To develop a profitable and sustainable business, it is important to get the concepts right by trusting and working with your niche and ideal clients. It is also important to be patient and create evangelists by gradually increasing the value provided to customers, clients, and prospects. Sources of investment and how to effectively market and control growth over time are also critical factors to consider. Key recommendations include focusing on ideal clients' needs and pain points, learning from influencers like Peter Thiel, Gary Vaynerchuk, and Russell Brunson, and using tools like Lean Startup methodology to develop winning solutions and attract co-founders.
6. The statistics:
Australia:
2011 -> 2015: ‘285,000’ new businesses’*
Within 36 months: 50% gone*
Within 60 months: 90% gone*
*ABS: Counts of Australian Businesses, including Entries and Exits, Jun 2011 to Jun 2015
7. Official reasons for failures
* Cash flow problems *
Unable to get enough customers
Unable to build the right team
8.
9. “Are we there yet?”
Only 5% are suited to be
Sole traders
10. We live in amazing times
UBER: The world's largest taxi company:
- Has no taxis
Facebook: The worlds most popular media provider:
- Creates no content
Alibaba: The world's most valuable retailer:
- Has no inventory
Airbnb: The world’s largest accommodation provider:
- Owns no hotel rooms
14. Interviewing successful entrepreneurs:
Accept you will need to do some selling
6 step process
Step 1: Do what you love
Step 2: Pick your niche
Make it “an inch wide, but go a mile deep”
Identify your ideal client
Find your ideal client’s chat rooms on social media
15. #3: Pick a sub-niche and become the expert
Become the go-to person: Deliver answers
Learn about their real pain (pain = $!)
Solve one pain amazingly well => leverage
Create and invite people to watch a 90 sec video
“The 3 biggest mistakes people make when..”
At the end: (1) Checklist and (2) Call to action
#1 Objective: Your list = Your future & fortune
18. Step 4: Create evangelists
Prospect => Customer => Client => Evangelist
Value ladder
Free educational video in exchange
First $ exchange <$10: ‘No brainer’ low cost
but High value
Gradual increase cost, and keep High value
(package up)
19. Step 5: Create a GREAT client experience
“Make it easy for your client to say Yes!”
Step 6: Be patient
25. The best solution creation tool I know
Eric Ries
US universities - INTUIT and GE
26. A path to follow
Make it easier to explain your vision and concept
Maximise the probability of developing a
winning solution
Attract co-creators
Attract finance, and
Provide ongoing updates to stakeholders
https://leanstartupmentoring.com/
28. Summary
Life is too short to create stuff nobody wants
Trust and work with your niche and ideal client
Be patient
29. To develop a profitable and sustainable business:
Getting the concepts right - Today
Sources of investment – 12 April
Marketing your business – 7 June
How to control growth – 13 September
34. Recommendations
Books:
Peter Thiel, Gary V, Russell Bronson
M. Gerber: “The E-Myth revisited”
T. Robbins: “Unlimited Power”
TV Programs:
SBS: “Small Business Secrets”