Been there, done that. What have I done?
Alternative Smoking Technologies LLC .. an online retailer of electronic cigarettes and their related counterparts. One of our trademarks is The Vapor Mall , just in case someone wants to stop smoking for good without any gimmicks or pain.
Well, I founded the company over a year ago, when I had quit smoking after 12 years using the electronic cigarette.
#1 Analytical approach -- Is my idea a bunch of BS crap, or is this really going to work?
The fact that I quit smoking after 12 years on a toy like product answered my foremost concern.
NEXT ... Whats the strategy?
I developed a 23 page marketing plan, that took me four months to do. I could tell you whats in it, but then id have to kill you.
NEXT ... Plan of Action
Phase 1 Gain Speed
First mode of operation -- WORRY ABOUT CASH FLOW AND REVENUE. Gain "momentum" in the industry at the expense of profitability. The faster I can advance in the industry and gain market share, the greater the profits will render latter on.
Phase 2 Power Up
With more revenue and cash flow, now we can worry about generating better efficiencies and logistics. Now the strategies materialize and are executed at full blast. With more capital and revenue that we raised previously, we can RE-INVEST that at a LARGER SCALE, for more return and attainment of market share.
Phase 3 FULL THROTTLE
With considerable investment marketing strategies, they begin to deliver as promised. More revenue and return on investment yields greater revenue, and now, profitability. More revenue = more trademarks, brands, websites, marketing channels, advertising AND profitable sales. We are now running at a fast momentum, and gaining greater market exposure.
Phase 4 EXECUTE AND ELIMINATE
Suppress competition by following a "Darden Restaurant" business model. Increase market share and brand equity for multiple websites, brands, and trademarks -- not just one. Wean off the expansion mode, and start to level off at this point - focusing on sustainability, efficiencies, and profitability.
Last but not least
Phase 5: Off to Paris for the weekend, and then an exotic vacation to Iceland
It's not easy, its not how it seems, but hard effort pays off. Business is a game - all you have to do is get good at the game, and you will reap the rewards of your expertise.
Thanks for letting me share.