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Oct 10, 2024
Launching my startup, Granimals, was a leap into the unknown. We began with just $600, no blueprint to success, and only our determination and passion for helping people live lives free of pain and limitations. Every dollar spent during those early days was a calculated risk, and every choice was a lesson learned the hard way. No book or mentor could have prepared us for the journey ahead of us.
The road to growth was filled with challenges, including navigating a saturated market, finding the ideal pricing strategy, and so much more.
To learn more about the most critical skill required for growing a business, read Problem Solving: The Most Important Skill You Need to Start a Profitable Business.
Here are seven key business lessons that helped a fitness coach, a consultant, and a college dropout take Granimals from a $600 startup to $3 million in Annual Recurring Revenue(ARR) within just 13 months.
1️⃣Follow Your Heart and Trust Your Instincts
Business advice often revolves around strategy, data, and logic, and while these are essential, there's an even more critical element: leading with heart and instinct. Early on, I realized that being genuine and authentic to myself and my team could make all the difference. When you're driven by passion rather than fear, your team senses it. They begin to trust you, and that trust fuels their motivation to excel!
The beginning of my entrepreneurial journey was filled with moments of uncertainty and doubt. However, rather than allowing fear of failure or fear of the unknown to dictate my actions, I chose to lead with my instincts, my gut. If something felt right, I went for it, even if the numbers didn't immediately make sense. This approach didn't just keep us going; it kept us connected, involved, and ultimately successful.
2️⃣Adapt Your Pricing Strategy
One of the most crucial yet often neglected aspects of scaling a business is pricing your product or service. It's tempting to cling to your initial pricing model, believing it accurately reflects your product's value. But pricing should be dynamic, not static. It's like a dance. We learned this the hard way.
Initially, we stuck to a price we thought was "right." However, as we received feedback from customers and noticed shifts in the market, we saw the need for flexibility in our pricing. By adjusting our pricing strategy to respond to customer needs and market trends, we were able to significantly increase our profits.
The key takeaway here?
Don’t become too attached to a particular price point. Be open to change as you learn more about what your customers value the most.
3️⃣ Be Ready to Pivot
We launched Granimals with what we believed was a rock-solid plan. A strategy we thought would immediately dominate the market. Yet, our original plan generated $0 revenue. Instead of sticking with something that wasn’t working, we pivoted and then pivoted again!
Adaptability became our greatest asset. The business we eventually developed looked nothing like what we had in mind initially. But that’s the beauty of entrepreneurship and the journey to become successful. It’s about letting go of what doesn’t work & embracing what does, even if that takes you in an unexpected direction. Flexibility and responsiveness are key. Recognizing that change is inevitable and crucial for growth is half the battle won.
4️⃣ Play Your Own Game
In a trend-driven world, it's easy to get distracted by what others are doing. However, one of the most valuable lessons we learned was the importance of focusing on our own game. We watched and learned from others but didn’t jump on every new trend.
Instead, we concentrated on what worked best for us. For instance, we initially considered offering online fitness programs but soon realized our strength lay in online rehabilitation services. It was a niche, but it was our niche. We carved out a unique place in the market by staying true to our strengths. The lesson learned here? Don’t chase every trend. Find your own game and just play it well.
5️⃣Focus on Sustainable Growth
While growth is exhilarating, it can be risky if not managed properly. I've seen too many startups collapse because they expanded quickly without a solid foundation. We approached every decision, especially financial ones, with the future in mind.
We ensured that every dollar invested was justified and would support long-term growth. Our objective was to build something sustainable, not just enjoy a temporary surge of success and then vanish. Always remember, reckless growth can lead to absolute disaster, much like Byju's infamous downfall.
6️⃣Empower Your Team
A company's strength lies in its team, but it doesn't come from titles or hierarchy. In fact, it only comes from empowerment. At Granimals, we focused on our mission, not on traditional structures. Titles were irrelevant to us; what mattered was our team members' contributions.
By empowering each team member to take ownership of their responsibilities, regardless of their title, we cultivated a high-performing, motivated team that is aligned with our vision. Our team knows exactly what their responsibilities are and how they contribute to the company’s mission. This fostered a collaborative culture where everyone felt valued and invested in our growth.
7️⃣Prioritize Profitability
In the startup world, rapid growth can often overshadow profitability. But from day one, we have committed to building a profitable business. A sustainable, profitable business. We saw many companies rise quickly, only to fall just as fast because they were losing money.
We rejected that approach. Instead, we prioritized sustainability and profitability, carefully monitoring our expenses, focusing on revenue-generating activities, and maintaining a healthy bottom line.
The result? A business that did not just grow but thrived. Remember, profit is not a bad word; it's the foundation of a sustainable enterprise.
Growing Granimals from $600 to $3 million ARR in just 13 months wasn't easy. It required determination, perseverance, and the willingness to adapt continuously. But the lessons we learned were priceless. They weren’t handed down by a mentor; they were shaped through real-world experiences.
If there's one takeaway from our journey, it’s this: entrepreneurial success isn’t just about one great idea or a proven startup growth strategy. It's about leading with heart, remaining flexible, and making smart, sustainable choices every step of your way.
Also, before starting a business, you must find your true passion and purpose. You can only thrive in a company if its purpose resonates with your goals.
Read the 3-Phase Approach to Discover Your Passion to learn more.
