I have seen a lot of start ups in my time. From my study days in my undergrad in marketing and Masters in Entrepreneurship, to being involved in Start Up Weekend and Key Person of Influence programs - I must have seen hundreds of pitches for new business ideas. Unfortunately the rate of success in turning the idea to reality is tiny, less than 1%!
What separates the best from the rest is not how pretty your slides are or robust your business plan is - it's something much more basic. It really comes down to three essential questions. Is it what you love, do you have the means to do it and is the market ready for you. If you can affirm all these three things then you have a chance of taking your idea and making it a profitable business.
Once you have said yes to these three questions you have to test your idea on the market. Talk to potential customers first! There is no point going out and spending money on logos, fonts and registering business names if you don't know if anyone would buy your product. In lean start up methodology that the best companies in the world use - they say do a minimum viable product and see if the market likes it! Then invest in the rest.
Once you have tested your idea you need a few key items to start. I have created my very own 12 step process to see if you can take your business from Passion to Profits which I use with my 1:1 clients to great success and also in my group courses. Follow this process and you will soon know if your business is sticky. Take the 12 week challenge today!
PART 1 - UNDERSTAND
Step 1 - "Where are you now" Understanding your current situation.
Step 2 - "Where do you want to go" Understanding your goals and mapping out what you want to e-ttract.
Step 3 - "How are you going to get there" Understanding your target market, products and business model.
Step 4 - "Documenting your brand plan" Document your plan for you, the company and your products.
PART 2 - BUILD
Step 5 - Build your LinkedIn. The essence of your personal brand and passion business is a high quality LinkedIn profile to attract clients, staff, investment, partners and any other opportunities you require.
Step 6 - Build your Social Media. The other social media channels are essential to understand and choose specifically to fit your business plan Facebook, Google + and others are important.
Step 7 - Build your Websites. Build a personal, business website and product landing pages.
Step 8 - Digital accessories. CRM, mail systems and any other necessary parts more.
PART 3 - LEVERAGE
Step 9 - Connections. Once we have our digital ecosystems built you need to have an audience to see your new business. We will create connections in social media with our perfect clients.
Step 10 - Content. We need to be activating our business in our new social channels so create a content plan for your new businesses.
Step 11 - Pitch. Every interaction we have with people online or offline is an opportunity to create a lasting brand impression. Learn how to pitch!
Step 12 - Launch! Ask the most important question - would you like to buy this!
Once you have gone through this twelve step process you will have the framework of a business. It is by no means complete, in fact businesses are always changing! However it will give you enough to presence to give it a red hot go.
I believe everyone has the ability to run their own passion business and take back control of their time and income. I encourage you to test your ideas on the market and build your own Passion Business.
PS Contact me on firstname.lastname@example.org if you are interested in my 12 week Passion to Profits course starting 21st of September, where I will guide you through all the steps of your start up with like minded people.
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(the link is http://www.andrewford.com.au/book/)