Think BIG Start Small
business and in this episode, Nick explains why it’s vital to understand any business starting out must think big but start small.
He shares some great advice for entrepreneurs starting out about how to decide on one product or service, take it to a niche market for the right price and build a client base.
Many small businesses fail because they are trying to behave like a big business when they start but what a small business with big ideas needs is very different to what it will need to do when it is a 6 figure business so think big and have a grand plan but be self-aware, humble and focus on changing the world one person at a time.
KEY TAKEAWAYS
Most people dramatically overestimated what they can achieve in one year but underestimate what they can achieve in 10 years. The foundation of ‘think big, start small’ is taking small steps because over time the difference they make is significant. People begin and take on vast expense when they should be testing the demand in the market. The fastest route to get recognised is to get niche, be highly specialised and then focus on your target group. This gives you the opportunity to use a targeted marketing approach. Most small businesses fail because they are trying to behave like a big business when they start. The majority of businesses that are successful are built in a steady way through planned phases. Start small with a niche market, one product, test the concept by taking it to market, get your first clients, with good results gain positive testimonials and scale the business moving forward. Think big and have a grand plan but be self-aware, humble and change the world, one person, at a time.
BEST MOMENTS
‘Having a vision and grand plan is vital but you must start small’
‘Trying to take the big steps when you haven’t laid the foundations or proven the concept is foolish’
‘What it takes to get a business started is completely different from what it needs when its 6 figures’
VALUABLE RESOURCES
ABOUT THE HOST
Nick James
Nick dropped out of university at the age of 21 and failed spectacularly with his first coaching business, which forced him to take a £16k/yr telesales job.
Within 12 months he was the top performer and left to start his second business at 24. This time he discovered a winning formula and before long had a multi-six-figure company.
He then made a huge mistake which nearly put him out of business and cost him £50,000 in personal cash!
Fortunately, Nick kept it afloat, turned it round, and sold that business 2 years later in a seven-figure deal.
He then co-founded a multi-million-pound marketing company, which he exited in 2015, and created Expert Empires.
Today, Expert Empires is known as the UK's number one business event for Experts, with world-renowned celebrity speakers like Gary Vaynerchuk, Grant Cardone, Chalene Johnson, David Goggins, and Lewis Howes gracing the stage.
Nick also specialises in helping Coaches, Consultants, Speakers, Trainers, and Authors take their businesses from zero to six figures and beyond through his Expert Empires Mastermind programme.
