08 Sep 7 Business Lessons I learned in 2018-2019
I wrote this article while I was celebrating the 1 year mark for my company “The Luxury Makers” as it was almost breaking even at 12 months young!!
In this article, I am sharing with you the most important business lessons I learned from my first year in business. These lessons helped me craft excellent international PR, get myself and my company a lot of attention from unexpected sources I didn’t expect to reach anytime soon, and craft a web of services and strategic partnerships that’s still unparalleled in the Middle East where the industry is very young, and is expected to dazzle once it hits the market officially in 3 countries!!
1- Always start by working on your expertise, skills, network, name and high PR; the business will definitely follow.
2- Generate high quality relatable content about your business, it will attract both high end clients and great strategic partners.
3- Stay selective and do not rush client acquisition, because we promise you that the top 20% of your high end clients will generate 80% of your income. This is why you need to focus on quality instead of quantity. In the process, make sure your cash flow can support a long business development pipeline.
4- Always have your business development efforts as well as actions plans, planned ahead. You will be surprised with opportunities, and you will want to be ready to jump on board on short notice. For that, we also recommend having a flexible business model.
5- Stay patient with cash, but not with opportunity. You want to be ready to seize any good opportunity, and still be able to stay selective. Strike a good balance between deliberate planning, quality control and opportunity seizing.
6- Do not bite more than you can chew in the beginning, and make sure you manage your expectations and those of your partners. You will need to allow a pipeline of 18 months to test the waters and make necessary adjustments.
7- Most importantly stay motivated, business in the first period is hard and will be taxing you patience, endurance and motivation!!
On our first year of The Luxury Makers, we did follow all of these business rules, and made sure we are doing things right up front, even if that means less market presence but a better quality of in-house work and luxury supply. This is why, and exactly at its one year mark, THE LUXURY MAKERS IS GOING REGIONAL !!
Everything done right will ultimately be rewarded. Just believe in yourself, your business, and get to work!