Becoming a successful entrepreneur is not about printing business cards or working from a beach sipping mocktails. There’s a lot more that goes behind the scenes with becoming a successful entrepreneur.
Today I’m going to show you how to get started building an actual business in 3 simple steps.
Step 1: Picking a Business Idea
1. Identify Your Interests and Skills
Start with introspection: Reflect on your hobbies, interests, and areas where you excel.
What activities do you lose track of time doing? What topics do you find yourself reading about or discussing with enthusiasm?
Your business should be something you’re passionate about, as this will keep you motivated during the inevitable challenges.
2. Solve a Problem
Your business is only as valuable as the problems it solves.
Look around and identify problems or pain points that you and others face regularly. Great business ideas often come from solving real-world problems.
For example, if you constantly find it hard to get healthy food options in your area, perhaps there’s a market for a healthy meal delivery service.
3. Research Market Demand
An idea might be fantastic, but if there’s no market demand, it’s unlikely to succeed. Conduct thorough market research to understand if there’s a need for your product or service.
Use tools like Google Trends, social media platforms, and keyword research to gauge interest and demand. Additionally, consider surveying potential customers to gather insights directly from your target audience before your double down on your business idea
4. Analyze Your Competition
Understanding your competition is crucial. Identify businesses that are already operating in your chosen field. Analyze what they are doing well and where they are lacking. This can help you identify gaps in the market and areas where you can differentiate your business.
For instance, if existing companies offer a good product but poor customer service, you can focus on providing an exceptional customer experience to one-up your competitors.
5. Evaluate Profitability
Not all ideas are profitable. Before diving in, do a basic financial analysis of your business idea.
Estimate your costs, potential revenue, and profit margins. Remember to also consider factors like initial investment, ongoing expenses, pricing strategy, and customer acquisition costs. Tools like business plan software or templates can help you structure this evaluation.
6. Test Your Idea
Once you have a business idea that ticks all the boxes, it’s time to test it.
Create a minimum viable product (MVP) or offer your service on a small scale. This will give you valuable feedback and allow you to make adjustments before a full-scale launch. For example, if you’re planning a new app, develop a basic version that can be beta tested by a handful of users to see how they interact with it
7. Seek Feedback
Seeking feedback goes hand in hand with testing your business idea.
Don’t operate in a vacuum. Share your ideas with trusted friends, mentors, and potential customers. Their feedback can provide new perspectives and highlight aspects you might have missed. Constructive criticism is invaluable in refining your idea and ensuring it meets market needs.
8. Iterate and Improve
The journey from a rough idea to a polished business concept is iterative. Based on the feedback and your initial testing, make necessary improvements. Flexibility and adaptability are key traits of successful entrepreneurs. Don’t be afraid to pivot if you discover a better opportunity or a more efficient way to meet customer needs.
By following these steps, you’ll be well on your way to identifying a business idea that not only excites you but also has the potential for real-world success. Remember, the best business ideas are those that combine passion, market demand, and profitability. Keep refining your concept until you find the sweet spot where these elements converge.
If you’re interested in nailing down the profitability of your business idea, check out the framework we use, the Demand Matrix, which will help you finalize your hopefully, most profitable business idea.
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Step 2: Making Something to Sell
After fine tuning your business idea, it’s time to make something you can actually sell.
But here’s the thing: you don’t need to go big right out of the gate. In fact, starting small is often the smartest move.
Let’s talk about creating a simple, low-cost product that can get you into the game without blowing your savings. Think digital products—like an ebook or an online course. These are goldmines for first-time entrepreneurs.
Start with a Digital Product
Why digital products? Because they’re cheap to produce and easy to distribute. No inventory, no shipping costs, and minimal upfront investment. An ebook, for example, is an excellent way to start. You can write about something you’re knowledgeable and passionate about. It could be anything from “10 Ways to Get Fit at Home” to “A Beginner’s Guide to Personal Finance.”
Leverage Your Expertise
Think about what you’re good at and how you can help others. This isn’t just about making money—it’s about providing value. What questions do people constantly ask you? What do you find yourself explaining over and over?
That’s your sweet spot. Use that expertise to create something that solves a problem or fills a need. If you’re great at budgeting, create a budgeting guide. If you’ve mastered the art of meal prepping, share your recipes and tips.
I’ve helped thousands of people build their business, check out this video where I show you exactly how:
It’s one of the best things I’ve published (and 100% free), just tell me where to send it:
Create Your Product
Creating a digital product is simpler than you might think. Here’s a quick rundown:
- Outline Your Content: Break down your topic into sections or chapters. This makes the writing process less overwhelming and helps you stay organized.
- Write and Edit: Just start writing. Don’t worry about making it perfect on the first go. Once you’ve got a draft, go back and edit. If writing isn’t your strong suit, consider hiring a freelance editor.
- Design Your Ebook: You don’t need to be a design whiz. Use tools like Canva or hire a freelance designer to make your ebook look professional.
- Set Up a Sales Platform: Use platforms like Gumroad, Teachable, or even Shopify to sell your ebook. They handle the transactions and delivery, so you can focus on marketing.
Price It Right
Pricing can be tricky. You want to charge enough to make a profit but not so much that it scares potential customers away. Do some research on what similar products are selling for. A good rule of thumb is to start with a lower price to attract initial customers and then gradually increase it as you get more reviews and testimonials.
Market Your Product
You can’t just create something and expect people to find it. You need to market it. Leverage your social media, email list, and any other platforms where you have a presence. Here are a few strategies:
- Build Hype: Tease your product launch on social media. Share snippets, benefits, and behind-the-scenes content to generate interest.
- Leverage Testimonials: If you can get a few people to test your product and provide testimonials, it can significantly boost your credibility.
- Offer Discounts: Launch with a special discount for the first buyers. It creates urgency and can help you get those first few sales.
Learn and Iterate
Your first product might not be a runaway success, and that’s okay. The goal is to learn and improve. Gather feedback from your customers and see what they liked and didn’t like. Use this information to tweak your product or to come up with new product ideas. Remember, every great entrepreneur started somewhere, and often that somewhere was small.
Starting small with a digital product like an ebook is a smart way to dip your toes into entrepreneurship. It’s low-risk, cost-effective, and a fantastic learning experience. Plus, it gives you something tangible to sell and build upon as you grow your business. So, get started on that ebook—you might just be surprised at how much potential it has.
Step 3: Getting Your Product in Front of People
You’ve got a fantastic product ready to go, but now you need to get it in front of the right people. Marketing can seem daunting, but it doesn’t have to be. Let’s keep things simple and accessible so you can start driving those sales.
Use Your Existing Platforms
First off, leverage what you already have. If you’ve got a blog, social media accounts, or any kind of online presence, use these platforms to promote your product. Write a blog post about your product, share updates on social media, and engage with your audience. The key is to be consistent and authentic.
Build an Email List
One of the most powerful tools in your marketing arsenal is an email list. It’s direct, personal, and incredibly effective. People who sign up for your email list are already interested in what you have to say, making them prime candidates to become customers.
Here’s a little secret: my email list is one of the biggest ways I stay in touch with my audience. With over 800,000 subscribers, it’s a direct line to people who are eager to hear from me. They find me through my blog, and some sign up for my newsletter where I share exclusive content you won’t find anywhere else.
If you haven’t already, you can sign up here!
Imagine being able to reach out to thousands of potential customers with the click of a button. That’s the power of an email list. Start building yours by offering something valuable in exchange for an email address—like a free chapter of your ebook, a helpful checklist, or an exclusive discount.
Collaborate and Network
Partner with other businesses or influencers in your niche. Collaborations can introduce your product to a wider audience. For instance, you can do guest blog posts, joint webinars, or social media takeovers. Networking with others in your industry can also open doors to new opportunities and ideas.
Your kickstart to become an entrepreneur
By now, you should have a solid understanding of how to get your product in front of people. But remember, this blog post is just the beginning.
There’s so much more to learn about building a successful business. That’s why I invite you to join my Insider’s Newsletter, where you’ll get access to exclusive content, insider tips, and strategies that I don’t share on the blog. With over 800,000 subscribers, you’ll be in great company.
