05 Apr 6 Way To Setup Your New Business For Success!
Do you have an incredible idea for a business that can help solve a problem that you know many consumers face? – Ready to jump all in?
In my 2-day workshop, we break down your idea into six pillars. Take a look and use these pillars to get your idea ready to hit the market. Grab a notepad, and let’s go!
1. Why do you want to start your company?
This is NOT the personal ‘WHY’ but more to clarifying your solution. Having a clear sight of your customer archetype, their problem, who else is solving it and why your idea is better is vital! Sometimes, we feel the pressure to be unique and be the first – not necessary. You can be a ‘better’ something in any category! Uber was the first, but now we have TONs of niche ride-sharing apps globally, each solving or offering a variation of the original idea.
2. What do you want your life to be like with this business?
This is something that most first-time founders ignore in the process of going to market. Understanding how you want this business to impact your life is essential to avoid burnout and unrealistic expectations. Will you start this business as a side hustle, or do you want it to replace your current income? Are you hoping that this startup will allow you to travel and explore the world more (post-pandemic, of course)? Spend some time thinking about your life, impacting others in your life (partner or kids) and get specific!
3. How much money do you hope to make?
Most of us can’t imagine what $100,000 or even 1,000,000 dollars looks like, so if you can’t visualize it, how can you want it? I focus on the quality of life and the freedom of choices money brings me.
What type of house do you want? Where do you want to live? What car(s) do you like? Travel plans? – you get the point. When you can visualize your life, you can start to see a starting budget for your life.
Don’t sell yourself short! This will help you set up operations for your business because you will put systems in place that will ensure you are on your way to attaining the amount of income that you hope to make.
4. Which type of business is right for you?
There is no ONE way to start a business anymore! The rules have changed over the last ten years. In 2018/2019, I had four income streams,
- Incubator with an office space and startups paying rent
- VPN app business
- Music festival (desifest)
Maybe you want to buy a franchise that comes with a turnkey setup – perhaps be a partner in a company or purchase an existing company.
Getting this right will save you time and money!
5. Have you validated your business idea?
As soon as you have an idea – validate, validate, validate! Over 100,000 new domain names get registered per day! That is a TON of new ideas. How do you ensure you have an idea that can get to market? One way is to use Google Keyword tools to figure out if anybody is looking for what you are thinking about selling.
To do this, find out how many people search each month for the product or service you want to sell. Then, multiply that number by 1% and then multiply it again by the estimated profit you will make for selling a unit of your product or service. That number is a rough estimate of how much you can make each month if you market this idea well.
6. Can you compete?
If the first five questions are good, then the last – CAN YOU COMPETE? Who are the other players? Can you find a ‘wedge’ to get in? (we spend a ton of time finding your wedge in my 2-day boot camp – it is crucial!)
To do this, conduct a Google search about the business idea you came up with (use the exact words you used in Google Keywords in the last question). Study the results. You will want to check two things: first, how many competitors there are in your niche. If you find that there are already hundreds of people offering the service or product, the market may be oversaturated. But, that is not bad! – it can also mean a customer is waiting for you!
Ask yourself: Can I offer something as good or better than them? Keep repeating this process until your find your wedge.
I hope this process is helpful for you. Starting a new business can be very gratifying and something everyone should try at least once!