Dear Bunker,
This week on the Transition, I shared some advice on launching a new venture that I gave to some entrepreneurs at a recent Bunker Labs connect event.
I know it can be overwhelming when you’re first starting out and don’t know where to begin, so here’s some advice to get you started.
1) Think Market-First
Look for opportunities where your perfect customer is already spending money. Rather than swimming up stream, find a way to drive demand to your venture by carving out your own market niche. Remember, the criteria for a perfect customer is someone whose willing to pay you premium, are a pleasure to work with, and make you enjoy being an entrepreneur.
2) Find a Trojan Horse
A Trojan Horse is a business that already has an account with with your dream client. The goal is to work under the Trojan Horse as a vendor and use the opportunity to brand credibility, earn revenue, and gain confidence. The only downside is you make less margin, but you make up for it on the back end.
3) Find an Auctioneer
An auctioneer is a client who’s willing to invest in your potential. They understand you’re in the process of launching a new venture and are willing to give you a chance. More often than not, an auctioneer is going be someone already within your network who likes, knows, and already.
I got over each of the above in more detail on the podcast, so be sure to give it a listen at the link in my signature. As always your comments are greatly appreciated!
Advice For Launching A New Venture