points.
Keep It Simple: You don't need a complicated plan. Start with a simple idea that solves a problem based on the needs you've identified.
Talk To Potential Customers: Have conversations with people who might use your service or product. Ask them what they need and want.
Create A Basic Offer: Build something small and helpful that doesn't cost a lot of time or money. Offer it to the people you talked to.
Feedback Is Key: Listen to what people say about your offer. Use that information to make it better without making it too complicated.
By sticking to what you already understand, you can create something valuable without spending too much. Always remember to ask, "Which customer do I understand the most?" and use your insights to guide your business forward.
Quotes by Leila Hormozi
"when I started my first business, gym launch, there wasn't some crazy master plan behind it"
– Leila Hormozi
"it was just me and Alex calling people"
– Leila Hormozi
"what would have been something that would have really helped us when we were in their shoes"
– Leila Hormozi
"starting a business in an area that you already know is the best way to go"
– Leila Hormozi
"ask yourself what customer do I know best"
– Leila Hormozi
Full Transcript
when I started my first business gym launch there wasn't some crazy master plan behind it weren't like doing crazy product market research running analysis like bringing in Bane or McKenzie like it was just me and Alex calling people and then we thought to ourselves as people who had been in their shoes prior what would have been something that would have really helped us when we were in their shoes and that's why I think that starting a business in an area that you already know is the best way to go because often the reason for that is that you get the customer you understand what they want you understand their needs you understand what they like to buy what they don't like to buy I think that sometimes people make it more complex than it needs to be ask yourself what customer do I know best
