The Buffet Strategy

Everyone likes to eat at buffets. There are limitless choices and numerous times to return and try new things. What if I told you starting your own business is similar to eating at a buffet?

Your first plate is filled with all different kinds of foods you want to try. Most of them you enjoy, but some you don’t. To me, the best part of a buffet is your “return trip.” That’s where you skip the things you didn’t care for and get more of what you really liked.

The first business you try will be as a “fan.” You may not know much about the industry or your competition. Selling your product/service can be a huge challenge. You’ll underestimate how much work it takes to succeed. Some areas you’ll thrive in and other tasks will stifle you. The second time around you’ll choose a business you understand and sales will be your main focus. If you can’t map out a plan for massive sales, you won’t start it.

This point of this article isn’t to say you should try to fail the first time around. Instead, statistics show it’s very hard to succeed the first time you start a business. If you’re smart you’ll take what you’ve learned during the initial run and apply it towards your following businesses.

I’ve enjoyed being an entrepreneur, but there are so many mistakes I made the first time around. I loved what I was doing, but didn’t know how to sell it. With my second business, we study our competition, created a sales strategy and measure our progress frequently. The questions I ask now are different and moving forward only happens with a sound marketing plan. 

So keep fighting for your dreams and work hard to make them a reality. Your initial attempt will be much harder than you anticipated, but absorb what you are being taught through experiences and you’ll eventually get there!

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