A Beginners Guide To Launching a 5 Figure Business & Quitting Your Job By The End of the Year.
Jumping straight into it!
1. Stop coming out with ideas. Seriously - your ideas suck. Why? No market validation, no addressing pain points and probably not even one customer who’s said they are going to pay. It’s a waste of time and energy to think of ideas.
2. Pick a niche. Doesn’t matter if it’s education, fitness apparel, body building etc. Find a niche that is not a passion, but a sustainable interest. There’s a key difference there. Most people don't know what their "passion" is, this is nothing more than an overused glossy phrase in the industry and is often a sticking point for many Entrepreneurs when starting out. I've seen Entrepreneurs stop themselves from launching businesses because they are too busy finding "passions" - yet the crazy thing is, they have some skills that they are better at than anybody else, they just need to monetise this skill.
3. Talk, talk and talk more. Seriously go and speak to as many potential customers as possible. Request 5 minutes of their time and understand their biggest painpoint. The more people you will speak to, the more you will realise a similarity in what they are saying. Ask them the right question, thank them, be grateful, understand exactly what they are looking for and why. Try understand what they are using in the market currently and why. Your objective is to find out as much information as you can that will help you create your product/service including the price they are willing to pay.
4. Content and Community. Add everyone into a Facebook Group. Imagine you picked hair stylists for example, add all hairstylists into a FB Group, and share valuable content with them, ensure it’s not a waste of their time. It’s really important to share content that’s useful and applicable to them as well as building a strong connection with your potential customers. Encourage them to post things on the group and make it a live and buzzing community. The community is not there to simply help you, they are there to gain a huge amount of value too.
5. Ensure you focus on growing this community rapidly. Start now and you can have 10-20k by the end of the year. The better the group, the more they will add people in the industry. As you grow, remember formula: value, value, value, ask. It’s okay to ask for an input of theirs once you’ve added cool content that will he helpful. At this point you want to create a very high level prototype (even just mockups) that resolves all the pain points they said to you when they joined the group. Create something on Invision which can help users go through a simple customer journey. It’s to show them the vision.
6. At this point get feedback and iterate. The process is simple - add content, then ask for input, while you are working on the iterations, add more content and help the community, as you do repeat this cycle 10-15 times, you’ll get really close to creating a product/service that is perfect for most (not all - you can’t please everyone, so stop trying).
7. Buzzing. At this point, your community should be a strong, buzzing environment where you’re an authority figure and you’ve added a lot of content. Well done, now you have a product/service that you’ve validated people want and you have an immediate customer base to launch to.
8. The Maths. Let’s say you have 10,000 people in your community, this is very easily achievable in 12 months. Let’s also say your customers have agreed that they would pay at least ￡50 for your product/service per month. Out of 10,000 you need just 200 people to buy into this to hit 5 figures. This is 2% of your entire group! Why is this easily achievable? Simple. Throughout the process you validation the product, and kept making iterations to ensure it was a great market fit for your customers. So in reality you’re going to get a lot more than 200 people buying your product or service.
9. LAUNCH - this day will be awesome with so many sales coming in! Incentive your early adopters by perhaps offering lifetime deals etc. You now have the foundation in place for your business and a 5 figure company running per month. As a further point, if you do not want to invest any capital into creating a product or service you can simply ask them to pre-commit to the service. Tell them you need 100 people at ￡100 to build your product in exchange for lifetime free membership - if you reach the 100 mark (you know it's a good fit). If you do not hit the 100 mark, that's ok too - it just means somewhere along the lines you didn't quite capture what people are willing to pay for. It's time to go back a few steps and ask your community to be honest about the feedback and advise what they would change.
10. Keep adding new features and improving the product. How? Keep asking your audience for feedback and keep iterating your product to add new features to keep up with market changes. You can now invest more in advertising to get new customers. Remember it's about repeating the same cycle again and again. Ask your customers what features they want, and add the ideas that keep coming up.
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Enjoy your 5 figure lifestyle. Go and travel the world, run your company and have a Pinacolada. If you want me to elaborate, comment below.