In this “Ask Kelly” episode, the question “How To Start a Business the Right Way?” is answered.
Are you a brand new and aspiring entrepreneur wondering how to start a business with the right foundation from the start?
Are you wondering how to start a business and begin making key decisions the right way from the very start so you can survive and thrive in your entrepreneurial journey?
First things first:
- Assesses your skills
- Figure out what skills you are bringing to the table and how those skills will fit into your business.
- Starting a business requires investments like putting time, energy and everything else in between into your business.
- Make sure you are UNBELIEVABLY PASSIONATE about whatever it is you are going to be doing!
- Align yourself with your true passion. One thing most entrepreneurs don’t realize is that in the first two or three years, you are investing everything you make in your business back into it in order to have the lifestyle that is built off of it.
- Viability of the business model you are considering
- Seek validation for the model you want. Success leaves clues: Any kind of business you are thinking about starting, there is likely a ton of data available online about your competitors, people in the same field and the industry you are working in and with the same audience.
- The more competition, the more opportunity!
- The battle is won before you step foot on the field. Make sure you can go into the battle and win. Know that there is validation for your idea, viable competitors, a business model you can wrap your hands around and that there’s a path you can follow to begin your entrepreneurship.
You also want begin niching and creating a focus audience.
When niching, become clear on the problem you want to solve and create a target audience. Your niche evolves over time and will be clear as you begin working.
As for a target market, you may be asking yourself “What transformations am I going to provide and of what worth is it to others?” or, “Is the problem pressing enough, urgent enough and are people going to spend money on it?”
Many times, when coming up with who your target audience will be, it comes down before your transformation.
Chances are there is some sort of reason why you decided to do what you do.
Maybe it was a life experience, a problem, circumstance that led you to your decision making. Look at who YOU were before you transformed, and make that your target audience.
Figure out the kinds of solutions you can offer that are somewhat different from everything else out there.
The three biggest places people will invest in are HEALTH, WEALTH AND HAPPINESS.
Yes, it’s important to have all of these qualities in your business but setting it up is just as important as well.
When you begin to set up your business, start by:
- Getting an EIN number
- Company email
- And checking for additional requirements such as legal formations and consulting on what type of business is right for you (LLC Corp, C Corp, S Corp, etc.)
You also want to figure out your entry points to generate clients to make money.
- Most times, the best entry point is through a service. By doing this, there are higher profits, less setup, no technical requirement and simpler execution!
- Look at the industry and problem you are looking to solve and the knowledge you have that people will be willing to pay for in that field.
- Another valuable entry point is online education spaces. This is a booming market and offering a starter 90-day package is the easiest way to sell and just get started.
- Market and promote your new business by creating a landing page or a LinkedIn.
- Creating a LinkedIn is a great way to get started. You can add more to your profile, add details about what you are currently doing and get a new company name on page! This way you can give people a good understanding of who you are and the results you can give.
Still wondering how to start a business?
To start marketing and promoting your new business, follow these 10 steps and you will be on your way to starting your business the right way!
- Make an asset list
- Begin by sharing and reaching out to your audience multiple times via email and phone and introduce them to your new business. Ask them if they have a want or need of if they could introduce you to someone who has a want or need. These people will most likely want to facilitate helping you and invest in your journey!
- Start connecting with people
- Reach out on LinkedIn and begin sending messages with good content or introduction messages to learn more about them. Try to understand their wants and needs and begin delivering these on LinkedIn through your content.
- Set up a Facebook page
- Create a business page that you can go live from each week and offer free consultations at the end of. Also, by creating a like ad, you can build an audience and promote other pages to your target market.
- Create a list of business to business (B2B) targets
- If you have connections who might know people within your target companies, this is for you. Your corporate and business clients will pay 20 times more than consumers will.
- Take on a small group of betas to deliver your first offer
- Get out there and do the work by finding five people in your audience that you want to serve, have the need you are looking to serve and the person you would ultimately work with. Offer them a 90-day trial and opportunity to work with you
- Ask for introductions and referrals daily
- Everyday ask 3-5 people for an introduction or referral so you can help someone in turn
- You will need professional pictures that you can use online, on your website and on your Facebook page to promote your content
- Join similar groups on Facebook
- Answer audience questions, go live, do posts and get people into consultations
- Hire an intern, part time contractor or a marketing person to do the techy and administrative work
- Most important decisions you will make is allowing yourself to be the CEO rather than getting stuck making 8-10 dollars an hour.
- Learn sales and marketing
- The make and break of your business comes down to learning the sales and marketing and whether!!!! you embrace it or not
- The first 3-5 years of your business getting started should be devoted to selling and marketing to gain clients.
- Find a mentor or coach who can guide you and make sure marketing and sales are integrated in your business!
How to start a business can be easy in just 10 steps!
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