Start Your Small Business: 3 Essential Tips from a Seasoned Entrepreneur

Introduction

Embarking on a small business venture can be an exhilarating yet daunting journey. To guide you on this path, serial entrepreneur Phaon Spurlock, founder of Prototype Marketing and BKLYN LEAGUE, shares his invaluable insights.

1. Know Your Target Audience Deeply

* Conduct comprehensive research to gather at least 25 data points about your potential customers.
* Understand their demographics, psychographics, and needs.
* This information will empower you to develop targeted marketing campaigns.

2. Create a Comprehensive Budget and Plan for Unexpected Expenses

* Budgeting is crucial as starting a small business often exceeds initial expectations.
* Create a reserve fund for unforeseen expenses.
* Consider maintaining a full-time job initially to provide financial support.
* Keep your personal finances separate from business expenses.

3. Launch Your Business Without Delay

* Avoid procrastination and embrace the concept of "launching it."
* Develop a strategy or hire experts to guide your go-to-market plan.
* Seek feedback from your audience to iteratively improve your product or service.
* Remember, setbacks are common, but the opportunity for growth and success remains.