How Do I Start A Business? Here is my answer to a "Can you give me a 10 minute call on How do I start a business" question, from a large group of coaches (and would-like-to-be-coaches). Maybe it'll help someone out here in the wild. Let me explain the process in six straightforward questions you must answer:
Starting a Business: The Positioning Element
1. Who will you help? Identify a target market.
2. What will you help them with? Financials? Strategy? Operations? What's your offer?
I think of this as "taking the client on a bus trip". You pick them up at Stop A. Where is that? And then you take them on a journey and drop them off at Stop B. Where is that located? How is that location/situation better than where you picked them up?
3. What size of problem are you solving for them?
You can have a number, but it's best to have the client do the math and figure out how big the problem is. You can easily charge 5% of the size of the problem. Maybe 10%. Maybe more, if you have good reason to charge more. This is more formally known as “budget” (which is not “is the prospect breathing and has a dollar in their jeans?”). I have made videos and content on this concept, called “Monetizing The Problem”, for a decade.
Looking around and seeing "market rate" to figure out your pricing is a common and foolish idea that keeps people poor.
The Traffic and Conversion Element
4. How will you find your target client? Where are they?
5. How will you begin a conversation with them, and eventually sell your service? Map this out.
How Do I Start a Business: The Fulfillment Element
6. How will you deliver your service? How will you and the client know when you are done (dropped them off at Stop B)?
These are the basics. You get to choose. You get to choose your customers. You get to choose the problem you solve. You get to choose the size of problem you solve. You get to choose how much you charge. I believe you should choose a target market and a service that you enjoy talking about all day. That way you will be automatically enthusiastic. There must be an overlap between that and what people will pay for, or you will have a hobby and not a business. Many people make this mistake.
Many of your limiting beliefs will impact these choices. Since they are limiting beliefs, you are likely to be unconscious of them.
Final insight: you can outsource anything on the list.
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