Do you have a business idea but just aren’t sure how you’re going to make money from it?
If so, this week’s e-Magazine video is for you.
For the past 3 weeks I’ve been talking about the internal work you need to do to start the right business for you…
This week I’m moving onto the external work you need to do to get clear on what your business model is.
Before you do your research on business models and business plans, I highly suggest that you start with understanding your audience (aka who you want to serve) FIRST.
Once you know who you’re passionate about helping then you can engage your audience to help you create the product or service they need, want and desire.
I think a lot of us go into business thinking, “Oh, I want to do it for ____ reason”
I know in my case, I wanted to start an organic skincare business because I wanted to give people ethical, natural skincare options.
I wasn’t really clear about the target audience that I wanted to help and what was going to be most impactful to them.
It’s really important to get clear on this target market so that you can go out and interview them and see what they’re struggling with and figure out solutions to help.
There are four different things that you can do to validate your business idea and come up with your business blueprint.
- What problem do you want to help solve?
This might be something that you want to help your audience with or even yourself because you’re frustrated in a given area.
Take for example, Spanx.
Spanx was created because the founder couldn’t find hosiery to wear underneath her cream white pants without her underpants showing through.
That’s why she created this hosiery that sucked her in.
She looked at it from the angle of a problem in the market for women.
Her audience was pretty much women like her. That’s where she started. That’s why I believe she was so successful.
- What do you know?
There might be a skill or a talent that you’re really gifted in. Maybe you…
- Know Facebook really well and you can do Facebook ads
- A marketing guru (at least that’s what you do in your job) and you feel you could help small business owners with marketing
Get creative and look back at those strengths of yours from Step 3 and get clear on what you know and how you can bring that to your business.
- Share what you’re learning.
People like to come along with you for part of the journey and you don’t have to be an expert from the beginning. You can literally be sharing your journey, what you’re learning.
- Are enrolled in Cordon Bleu Cooking School and you’re sharing that with your audience.
- Are a budding fashion designer and you are sharing your journey of going through fashion school and putting together your first collection.
People like to follow and learn along the way with you. From there, you can get to know your audience and see what they’re resonating with, and then create a product or a service that is something that they’re interested in.
- Share what you want to know
You could embark on a real big experiment and share this with your audience and see who’s along for the journey.
There’s a guy called Scott H. Young. He’s got his website: www.ScottHYoung.com.
He took on an ambitious challenge of doing MIT’s computer science undergraduate degree in one year as opposed to four years, and he did that online.
He worked like a machine and did that for a year. People followed him and were intrigued to see him do it.
After completing the program, he was able to start a business on productivity and learning because he had proved to his audience that he was an expert and walked his talk.
That’s how he has created his business.
Really, the idea here is that you don’t have to have a successful product or service right out of the gate.
You can go fast and figure out a problem to solve and go for it OR
You can take your time to communicate with an audience that you resonate with, and from there, listen to them, hear them, understand what they need, and then reverse-engineer a product or service that is really going to serve them.
Now, I want to hear from you.
- Do you have an audience in mind that you want to serve?
- Out of the four options that I shared which feels like the right option for you?
Leave a comment below.
I hope you have fun exploring your business blueprint.
P.S. Could I ask a quick favour of you? Please help to fill out this super short 5-question survey by clicking HERE. It’ll help me create the trainings, resources and programs you need to make 2016 your breakthrough year.