LOS ANGELES, January 25, 2022 (Newswire.com) - GoBiotix, a Los Angeles-based nutraceuticals startup founded by Peter Kanaat, launched its first product in late 2019, just before the COVID-19 pandemic and ensuing lockdowns crippled most physical retail and travel businesses. Meanwhile, online sales skyrocketed across the board, with companies like Amazon, eBay, and others seeing unprecedented traffic and sales, solidifying the need to pivot to online e-commerce.
As most companies clamored to adapt, Kanaat's GoBiotix — funded with just $5,000 in startup capital — unwittingly experienced an astronomical sales surge as consumers quickly gobbled up products like its Immunity and vitamin-loaded Greens. Struggling to keep its inventory in stock and battle the ongoing supply chain war, Kanaat's strategic leadership led to a sales trajectory on track to hit $8 million for 2022.
Today, with dozens of SKUs, Kanaat's GoBiotix is leading the charge into the new post-pandemic era and has advice for companies just starting and looking to scale their footprint. Kanaat, with no experience running a company, says that five key pieces of advice he received from a multi-millionaire entrepreneur helped him scale his small startup with just $5,000 in capital into a nearly $8-million-per-year online behemoth.
1— Companies need to bring products to market that have unique selling propositions and are not just copycats or knockoffs of others. Find a way to differentiate and add value. It's okay to model. But never copy. Make the absolute best product possible, then evaluate and test it thoroughly before bringing it to market.
2— Find large distribution partners fast. GoBiotix focused heavily on Amazon because of its hundreds of millions of built-in customers. Although competition is fierce, the chances for success are substantially higher when tapping into an existing sales channel like Amazon or Walmart with seemingly endless demand.
3— Build trust in the marketplace. Today, it's all about reviews. And the quality of any company's reviews is based on the quality of its products. Without selling and generating quality reviews fast, efforts to grow and scale become exponentially more difficult.
4— Entrepreneurs should find mentors that have already achieved the results they're aspiring to achieve. One of Kanaat's early mentors runs a company called WOW Science. His guidance helped steer GoBiotix in the right direction and avoid many of the common pitfalls most startups face early on.
5— Ego is the enemy. But most entrepreneurs fail to recognize that. Most try to do everything themselves, which is the surest way to fail. Instead, they must focus on building out a team and implementing systems to help grow and scale their business rapidly.
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