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Compounding

Compounding

| August 03, 2020
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When you first start a business you are basically back in preschool. You are learning the ropes and surviving on your own. Everything is new and things are strange. Each day learning something new and improving. You might be starting with nothing or have some type of cash flow coming in but as you slowly build your brand awareness you start compounding. With your first handful of clients you better believe that one of them will refer your business at one point. These are your cheerleaders! The more you ask for referrals the more you will get. At first, it starts with one and then slowly the people that are aware of you grow ever so slightly as you market and promote your brand. These people will not be buyers immediately but they might need your product at some point and when they are you will be ready! The longer you are in the game the more this starts to build. It usually takes a business about 3 years to turn a profit. That makes sense because year one is the first year your actions start compounding. If your business fails well you can throw that on your resume and talk about it as a learning experience. If you start any business you are going to learn something. You might not have had the best gameplan or product but next time you are a little more savvy and will have your legs about you. The important and hardest thing to do is to start the compounding process. The longer you survive the more you will likely succeed. 

Stephen Poll
Financial Advisor at Clay Financial
Stephen@ClayFinancial.com
(419)806-2986

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