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When building a brand new company, it can be difficult to decide what kind of company to start. Is the company going to offer a good or service? Is it going to be an online company or a brick and mortar store? How will this company be different from other companies that offer a similar good or service? Here are a few things that you should consider when building a business from the ground up.
Choose a Good or Service that is Actually Needed
When starting a company, some entrepreneurs have the “build and they will come” mentality. This can be very dangerous. Before building a company, it is imperative to conduct extensive amounts of research. First, make sure that the company you want to build is actually needed. You don’t want to build a company and then realize that there are a ton of other businesses that are offering the exact same thing and there is nothing that sets you apart from your competitors. Instead, you should approach it from the view point of a customer and ask yourself “Does this company fill a void and address customers’ needs?” If the answer to both of these questions is yes, then this is a great place to start.
Put the Customer First
Providing unparalleled customer service should be the number one priority of every business. If a customer is treated with respect, the rest of the transaction is more likely to go smoothly, ensuring that they have a pleasurable experience and will tell their friends about your company. Also, be sure to listen to the customer, especially if they have any concerns about your company or its processes.
Don’t be Afraid to Adapt
After listening to these concerns from customers, the next appropriate step may be to adapt your company’s processes. When starting a business, it is important to understand that some of the things you put in place may not work out the way you hoped, or someone may suggest something better. It is okay, and often good, to change!
Seek Counsel From Those Smarter Than You
One thing that can be extremely helpful but is easily overlooked is seeking advice from other people outside of your company and even outside of your industry. There are many people who have built successful companies and their guidance and expertise can easily be applied to your company. At Crown & Caliber, we have a Board of Directors that is comprised of many people outside of the luxury watch industry. They have each built successful companies and have tips and advice that can be applied to our industry. It is very important to be willing to take criticism and to learn from these other entrepreneur’s previous failures and successes.
At Crown & Caliber, we do everything we can to ensure that the selling process is as easy and rewarding as possible for our customers. One of the things that separates us from our competitors is the way we treat our customers, treating both them and their timepiece with the respect they deserve. Also, by listening to our customers and getting to know them, we created our Consignment Process, which allows us to sell a watch on the customer’s behalf, ensuring they get the highest value possible for their watch. These tips listed above have helped us to become the preferred way to sell a luxury watch.
A 4th generation Atlantan, Hamilton Powell is the CEO of Crown & Caliber, LLC. He is also is the managing member of Powell Growth Capital, LLC, the funding source of Crown & Caliber. Hamilton raised a private equity fund in 2007, Powell Growth Capital, LLC. During the course of his private equity career, Hamilton has bought and sold companies involved in a variety of industries such as logistics services, asset-based lending, consumer goods retail, equipment rental, as well as a host of other industries.
