Ideas for a SLEEP-Happy Business
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How do you build a business that makes money while you sleep? The presentation shares some strategy "ingredients” entrepreneurs should consider in order to increase the potential long-term value of their businesses.
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Ideas for a SLEEP-Happy Business
- 1. Image from Weebly used under Creative Commons Licence, by Jamie In Bytown
- 2. Why?
- 3. How do you describe yourself… • Freelancer • Business Owner • Brand Owner
- 4. Some people stop getting paid when they sleep Some people get paid while they sleep
- 6. Brand A valuable intangible asset Vs. commodity
- 7. Assets vs. Commodities Value can be replicated to generate more than the single unit Value is measured per unit (price per piece) or per unit of time spent (per hour). Market perception and positioning are key value drivers Price is key determinant in the market – easy switch to alternatives if someone else sells cheaper Consists of non-price factors that attract a premium Some non-price factors but not particularly memorable/ alternatives easily acceptable to the buyer/user.
- 9. The brand S Substance not just surface imagery.
- 10. The brand L Legally literate – the law as a strategic business tool.
- 11. The brand E Exit Strategy? – think like an investor.
- 12. The brand E Expansion – think how you can scale
- 13. The brand P Positioning – know your quarter, occupy it
- 14. …about the Money… “It is estimated that … as much as 90% of the value of the world’s top 2000 enterprises will consist of intellectual property” Price Waterhouse Coopers
- 15. Image from Weebly used under Creative Commons Licence, by Jamie In Bytown
Editor's Notes
- My background – interested in how ideas become things for which you can attach an economic value. There is somewhat a democracy in human creativity and ideas, irrespective of background. Whilst education is important, what we can derive from human capacity is widely unexploited and undervalued. Women are absolutely essential to ensure more wealth, better welfare and community standards now and in future. “...Because its purpose is to create a customer, business has two—and only two functions: Marketing and innovation. Marketing and innovation produce results, all the rest are costs.” – Peter Drucker, management consultant and author of “Innovation and Entrepreneurship”
- Image on your left by Bansky reportedly sold for £174, 500 via Sothebys in 2008 Image on right, street art in Paris, I’ve not be able to find artist details, for the purpose of today’s, let’s assume that as the work is still in the street, it has not sold for £174K and hasn’t earned much money for the artist Assuming the same amount of work went into making the work, who do you think was getting paid while they slept and who stop getting paid when they stopped for the day (doing this or whatever day job they have?)
- Brand owners get paid while they sleep i.e. after some time, they command earnings far higher than the relative time spent on creating a product or service
- A commodity business is NOT a sleep-happy one
- If you had to sell your business today, what would you be selling?
- Without you in the picture – how can what you are doing now be replicated, augmented, scaled. If you have to be there each and every day, you’ll certainly not be snoozing in a hammock somewhere hot. Build your business with a view of separating yourself from it so that it pays you back. That is what a brand does.
- Building a brand is a long term thing. It starts from clearly defining which “quarter” in the market you occupy, when you try to be something from everyone, your offer will remain a commodity rather than develop into a brand asset.