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Transforming an idea into a lucrative business is no small feat, but Kelley Higney, the founder of Bug Bite Thing, has achieved just that with guidance from “Shark Tank” investor Lori Greiner.
Higney successfully presented her innovative, chemical-free tool for alleviating insect bites on “Shark Tank” in October 2019. With Greiner’s mentorship, she has elevated Bug Bite Thing to a multimillion-dollar brand, making it Amazon’s top-selling product for insect bite relief, backed by nearly 100,000 positive reviews.
In our recent interview, Higney shared valuable lessons from Greiner that can assist both budding and seasoned entrepreneurs alike.
1. Establish Efficient Systems Before Scaling
Prioritize setting up effective processes and workflows that position your business for successful growth. Streamline operations by cutting unnecessary steps, focusing on strategies that yield results. Avoid overcomplication, as it can hinder expansion efforts.
2. Create a Lean, Agile Team Aligned with Your Vision
Having a compact team fosters direct communication and adaptability. Every team member should grasp the company’s goals and the distinct phases of growth. For fluctuating or rapid scaling demands, consider leveraging contractors to fill roles as needed.
3. Avoid Premature Scaling
A business must run smoothly and profitably before pursuing further growth, whether it involves adding product lines, entering new markets, or engaging larger retail partners. Embrace gradual growth, as steady advancement leads to sustainable success.
4. Maintain Cash Reserves for Strategic Growth
Prepare for unpredictability in business. Having cash reserves allows you to pivot based on changing customer demands or industry trends. Continue to build your business cautiously and strategically, focusing on proven strategies rather than chasing every new opportunity.
5. Discover the Business Model That Works for You
Lori emphasized that there isn’t a universally correct approach to running a business. Each business and founder is unique, so tailor your model to suit your needs. Listening to your community’s feedback and product preferences is key, ensuring your efforts align with their interests.
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