Lots of people are asking me about the best way to start their own business. While it´s hard to tell, what exactly is the “best” way, here is an quick and easy way, that I´d recommend if you have to make money quickly:
- Ask yourself, what were the problems /challenges you had to overcome, the solutions you had to figure out? What where the things you spent lots of time and energy on and you weren´t able to find the answers you needed online or in books.
2. Then check out how many people are actually having the same problem and looking for the solution you´ve found.
If there are a lot, just document your solution in a step-by-step manner, and give the information to a few people, asking them to implement it and to keep you updated on their success and their results. You may create for this purpose a Facebook group to stay in touch with your “beta-testers”.
3. If it works for them, make an info-product and start selling it, presenting the people who´ve tried your solution as testimonials and success stories.
That´s probably the shortest and easiest way and lots of multi-million dollar businesses started exactly like this.
This is the way I am creating my information products, like for example my “Blogging For Profit” course, which you can check out here: http://4mybusiness.co/bloggingforprofit/.
I created a detailed tutorial that explains the exact process step-by-step that I am using to create information products fast:
That having said, here is a more general advise on starting a business:
At the end of the day, it comes down to a few key factors, such as: having a great idea, validating the idea, taking action and staying in charge and persistence (the right mindset). Let´s be a bit more specific:
#1 The Right Idea
Any successful business starts with the “right idea”, but what makes and idea “right”?
And idea is “right” if you have a market for the product or service. In order to have a market, there has to be an UNMET NEED.
There have to be people who experience urgent pain or irrational passion, ideally in a sub-niche in the markets “Health”, “Relationships” and “Wealth”.
Those people have to be ACTIVELY SEARCHING for a solution – that is for a product or service.
They have to be willing and able to PAY for a solution.
They need to have – from THEIR point of view – no or very few perceived options on how to solve their problem.
They need to be an amount that let´s you build a sustainable long term business, and ideally the market should be growing fast (that is more than 10% per year).
You must be able to reach them in order to market to them. For example, there should be active groups (on Facebook or LinkedIn) or forums where you can reach does people at a reasonable price, in case you have to pay for advertising.
If you find that there is lots of competition and your prospects have therefore lots of options, you may want to NARROW YOUR NICHE to the point, where you find a sub-niche in which your customers don´t have options and you´ll be the “leader” in this sub-niche. For more information on this, check out this video:
Two great tools to find niches that poeple are acutally interested in (and searching for) are the keyword tools:
For example, if you´re a Yoga teacher and you´d like to learn what kind of people are looking for Yoga classes, you might use this tools and do a search for “Yoga classes for”, and the tools will uncover for you niches such as “yoga classes for arthritis near me” or “Yoga classes for teens” or “Yoga classes for athletes”, “for couples”, “for back injury”, “for moms and toddlers” etc.
If you have identified such a market for your idea, you´ll need to validate it.
Here is a good overview on how to create and validate an information product; however, you can use this for any other products, such as software, or services as well:
However, the smartest way to “validate” a product is to make sure that there is demand before even creating it. You can do that by utilizing crowd funding:
Crowd funding is amazing because you don’t need to create a product to be able to take it to market and see if there is demand for it. You can go and put your project or your campaign on Kickstarter and see how it performs. Now, not every crowdfunding platform will let you do that, so make sure to check their terms and conditions. For more information, check out this PODCAST
Another great way is actually SELLING the product BEFORE you´ve created it.
Basically, you go out to your prospects and start selling the product that is going to be created. You offer them an incentive to buy it now in advance, such as a huge discount.
And you may also offer them to put their money in escrow and get it only after the product is created and delivered to them and works just fine. In case, the product is not created, or doesn´t live up to the promises, they´ll get their money back. The key is simply to TEST if there are enough serious buyers out there, willing to pay money for your product and, at the same time, getting the product creation funded.
If nobody is willing to pay, although you´re offering paying in an escrow account and a money back guarantee, than maybe there isn´t a huge market for this product. In this case you should ask them, what you´ll have to change / do differently for them to buy the product, and – once they say what kind of product they would buy – just sell them the new and improved product idea – once again offering payment into and escrow account and a money back guarantee.
Another approach is to first create the sales materials and let people opt in, so that you can email them later, once the product is created. That way you´re “building the crowd” of prospective buyers, at the same time verifying that there is some interest in such a product, before you actually build it.
by Jason Fladlien / Rapid Crush Inc.
Here is a video, although about information products, which explains the process – you can use it not only for information products, but also for as software, services etc.
If you can´t test the market without having to create the product, I recommend, you create a so called Minimum Viable Product, a cheap and easy to make basic version that allows you to test, if there is a market for your product.
For more on validating your idea, check out those resources:
If you are planning to create and sell an information product, those methods are great for validating your idea:
Makes sure that you are from the very beginning and you stay in control.
If you depend on others to make it happen, it might not work out, since your project might not be their priority. So, it´s important, that you are putting everything together, you are setting the rules and you are deciding who is going to participate when in what way and for what reward.
# 4 Persistence and Mindset
Lots of folks fail, because they don´t put in the time, energy, effort and resources it takes to create success. Very few poeple got successful within a few weeks, most worked hard during months or even years until they got successful.
Therefore, being persistent and not giving up, especially when there are problems and challenges, is key. In order to stay motivated, you´ll need to develop FAITH that success will come, and you´ll need to approach anything as a test with the goal to learn and gain knowledge, experience and to build a network. That way you won´t get discouraged if things don´t turn out the way you like them to be at the beginning.
Now, the problem is that all of us “function” a bit differently, it´s almost like everyone has a different type of “software” installed in our subconscious mind, and what might work for me, may not work for you.
For example, listening to podcasts works extremely well for me, especially when there are “regular” people interviewed, who achieved what I´d like to achieve, since it creates in me the belief and the certainty, that I can achieve this too, wich motivates me to take action and get momentum. Especially, if those people had the same “handicaps” that I belief would prevent me from achieving the goal, and they made it nevertheless, that´s tremendously powerful for me and helps me overcome my limiting beliefs and fears of failure almost instantly.
It´s important that you find out, what´s working for you, for example by analyzing situations in your past where you have been very optimistic and motivated and you´ve achieved your goals.
For more information on this topic, check out the following videos:
and check out the book “Think And Grow Rich”, especially the chapters on Desire, Faith and Autosuggestion. You can download the book here:
Here you´ll find an overview on this topic + awesome books that´ll give you the knowlegde you need:
Here you´ll find a great video on creating NEW markets that you can dominate, as opposed to competing in existing markets:
If you are about to create an information product, I recommend you check out the information by Eben Pagan, like this: