Weekly 🔥 23: An Entrepreneur’s Guide to Black Friday | by the Entrepreneur’s Manual | November 2022

Welcome to another edition of our newsletter! You’ll receive practical start-up tips delivered directly to your inbox every week.

In this week’s issue, we discuss

  1. Why deep discounts can be bad for your startup
  2. How to prepare for Black Friday as a creator

Let’s do it.

Black Friday can be a great time for businesses to reduce inventory and make a quick buck. But Boris Manhart believes startups should avoid rushing and focus on delivering benefits and instead building a strong brand. This is why:

  • Finding the right price is crucial for startups: Understanding your customer is the most important thing to consider when setting a price; you need to know their needs and what matters most to them in their purchase decision.
  • More value equals higher prices — If you hit product-market fit, you’ll know if and how much your customers are willing to pay for your product.
  • Do not enter the vicious circle of discounts — the more products you discount, the more people will expect discounts in the future, which will reduce the profitability of your business.
  • Start building a strong brand from scratch: Think like Apple; Discounting too much will devalue your product or service in the eyes of consumers.

👉 Find out what you should focus on instead: Why Black Friday is toxic for startups

FTX is not the end of crypto (yet)

Despite what everyone with a keyboard and a Twitter handle claimed to have predicted, hardly anyone saw the FTX fiasco coming. Not Bloomberg. Not the politicians. Not celebrities. Not crypto heads. No one.

That’s why when FTX imploded and took billions of dollars, an outrage bombshell went off, and the resulting shockwaves felt strong enough to threaten the very existence of the crypto market.

Or did FTX fall into free market “natural selection” because it was unfit?

Read Nabil Alouani’s Essay: Why the FTX Scam Isn’t the End of Crypto

Are you a content creator, blogger or freelancer with multiple sources of income? So Black Friday could benefit you if you can capitalize on it. Elna Cain uses this 7-step process:

  1. Get Testimonials — If you have a digital product, collect all the compliments about said product. Now is the time to share them.
  2. Decide what you are offering: Small discounts, extra bonuses or big deals from 50 to 75%?
  3. Configure your technology: While Elna uses Teachables, tidy up the platform through which she sells, with ads and sale prices out of the box.
  4. Write email — Be respectful, relatable, and honest, and try to speak to only one person in your email.
  5. Advertise the deal on your social media: Graphics and images created on sites like Canva can help your offer stand out.
  6. Get on with your business — Once the sale is over, get back in the saddle.

👉 Read more: What I’m doing to prepare my business for Black Friday

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