You have a rough idea for a business, but where do you start in getting it to the point where you feel comfortable presenting it to the public. One of the easiest ways to stay organized while planning your business is to tear apart your idea into achievable chunks. In week one we covered brainstorming your business for the purposes of launching within a week. Now in most cases this isn’t possible, but if it is in the simplest of ways funds can begin to gather before you truly even launch. This is what it takes to be a bootstrapping business:
- Write down the most epic vision of your idea, as if you had infinite resources. Look into the future and ask yourself what you would like your business to look like at it’s pinnacle. Don’t think within limitations, truly think of your business as if you had infinite resources to achieve everything you wanted.
- Write the simplest version: if you have to launch tomorrow, what would you do? In this step do the opposite of step one. Think of your business in terms of what is your minimum viable product / service. Something that you could produce in order to be able to go into business tomorrow.
- For the simplest version, pretend you had 10 people for three hours of work. How does that change your launch? Rome wasn’t built in a day and neither your business. However if you could be up and running in a week, imagine if you had a week’s worth of help in one day. This will give you a list of tasks that need to be accomplished in order to enter the marketplace as quickly as you can.
- For the grand version: take anything out that isn’t passive income. When your business is running on all cylinders there will be quite a few “perks” in place to set yourself apart from the competition. Most of these add–ons may not actually generate income themselves, but add to the company as a whole. Take your epic vision created in step one and list all of the items that will generate passive income. In other words anything that will contribute money that doesn’t directly involve hands-on sales approach. What you will have is a list of income generators that you should work towards achieving first. Anything that generates passive income will be vital in growing revenues while producing the least effort. Effort that can go into bettering other areas of your business.
- Make a list of what other items your potential customers may be buying. It’s all about the add-on sales. Some companies believe in a concept call the “buck at a time” philosophy. Your products and services sell for a set price and people seek to purchase that item and move on. If you want to grow your sales incrementally you have to provide add-ons to be bought so your business can live outside of one sales concept. The easiest way to compile your add-on sale items is to brainstorm a list of products that your potential customer might also buy. It’s especially helpful if it’s related to what you do, but it doesn’t have to be. Thinking about your buyers shopping habits will help you find items that might not seem like a natural fit, but will still be purchased. They have to buy it somewhere, right? It might as well be from you!
Now that you have broken your idea down into smaller achievable chunks, it’s time to start marketing your business every chance you get.
Recap provided by Derek Wyatt.