By Fernando Berrocal

Entrepreneurs and their teams are frequently forced to manage numerous complicated realities, from deciding on a business model to learning to prioritize the most effective marketing strategies.  However, by planning with time, you may save your nerves and have a foundation to develop from instead of having to come up with plans from the start. You'll have a working engine to rely on when you're about to jump off the cliff. Starting with income strategies is a great starting point. Here are three revenue strategies that will help you make some money right now and put your business up for success:

1. Before you Build your Product, Sell it: Frequently, we see entrepreneurs fiercely pursuing their idea of what is best for the market, despite the lack of evidence. But be careful, spending your money on something that no one wants is a scary prospect. There is no one checklist for a successful start-up. In many sectors, you don't need the product itself, just as you don't need a website before launch.

One of the most prevalent disorders that plague businesses are failing to address a market demand, therefore here's an antidote: Set aside your ego and figure out how to market your product before you construct it. Hold off on everything until you've identified a target market willing to pay for your solution, then take their money and develop your Minimum Viable Product (MVP).

Not only does this provide you with a good financial head start, but it also ensures that your business is built from the ground up to meet the demands of your clients. Furthermore, those early discussions give you priceless input, resulting in stronger goods and less back and forth in the form of rebuilding and upgrading.

2. Sell Wants, Deliver Needs:  Clients' wishes should come first when selling a product or service, not their needs. Too many organizations claim that everyone needs their product, but the fact is that while a consumer may know exactly what they want, they rarely know exactly what they require. Trying to offer a consumer what they need involves training them, whereas selling them what they desire is easier.

Magic happens when you understand your customer's core aspirations and produce messaging that responds to those desires. This type of revenue strategy is particularly powerful because it accelerates the buying decision-making process.  As you learn more about your audience, whether through social media participation or networking, make direct connections between your product or service and their desires to spark their interest in buying.

3. Influence Above Everything Else: Even in 2021, many founders are unaware of the worth of their branding and their influence. When an organization's CEO utilizes social media, 77% of consumers are more inclined to make a purchase.  This is especially true in the early phases of your business. Your product is simply a small part of the puzzle. Your startup has very little leverage to persuade potential consumers to purchase until you display the human(s) behind it, as well as the insights they provide to the industry. You must emerge from the shadows as the company's founder.

To create a significant impact in your industry, you don't need a well-known global brand. Individuals want to buy from people they know, like, and trust nowadays more than ever. Be present where your consumers are and engage them in a personal, real way as part of your revenue plans.

Important things to remember about Revenue Plans:

If you're a startup entrepreneur in 2021, we have some straightforward advice for you: forget about "Big Business" concepts, don't install new technologies just for the sake of it, and don't get buried in market research. At the end of the day, the only insights you require are those provided by your consumers, and the figures in your bank account will assist you in making the best decisions.

Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.

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