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July 4 - July 29, 2022
Oddly, many of these unusual businesses thrive by giving things away, recruiting a legion of fans and followers who support their paid work whenever it is finally offered. “My marketing plan is strategic giving,” said Megan Hunt, who makes hand-crafted dresses and wedding accessories in Omaha, Nebraska, shipping them all over the world. “Empowering others is our greatest marketing effort,” said Scott Meyer from South Dakota. “We host training sessions, give away free materials, and answer any question someone emails to us at no charge whatsoever.”
Going from idea to startup can now take less than a month and cost less than $100—just ask any of the people whose stories you’ll read in this book. Commerce may have been around forever, but scale, reach, and connection have changed dramatically.
convergence represents the intersection between something you especially like to do or are good at doing (preferably both) and what other people are also interested in.
To succeed in a business project, especially one you’re excited about, it helps to think carefully about all the skills you have that could be helpful to others and particularly about the combination of those skills.
Bringing the first two ideas together, here is the not-so-secret recipe for microbusiness alchemy: Passion or skill + usefulness = success
You just need a product or service, a group of people willing to pay for it, and a way to get paid. This can be broken down as follows: 1.Product or service: what you sell 2.People willing to pay for it: your customers 3.A way to get paid: how you’ll exchange a product or service for money
Instead of just popping up one day with an offer, it helps to craft a launch event to get buyers excited ahead of time.
Microbusinesses aren’t new; they’ve been around since the beginning of commerce. What’s changed, however, is the ability to test, launch, and scale your project quickly and on the cheap.
To start a business, you need three things: a product or service, a group of people willing to pay for it, and a way to get paid. Everything else is completely optional.
If you’re good at one thing, you’re probably good at other things too. Many projects begin through a process of “skill transformation,” in which you apply your knowledge to a related topic. • Most important: merge your pass...
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Many businesses are modeled on the idea that customers should come back to the kitchen and make their own dinner. Instead of giving people what they really want, the business owners have the idea that it’s better to involve customers behind the scenes…because that’s what they think customers want.
the secret to a meaningful new career was directly related to making people feel good about themselves.
An inefficiency in the marketplace. Ever notice when something isn’t run the way it should be, or you find yourself looking for something that doesn’t exist? Chances are, you’re not the only one frustrated, and you’re not the only one who wants that nonexistent thing. Make what you want to buy yourself, and other people will probably want it too.
Value means helping people. If you’re trying to build a microbusiness and you begin your efforts by helping people, you’re on the right track. When you get stuck, ask yourself: How can I give more value? Or more simply: How can I help my customers more?
More than anything else, value relates to emotional needs. Many business owners talk about their work in terms of the features it offers, but it’s much more powerful to talk about the benefits customers receive. A feature is descriptive; a benefit is emotional.
Here are the six steps you need to take: 1.Decide on your product or service. 2.Set up a website, even a very basic one (you can get a free one from WordPress.org). 3.Develop an offer (an offer is distinct from a product or service; see Chapter 7 for help). 4.Ensure you have a way to get paid (get a free PayPal account to start). 5.Announce your offer to the world (see Chapter 9 for more on this). 6.Learn from steps 1 through 5, then repeat.
“If you make your business about helping others, you’ll always have plenty of work.”
Value means “helping people.” Our unexpected entrepreneurs discovered that when they focused on providing value above all else, their businesses were successful.
Give people what they really want, not just what you think they should have. Give them the fish!
The more you can market a core benefit instead of a list of features, the easier it will be to profit from your idea. Core benefits usually relate to...
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Most people want more of some things (money, love, attention) and less of other things (stress, anxiety, debt). Always focus on what you can add or take away to improv...
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Pick something specific as opposed to something general. Don’t be a “business consultant” or a “life coach”—get specific about what you can really do for someone. 2.No one values a $15-an-hour consultant, so do not underprice your service. Since you probably won’t have forty hours of billable work every week, charge at least $100 an hour or a comparable fixed rate for the benefit you provide.
will help clients __________. After hiring me, they will receive [core benefit + secondary benefit]. I will charge $xxx per hour or a flat rate of _____ per service. This rate is fair to the client and to me.
My basic website will contain these elements: a.The core benefit that I provide for clients and what qualifies me to provide it (remember that qualifications may have nothing to do with education or certifications; Gary is qualified to book vacations with miles because he’s done it for himself many times) b.At least two stories of how others have been helped by the service (if you don’t have paying clients yet, do the work for free with someone you know) c.Pricing details (always be up front about fees; never make potential clients write or call to find out how much something costs) d.How to
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*You can create, customize, and download your own “Instant Consultant Biz” template at 100startup.com.
The missing piece is that you usually don’t get paid for your hobby itself; you get paid for helping other people pursue the hobby or for something indirectly related to it.
(Passion + skill) → (problem + marketplace) = opportunity
As in the examples of Gary and Benny, good businesses provide solutions to problems: “What do I do with all these extra frequent flyer miles?” “How can I easily learn a new language?”
Many follow-your-passion businesses are built on something indirectly related, not the passion or hobby itself. When considering an opportunity, ask: “Where is the business model?”
Not every passion or hobby is worth building into a business, and not everyone will want to have a business that...
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You can establish a specialized consulting business in one day—the more...
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These days, a number of self-published works have at least as good a quality as do books from big publishers. The playing field has been greatly leveled, and continues to be.”
Brett’s project had all the predictors of success we’ve considered thus far: It began with something he was both passionate about and skilled in, and then he forged his knowledge into a useful package that could be acquired instantly by users. If you wanted to learn about Evernote but didn’t want to spend the time surfing around, a $25 investment could solve the problem. The choice of price was also perfect: Brett could have priced much lower, as some digital publishers do, but he chose to take a stand and provide a clear value proposition to his potential customers.
Old-school marketing is based on persuasion; new marketing is based on invitation.
What is your biggest problem with ______? • What is the number one question you have about _______? • What can I do to help you with _________?
Does the project produce an obvious product or service? • Do you know people who will want to buy it? (Or do you know where to find them?) • Do you have a way to get paid?
you can spend a lifetime making a plan that never turns into action.
You need to care about the problem you are going to solve, and there has to be a sizable number of other people who also care. Always remember the lesson of convergence: the way your idea intersects with what other people value.
Make sure the market is big enough. Test the size by checking the number and relevancy of Google keywords—the same keywords you would use if you were trying to find your product. Think about keywords that people would use to find a solution to a problem. If you were looking for your own product online but didn’t know it existed, what keywords would you search for? Pay attention to the top and right sides of the results pages, where the ads are displayed.
Focus on eliminating “blatant admitted pain.” The product needs to solve a problem that causes pain that the market knows it has. It’s easier to sell to someone who knows they have a problem and are convinced they need a solution than it is ...
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Almost everything that is being sold is for either a deep pain or a deep desire. For example, people buy luxury items for respect and status, but on a deeper level they want to be loved. Having something that removes pain may be more effective than realizing a d...
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Always think in terms of solutions. Make sure your solution is different and better. (Note that it doesn’t need to be cheaper—competing on price is usually a losing proposition.) Is the market frustrated with the current solution? Being different isn’t enough; differentiation that makes you better is what’s required. There’s no point in introducing something if the market is already satisfied ...
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The first time you make a sale in a new business, no matter the amount, it’s a very big deal.
We help [customers] do/achieve/other verb [primary benefit]. Focusing like this helps you avoid “corporate speak” and drill down to the real purpose of the business as it relates to your customers. Here are a few examples: If you have a dog-walking service, the feature is “I walk dogs.” The benefit is “I help busy owners feel at ease about their dogs when they’re not able to be with them.” If you sell knitted hat patterns, the benefit is something like “I help people be creative by making a hat for themselves or someone close to them.” If you make custom wedding stationery, you might say, “I
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“Plan as you go” to respond to the changing needs of your customers but launch your business as soon as possible, with a bias toward action. • Nick’s first print sale provided far more motivation than the $50 he received. As soon as possible, find a way to get your first sale. • Follow the Seven Steps to Instant Market Testing (or the market before manufacturing method) to gauge the initial response.
Use the One-Page Business Plan to outline your business ideas quickly. • To avoid overcomplicating things, explain your business with a 140-Character Mission Statement.
Understand that what we want and what we say we want are not always the same thing.
Most of us like to buy, but we don’t usually like to be sold.
Offer Construction Project MAGIC FORMULA: THE RIGHT AUDIENCE, THE RIGHT PROMISE, THE RIGHT TIME = OFFER YOU CAN’T REFUSE BASICS What are you selling? _______ How much does it cost? _______ Who will take immediate action on this offer? _______ BENEFITS The primary benefit is _______ An important secondary benefit is _______ OBJECTIONS What are the main objections to the offer? 1. 2. 3. How will you counter these objections? 1. 2. 3. TIMELINESS Why should someone buy this now? What can I add to make this offer even more compelling?
(MARKET INEFFICIENCY = BUSINESS OPPORTUNITY)
