Maureen Edwards of 8 Simple Steps On Five Things You Need To Create A Highly Successful Startup

Ensure people want and need your product or service: Never underestimate the power of market research. There are so many free ways to get it that will save a lot of time and money down the road. The costliest and most discouraging mistake is starting a business and discovering no one cares.

Startups have such a glamorous reputation. Companies like Facebook, Instagram, Youtube, Uber, and Airbnb once started as scrappy startups with huge dreams and huge obstacles. Yet we of course know that most startups don’t end up as success stories. What does a founder or a founding team need to know to create a highly successful startup? In this series, called “Five Things You Need To Create A Highly Successful Startup” we are talking to experienced and successful founders and business leaders who can share stories from their experiences about what it takes to create a highly successful startup. As a part of this series, we had the pleasure of interviewing Maureen Edwards.

Maureen Edwards is an award-winning branding, marketing, and business strategist as well as a 2x award-winning inventor. She has built 6 profitable companies from conception to commercialization and has worked with hundreds of entrepreneurs to start, turnaround, or scale theirs. She is the founder of 8 Simple Steps, a frequent keynote speaker, podcast and tv guest, national instructor for small business organizations, and lead instructor at universities and colleges.

Thank you so much for joining us in this interview series! Before we dive in, our readers would love to “get to know you” a bit better. What was the “Aha Moment” that led to the idea for your current company? Can you share that story with us?

I never expected to start a sixth company. I already have a consulting agency so creating an education and mentoring platform for small businesses was not on my radar. I loved volunteering to teach workshops for the small business community, but a full-time company, no way.

When COVID hit, it all changed. The weekly workshops filled with dozens of students were canceled. My small business owners were stuck without guidance. I quickly took it all online for them and tried to replicate the face-to-face learning experience. I expected it to be temporary, but the universe had other plans.

Suddenly small business owners from outside the community were finding me and signing up for courses and answers. Then they were signing up from all over the U.S. The word-of-mouth from students and recognition from non-profits took it to another level.

I had to make a decision. Small business owners were struggling. I saw the opportunity to multiply my impact and make a difference. I went all in to make 8 Simple Steps a best in class, simpler, results focused education and mentoring program for those just starting, struggling, or want to scale stronger. It is the best decision I ever made. Who knew something so awesome would come out of something as awful as COVID? But some of the best things happen in the middle of crisis and chaos, including starting a business.

Was there somebody in your life who inspired or helped you to start your journey with your business? Can you share a story with us?

My dad. Like so many, I did not seek help with my first company. I let my ego convince me I could do it all and teach myself what I didn’t know. I’m here to tell you, you can’t YouTube your way to creating a sustainable business, yet this is what most do. I did it for months before I reached out to my dad who had built several million-dollar companies and understood the challenges, nuances, and mindset of the entrepreneurial journey.

My pride prevented me until I almost lost everything. I finally knocked on the door for his help. He said, “what took you so long.”

I never made that mistake again. I now surround myself with the best mentors and coaches in business. We can always get better at what we do when we see other perspectives.

What do you think makes your company stand out? Can you share a story?

I take the hard out of entrepreneurship with two proprietary, outcomes-based, simple to implement road maps — the S.T.A.R.T. Blueprint and V.A.L.U.E. Accelerator. I discovered long ago that you do not need to know everything in business, only what works. I only focus on what works, learned from trial and error.

I use a combination of instruction and implementation mentoring. I cut through the noise, eliminate the mistakes, streamline and simplify the process, and work in the trenches with my small business owners. And I teach everything in 8 Simple Steps on simple tech platforms, so it is easy to digest, comprehend, and implement.

Every business is different, requiring a customized program within a group setting. My S.TA.R.T. and V.A.L.U.E programs enroll small business entrepreneurs over 50 (although I have served all ages) across all industries, stages, and experience. This means I must tailor the program for each one in the class. The classes are curated and never more than 10 students. I don’t believe it’s possible to get results with hundreds in a class. I would rather have a waitlist than not have my small business owners maximize their experience, learning, and outcomes.

One story that is near to my heart is Viviane G who was a Harvard professor. She became a student of the 8 Simple Steps S.T.A.R.T. program to create Vivilicious Truffles. After 5 weeks in S.T.A.R.T., she had the foundation built from branding to pricing. She launched her new company 4 months later. In one year, she ships nationwide, has partnered with retail chains, and hired 3 employees. She is no longer a professor, but a successful entrepreneur fulfilling her dream.

How have you used your success to bring goodness to the world?

My mission is to teach, mentor, and empower one small business owner a day how to start and stay in business and love every minute doing it.

Whether they work with me directly or indirectly, I believe I can make a difference. My monthly speaking engagements and workshops for business non-profits are pro bono, allowing me to impact thousands of new or troubled business owners at a time. I never want them to experience the hardship I did with my first company.

You are a successful business leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?

Adaptability: I wouldn’t have my current company if I didn’t adapt to COVID and pivot for the betterment of my small business owners. Being an entrepreneur means getting very good at adjusting to dynamics out of our control. Just accept it. It’s the nature of the job if you want to stay in business.

Authenticity: We all have a backstory of the “why.” It may not look pretty but your customer needs to hear it. I share the good, the bad, and the ugly of my entrepreneurial journey with the hope of them learning and being inspired.

Perseverance: I use fear as a motivator, not a deterrent, to help me endure the tough times and achieve my goals.

Often leaders are asked to share the best advice they received. But let’s reverse the question. Can you share a story about advice you’ve received that you now wish you never followed?

“Just go for it.” While I agree you must have courage and be all-in with your company, no one should leave their day job if they have one until they test the market, fine-tune the processes, and secure even a small customer base. Working off someone else’s money while you make mistakes, learn what works, and elevate your authority in your industry reduces fear, stress, and failure.

Can you tell us a story about the hard times that you faced when you first started your journey?

The hardest part of building 8 Simple Steps was it began during a pandemic, changing the dynamics of how I would normally start and grow a company. I typically use a combination of digital campaigns and capitalizing on the power of networking, face-to-face conversations, conferences, and building relationships over a cup of coffee, not a zoom meeting. It was frustrating to be confined to one track of reaching, engaging, and acquiring an audience. I worked through it and ventured into doing other digital strategies I probably would never care to try or become highly adept at. But I am very excited that people are back to seeing each other. You need digital and traditional marketing to really move the needle in business.

Where did you get the drive to continue even though things were so hard? What strategies or techniques did you use to help overcome those challenges?

Doing what I love is non-negotiable. My students and clients motivate me every day. When it’s hard, I seek out my support system of other business owners and my mentors. Just venting makes me feel better. It takes a village to get your business off the ground and growing.

The journey of an entrepreneur is never easy and is filled with challenges, failures, setbacks, as well as joys, thrills, and celebrations. Can you share a few ideas or stories from your experience about how to successfully ride the emotional highs & lows of being a founder?

When things are down, I remind myself of my “why.” When things are good, I remind myself of my “why.” Being aware of the pure reasons you are starting a business and serving the people who need you gives you clarity, focus, and confidence to prioritize the right things.

Let’s imagine that a young founder comes to you and asks for your advice about whether venture capital or bootstrapping is best for them? What would you advise them? Can you kindly share a few things a founder should look at to determine if fundraising or bootstrapping is the right choice?

The decision is based on the business, industry, risk tolerance, access to mentors, and experience. I am more a fan of bootstrapping because what you learn is invaluable to growth and you own your mistakes, success, and control.

If you left a corporation to start a company, why would you run it as a corporation where you must answer to others? It defeats the power, freedom, and benefits of entrepreneurship. Bootstrapping makes you scrappy, more creative, and a stronger problem solver. It allows you to become a multidimensional, adaptable, and visionary business owner. You can’t beat that. You can always bring in investors later.

Ok super. Here is the main question of our interview. Many startups are not successful, and some are very successful. From your experience or perspective, what are the main factors that distinguish successful startups from unsuccessful ones? What are your “Five Things You Need To Create A Highly Successful Startup”? If you can, please share a story or an example for each.

Creating a business is an art and a science. Building a strong foundation to your business is the most critical first step to generating revenue, attaining profitability, and securing sustainability. This is the foundation I start with.

Here are the “Five Things You Need To Create A Highly Successful Startup.”

1. Ensure people want and need your product or service: Never underestimate the power of market research. There are so many free ways to get it that will save a lot of time and money down the road. The costliest and most discouraging mistake is starting a business and discovering no one cares.

2. Niche your target audience: If we try to serve everyone, we serve no one. It is impossible to reach, engage, acquire, and retain 4 generations with different learning styles, buying habits, values, and social media preferences. The narrower the audience, the easier it will be to create a message that is relevant and resonates in all the right places. Best practice: Do the due diligence (market research) to know your audience better than they know themselves.

3. Demonstrate how you change your customer’s life: Entrepreneurs tend to get so excited about what their product or service does, all the features, but people only care about benefits and how you will make a difference in their life. They don’t care how you do it, they just want the outcomes. It is critical to demonstrate your value that customers can visualize and personalize.

An example of a feature versus a benefit:

Feature: This phone case is made with layers of carbon fibers and reinforced plastic.

Benefit: With this phone case your phone will survive any fall.

Which statement do you think will connect and move the customer?

Once you nail this down, they will pick you.

4. Leverage your competitive differentiation: 5 million new businesses were created in 2021. With a sea of competitors, a startup must identify its strengths and its competitor’s weaknesses and capitalize on both. Choose at least 3 features and benefits that make you stand out from the pack.

5. Craft a message that is clear, concise, consistent, compelling, and customer centric. Convey benefits, differentiation, and authenticity to your right fit customer who needs and wants to hear it. This should be easy if you have nailed the first 4 steps.

What are the most common mistakes you have seen CEOs & founders make when they start a business? What can be done to avoid those errors?.

The biggest misstep that plagues small businesses is they skip the steps above and go right to marketing. Then they are confused, disappointed, and frustrated with why they can’t convert. Marketing to the wrong audience, with the wrong message, in the wrong place is a heavy lift when there isn’t anything to work with.

When they don’t convert customers, they believe they have a marketing problem. They don’t; they have a messaging problem. The chances of survival are slim if they don’t change direction.

Startup founders often work extremely long hours and it’s easy to burn the candle at both ends. What would you recommend to founders about how to best take care of their physical and mental wellness when starting a company?

The best care comes from a positive mindset. It is so easy to get down and wallow in all the things that aren’t going well. A good place to stay positive is to celebrate even the smallest wins every day. Something as simple as setting up a meeting with a prospect, updating website content, and sending an email to your subscribers should be celebrated. They are all new tactics to move your business that you didn’t do the day prior. Also, a quick walk around the block for 30 minutes, listening to music, can do wonders to reset focus, increase productivity, and stay positive.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

I would like to see entrepreneurship taught in high school as an alternative to traditional college. This could be introducing trade education back into schools and teaching how to turn their skill into a profitable business. As soon as we recognize that academia is not for everyone, the sooner we will focus on how to expand the economy and workforce by building businesses that put back into the communities and country.

We are blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.

Elon Musk. He is the consummate entrepreneur, a true visionary who is never afraid to take risks — -smart, calculated risks. Whether it works out or not, he is unfazed and fearless with starting again.

How can our readers further follow your work online?

They can follow me on LI (linkedin.com/in/maureenedwards2) and my company pages:

https://www.facebook.com/startandstayinbusiness

https://www.instagram.com/maureenedwards_8simplesteps/

https://www.linkedin.com/company/8-simple-steps

This was very inspiring. Thank you so much for the time you spent with this. We wish you continued success and good health!