What you can learn from 3 successful entrepreneurs who made it big
Whether you have a new business idea you want to bring to market, or you have an existing business you want to expand to the U.S., research is the key to success. Understanding what you are selling and who you are selling to is essential — keep reading to learn why.
Understand the rules
Merrilee Kick, a former high school teacher, created BuzzBallz, a now $20 million business selling single-serve cocktails. As soon as she came up with the idea, she realized that research was a must. By thoroughly researching alcohol laws, manufacturing processes, and food safety rules and regulations, she was able to design a product that is now sold in over 40 states in the U.S.
Listen and adapt
You can learn a lot about your business when you understand what doesn’t work. Rhys Powell’s passion for helping his community led him to create Red Rabbit, which produces nutritious lunches for schoolchildren. After first trying to sell meals to the parents of children at private schools, he soon realized he needed to change direction. Having invested in unnecessary technology and suffering rising costs, he listened to his business and changed tactics. Now the company sells directly to schools with meal programs, and earned over $10 million in revenue last year.
Find the right fit
College friends Keeley Tillotson and Erika Welsh grew their passion for good food made with wholesome ingredients into Wild Friends, a nut butter company with products sold in several major grocery store chains across the United States. By creating a more expensive version of a readily-available product, their research quickly taught them that not every retailer would be the best fit. By choosing carefully where to sell, they have been able to position themselves as the makers of premium products, and realized sales of $7 million last year.
Set yourself up for success like these entrepreneurs did, by carrying out detailed research that will help you create a winning business strategy. At ReachOut Business Solutions we have over 20 years of experience helping businesses expand into the U.S. market, define their business goals and identify their target audience. We offer a full suite of business consulting services — contact us to learn more.
