Tuesday, April 16, 2024

Joshua Rich – Joshua Rich – On Top 5 Mistakes When Starting A New Business

Leaders Perception Magazine is currently running an interview series called – What Are The Top 5 Mistakes People Make When Starting A New Business?

Today, we had the opportunity to interview Joshua Rich who is a Founder at Joshua Rich .

Interviewee Name: Joshua Rich

Company: Joshua Rich

Joshua Rich ‘s favourite quote: When we are faced by a situation we cannot change, we are challenged to change ourselves.

The Interview

Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?

Joshua Rich : I’m the CEO and founder of bullseyelocations which helps capture and convert more high-intent prospects with the right content, right when and where they’re looking for you through effective location marketing strategies.

In your opinion, what makes your company stand out? Any examples?

Joshua Rich : Its successful conversion rate so far is something that sets us apart from other companies in the industry, in my opinion.

What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.

Joshua Rich : Lack of Documentation
One of the mistakes commonly made is a lack of documentation. People only starting out with their business ventures often have a fantastical picture of the stakeholders and clients around them, and forgo documenting transactions unconsciously. This often proves to be a cause for major concern when dealings go awry.

Impatience
Moreover, many owners jump into businesses thinking it is a quicker and easier way to generate wealth as compared to regular jobs. That could not be farther from the truth. Although over a period of time such as ten or twelve years, this could prove to be true, the initial stages can be very uncertain, risk-inducing, and hence demand a lot of courage going forward. Thus, I would advise new business owners to focus on playing the longer game.

The Long Game
What is the long game? Well, drawing on my experiences, I would say that playing the long game refers to prioritizing certain non-monetary foundations of a business over instant gratifications. This means not discreetly trying to exploit clients, or focusing too early on how to maximize profits. Instead, it means building healthy relationships based on trust and shared values with your clients which help you retain loyal customers and sort the future of your company out.

Scalability
Additionally, oftentimes people execute a business idea that seems feasible, but I would like to point out that a business venture that is not scalable in the long run is hardly promising for the future. It can help you secure a regular income stream for sure, but if it does not offer growth, it might regress after stagnating with respect to the economy and industry around it.

The Money Tree Concept
I like to give advice on what I like to call the Money Tree concept. It means growing a business to the extent that it starts to self-sustain. This means expanding it to the scale that it breaks the shackles of trading your time for money as in a paycheck-to-paycheck model. Buying and renting out real estate is an example of a business model that follows the money tree concept for instance.

Leaders Perception magaizne would like to thank Joshua Rich for the time dedicated to completing this interview and sharing their valuable insights with our readers!

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