Most of us start thinking about becoming entrepreneurs because of a passion or hobby or to cash in on some area of competence/expertise that we are certain we do better than most. Either way in these scenarios, the business part comes secondary to our craft, the WHAT of our business idea.
Last week's podcast guest, Business Strategist Coach, Anne Watson had some practical advice for people on how to think like a business owner and not like a hobbyist. It can't be all passion people, although that helps on this rocky entrepreneurship journey. Think like a business owner, Anne says.
The #1 priority of a new business is to establish the fastest route to profitability.
Re-read the above statement! This means it's not about endless pouring over website designs, or creating spreadsheets, or even spending all day perfecting your offer. I'm not saying those things are not important down the road, but for a newbie entrepreneur looking to take their "Jobby" (Job/hobby) into a business. Let's figure out how we get to the money first. Once we get to the money, we can hire someone to create a beautiful website and the rest.
Start serving clients immediately.
All the answers you were going to spend months hypothesising about in your business plan, you can get easily from your customer by merely asking.
If you've started the business and feel like you're spinning wheels in Anne's language,
"GO BACK TO BASICS."
Here are some quick takeaways from the Reinventing Perspectives Podcast episode, Think Like A Business Owner with Business Strategy Coach, Anne Watson
What's your mission? WHY are we getting into this business to begin with? Dig deep. This is going to be your NORTH STAR. When things get hard as they will, is this mission compelling enough to keep you going?
Who are you serving? Avoid the beginner mistake of casting your net wide. Do not try to serve everyone. Even when we think our product/service is a good fit for many. From a practical business marketing point of view, we have to message our content to someone specific to be more impactful. Remember we're never in a vacuum. Our competitors and allies are in the same market and looking for business as well.
What is the problem that your business solves for those specific people? We can't just be selling "stuff". Entrepreneurs are in the business of solving problems, the bigger the problem we solve, the more value we demand in the marketplace. LISTEN to what your customers are saying about this problem.
What is the solution that you provide for this problem? Provide a roadmap to problems solved for your customer. As Marketing Guru, Donald Miller writes in Building A Story Brand, 'a guide with a plan is a trusted guide.'
How to find your ideal client profile
How to niche down effectively
How to create a signature offer
How to charge what you're worth
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