Lesson #5 - How To Start A Business (Part 2)
Now that you have some ideas written down and you're ready to "just do it"... WHAT'S NEXT? I'll tell you 👇
It'll be easy to want to waste time thinking of a name for your LLC, start learning code to build your app or drawing out your logo... DON'T.
It doesn't need to be perfect, you don't even need a PRODUCT... once you have the idea, you need CUSTOMERS.
Skip right to that step without worrying about anything else.
1️⃣ You Don't Need A Business Plan
Remember, this product or service or whatever your idea is, Isn't just for you. Maybe it came out of a problem you had and found a solution for, BUT the point is that more people than just YOU want this product/service.
Find the demand! CREATING demand is for a different day... right now your goal should be to take that idea and make money from it as fast as humanly possible. And that comes from fulfilling a need for others. If I were to draw this out as a blueprint, this would be the second step. STEP 1: IDEA, STEP 2: FIND DEMAND
Two easy ways to find demand:
- Direct outreachCommunity/ platform engagement
Let's break this down for a couple different ideas and how it might play out to find demand and validate:
IDEA: Automotive blogger
You're a writer and love cars. You see a need for better writing and blogging for dealerships. Car dealership sites have been the same for years, not really capturing a new audience or relating to true car enthusiasts
FIND THE DEMAND: First start with the direct outreach. Cold call dealerships and be straight up with what you do and how you can provide value.
The key is getting through to the right person to talk to. In this case most likely someone in charge of marketing. Ultimately you want to share that you have a service that will benefit them, WHY it will benefit them and HOW you plan to deliver it.
Make it a no brainer 🧠 for them to say yes. EX: I'll assess your site and the traffic you receive and map out a full plan on how I could improve it with my focused articles. I will also write a months worth of articles to be sent out 1x a week free of charge.
IDEA: Garbage Service
You live in a nice neighborhood where the garbage truck service sucks. You know that it can be done better and after doing some quick math, you realize that it could actually be pretty profitable.
FIND THE DEMAND: This would be a great time to engage with platforms and communities that you know of or belong to. What do the people in your community have to say about the current garbage situation? Are they happy?
Ask them. Figure out if there's enough people UNHAPPY with the current service that would yield DEMAND for your service.
But just asking isn't enough. You need people to put their money where their mouth is. 🤑
Create a low cost website/ landing page where people can pre-pay for the service. If enough people pre-pay, It's a green light. If not, send refunds.
I know this sounds crazy, but it was ACTUALLY done.
I could go on forever about this, but heres the TL:DR
Once you have an idea, you don't need a business plan, you need business aka customers aka DEMAND.
Find that demand through direct outreach to the customers you want to serve OR listening in and engaging with communities on platforms like Reddit, Facebook, Craigslist, etc.
2️⃣ Building your personal brand
When you position yourself as someone who is on a journey and document your process, and your progress, you become relatable, and that is what audiences long for -- Noah Kagan
WHATEVER you plan on buying, building or scaling; customers return to those that they know, like and trust. Building a personal brand can only help you on your journey and whatever twists and turns it takes.
... Unless you're a jerk on your personal brand... then that won't help.
But there's SO many different ways to do this. Where do you even start? All the gurus like to say that you need to pick one platform and lean into that. Well, I'm not a guru, so I say try them all and see what feels best. I like to think of it as organizing your Personal Platform Portfolio or the "Triple P".
Not everyone is going to have a Twitter ... X... TwiX ... whatever... but they might have an IG. Have both optimized to a degree. Maybe you like to post on TwiX more, and thats fine, but still have your IG set up so that if someone looks there, it matches who you are and what you stand for.
Here's an example: I have found over the years that I prefer the written word ✏️
So I lean into that, BUT I don't ignore the other platforms because I know that I'll build those up over time as well.
My main platforms - Twitter , LinkedIn, Medium
Secondary platforms - IG, YouTube
I don't use TikTok and Facebook is mainly for personal use, although I have used it for business in the past.
Your story is worth sharing. Even if you don't know what you're doing, that might even be MORE worth sharing than someone who knows a bunch. It's just about how you position it.
Here are some examples you can use for profile bio statements:
--> "First time business acquirer just here to share the journey and the lessons learned along the way"
--> "Car enthusiast and automotive blogger helping dealerships actually have interesting websites. Sharing how I'm doing it"
People will follow you to learn and receive value. EVERYTHING you do for the first time can be a lesson you teach others. The more people that follow you on your journey, the easier it will be to recruit those "fans" to help you build MORE.
I'll leave you with one of my all time favorite quotes by Brene Brown:
One day you will tell your story of how you overcame what you went through and it will be someone else’s survival guide.
NICE! You did it! That wraps up this 5 day series of how to buy a business, how to buy storage and how to start a business.
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I'm excited for you and the journey you're on. Even if you don't feel comfortable sharing it with others yet, I'd love to hear about it. Shoot me a message and tell me your story. I'll email you back personally!
To see the 4 previous Lessons, check them out HERE.