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HOW DO YOU KNOW IF A BUSINESS IDEA WILL WORK?

HOW DO YOU KNOW IF A BUSINESS IDEA WILL WORK_

5 methods I use to test the profitability of a business idea.

Starting with the boring ones…

1. DO YOUR RESEARCH 

 

First, you need carry out a research to know if the business idea already exists. If it does exist, then a proper research will help you examine find how the businesses are performing. 

  • Are their performance good or bad?
  • Why is their performance good or bad?
  • What can be done better?

These are questions you should consider answering when carrying out a research to validate your business idea.

2. CONDUCT A FOCUS GROUP

A focus group is a gathering of deliberately selected people (Ideally 4 – 20 people) who participate in a planned discussion that is intended to produce qualitative data (preferences and beliefs) that may or may not be representative of the general population.

Focus groups are also great for problem-solving, idea generation or forecasting technique where several experts or informed individuals share their point of view on a specific topic, product or problem.

This is a great way to hear directly from people who are possibly going to be your customers or clients.

TIP

  • Gather a few of your friends and families, and online friends and followers to help you complete this part. 
  • Find out if they will pay for your product or service idea when you launch.

3. DO A SALES FORECAST (GUESTIMATE) 

 

Sales Forecasting is the process of estimating what your business’ sales are going to look like in the future. 

 

I always find this very effective, because it helps me understand if my business idea will be profitable or not, and most importantly, it helps me build a sales plan that can help me avoid unforeseen cash flow problems in the future. 

Now we are done with the hard part, over to the fun part

4. TAKE IT TO THE GRAM (INSTAGRAM)

 

If you want to know if your idea will sell, then open an Instagram account for it, and start building up the awareness, even before you launch. I do this with all if our  brands– so it totally works.

However, Instagram can be a dream killer and maker. The key is to focus on the number of people enquiring about your product or service, and not the number of likes and followers – people love beautiful pictures, so be careful, they could be liking and following you to see more beautiful pictures.

Follow all the Instagram best practices, including posting often (consistently), using hashtags and geotags, sharing eye-catching graphics, with compelling captions, embrace storytelling, and remember to be social.

5. START BUILDING AN EMAIL LIST

It’s easy to have 100 likes and comments on Instagram, but it’s hard to convert those likes into leads if you don’t have a conversion strategy. Right!

Now one of the easiest ways to convert all that attention into leads is by adding them to a waitlist even before you launch. This is is a great way to validate your business idea.

So if people subscribe to your waiting list, then they are interested in what you are selling, and they are a step closer to becoming a paid customer.

In Summary

 

If you do all of the above, and the results come out positive, then it’s time to make it happen. However, if it’s negative, you don’t have to discard that idea just here, make a few changes, and try again.

Remember! there are no bad ideas, if there were, then so many people won’t be in business today. 

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10 Things to Do Today That Will Grow Your Business Tomorrow

 

Q. What’s the one thing my company should be doing right now in order to see meaningful growth down the road_ (1).png1. Focus on the Top of the Funnel

Early on, you have to focus on the top of the funnel. Creating content for marketing purposes, getting quoted in magazines, speaking at events, and generally making your customers aware of your existence is the best thing you can do to guarantee future growth. Once you achieve growth, then you can focus on optimization and unit economics.

2. Become a Media-Focused Company

We are all in the business of media. You may not be a content marketing company, but you should be a company with content expertise. You may not be a venture capitalist, but you should have fiduciary responsibility. Become a media-focused company by being dedicated to creating and publishing useful blog posts, videos, podcasts, social shares, and live streams. Appear to be everywhere with your target demographic.

4. Improve Your Processes and Procedures

If you don’t have documented processes and procedures, you won’t have a way to improve them. Make sure every process in your company has a written standard operating procedure and that your employees all have access to it. Then take a process a week and look for ways to improve. By the end of the year, you will have improved 50 processes, which will have an effect on your bottom line.

5. Focus on a Specific Niche

It’s easy to spread yourself too thin with a new venture since there seem to be endless opportunities. Achieving growth in the future is easier for startups that are able to identify a niche market that values their core competency. Becoming a leader in a specific niche will naturally allow for growth if that market matures, but will also provide valuable tools and lessons for success in other markets.

6. Plan for Diversified Growth

When it comes to growth, many entrepreneurs make the mistake of putting all their eggs in one basket by focusing on acquiring a few large customers. While this has a positive effect in the short-term, it’s not the meaningful type of growth you want. Nothing is guaranteed; that one big client could leave you in the dust at any point. By setting diversified growth metrics, you’ll ensure sustainability.

7. Focus on Relationships Over Transactions

Transactions are a byproduct of the great relationships you’ve built with prospects, customers, and referrers. Your business will grow and change, but the rock-solid relationships you cultivate will transcend whatever services or products you sell. So focus on more high-value, long-term, growth-oriented relationships rather than give-and-take relationships with your prospects, customers, and referrers.

8. Be Consistent

We always tell our clients the most important thing they can lock down is their brand voice and tone. Everything across all social channels should feel consistent and on point. Consistency is how you drive people to your brand and keep them there.

9. Focus on Search Engine Optimization

Building a website is a good start, but there’s more to it. The biggest concern I hear is that most businesses don’t want to spend $2,000 a month on SEO. It takes time to develop trust from Google—you need to create great content, post on social media, build more review sites with user-created content, and get great links. Google takes time, but it will be the cheapest acquisition cost in one year.

10. Have a Ready-to-Execute Plan

Having a detailed growth strategy with realistic goals is crucial. Even more important is having extensively developed executions ready to go that you’ll use to meet these goals. If you have goals with no way of reaching them, you’re going to miss all of your targets or spend time trying to figure them out when it’s “go” time.

5 Ways to Become the Most Productive Person Around

  1.  Plan your day the night before

    Take 10 to 15 minutes to plan your day the night before. Adopting this habit yields phenomenal benefits. Lack of sleep mostly comes from thinking about all you have to do the next day. This makes the mind restless, and it becomes much more difficult to get a good night’s rest. Planning your day the night before should crush this problem right away. When we plan our day the night before, we wake up ready to hit the ground running knowing exactly what has to get done.

    2. Take a walk or eat lunch away from the office

    Instead of eating lunch at your office, find the nearest place where you can step away and enjoy yourself. A great way to rejuvenate and be prepared to attack the rest of the day is to take a lunchtime stroll. Eating lunch outside of your regular work place or going for a midday walk helps to clear your mind of clutter and distractions from earlier in the day. This should recharge you for an even more productive second half of the day.

    3. Hour to greatness

    This is one whole hour first thing in the morning that is dedicated to preparing my mind, body and spirit for the day ahead. This routine consists of reading an uplifting book for 15 to 20 minutes, rewriting my goals while visualizing the achievement of each one, meditating on my productivity creed while looking over my to-do list for the day, and finally, flooding my mind with positive and motivational messages via audio. This alone can drastically skyrocket productivity levels. Instead of watching all the negativity that’s on the news or in the newspaper, indulge in preparing your mind for a phenomenal day.

    4. Decide

    To actually become the most productive person around, you must first decide to do so. Don’t beat yourself up over how unproductive you’ve been or relish over how productive someone else is. This will never get you to where you need to go. Making the decision is half the battle. Once you’ve made up your mind, you will begin to challenge yourself to see just how much you can accomplish any given day.

    5.Drink up!

    Instead of rushing to grab a cup of coffee every time you feel sluggish or tired, drink some water. Our bodies need proper hydration to perform at our absolute best. It’s a natural tendency to look for an instant “pick me up.” These methods of energy are very short lived. The human body is made up of over 70 percent water. More times than not, when you are feeling sluggish or tired, you are dehydrated. Water is a fundamental aspect of high performance.

Eight things I wish I new before I started.


Entrepreneurship can be a tough game. Almost no college or university level education can prepare you for it. Most of the learning happens on the job.

When I started my first business way back in 2002, little did I expect the journey to be this brutal. Here are some lessons I wish I knew when I first started.
#1 Money is important but not enough

A lot of entrepreneurs manage to raise capital early in the game, but money is just not enough. A sound business model that generates consistent cash flows is important. Besides, you need people to implement your systems.

#2 Focus on people and their needs

Business is all about people. You can’t do it all by yourself. Focus on people, understand their needs, compensate them adequately, and invest in their training. They may or may not stay with you, but it’s important to continually train them.

#3 The owner is separate from his business

It’s important to separate yourself from your business, and look at yourself as an employee and shareholder in your business. I’ve seen that many people struggle to differentiate their personal finances from that of their business.

#4 Choose the right business for you

Sometimes, the difference between success and failure can be just choosing the right business for you. There are times when no matter how much you try, things just won’t work out because market conditions are not in your favor.

For example, the airline industry in most countries has a profit margin of less than 2% and most airlines even though they are run by competent people don’t make money.

#5 Maintain a strong work-life balance

I see a lot of entrepreneurs spend 12 to 13 hours a day in their business. And they’ve been doing it for over 10 years. This eventually causes them to burn out and become unproductive. The moment you start working lesser hours, you find ways to streamline your operations and get things done faster. Nowadays, there are a lot of apps that can help you become more productive.

#6 Start Saving Early

I was never really a big spender. However, I rarely bothered to save money early in my life. If you start saving early, you can use your savings to invest in your business. Savings give you options.

#7 Learn to manage debt better or stay out of it

Some entrepreneurs use debt to start a business, this can be very dangerous especially if you are a first time entrepreneur. A start-up is inherently very risky, especially if the business model is untested.

If the business fails, the business owner still needs to pay back debt because most debts are personally guaranteed by the business owner.

Some entrepreneurs use home loans, and personal loans to start a business because interest rates on these type of loans are low. However, be very careful, less optimistic, and make sure your debt is within manageable limits.

#8 Find a good mentor

Having a good mentor is like parental guidance. You want someone to hold you accountable for your actions, and provide guidance through your journey.

But choose your mentor wisely. It should ideally be someone who has a strong track record of success in business, believes in your idea, and is willing to give you honest feedback without worrying about protecting your feelings.

5 Tips for Creating Fabulous Instagram Stories

5 Tips for Creating Fabulous Instagram Stories

Instagram stories are everything right now! Are you using them? If so, are you getting the most out of them? Likely not. If you are like most, you are using just the basics to get you from one story to the next and have no idea how to truly customize your stories.

Let’s dive in and fill your Instagram toolbox so your brand can stand out and you can navigate stories like a pro.

Choosing Your Font Color

After you upload or take your photo or video, you can add words that help better get your message across. Click the Aa icon on the top right of the screen.

storyig

Choose any of the preselected colors by swiping the circles to the left and clicking on any of the color circles.

igstory

If you aren’t loving what you are seeing, press and hold down on any of the color circles and it will open up a rainbow of color options. Just move the bubble around and watch the colors change inside it. When you find the one you love, let go and start typing.

story2

 

 

Choose any of the preselected colors by swiping the circles to the left and clicking on any of the color circles.

If you aren’t loving what you are seeing, press and hold down on any of the color circles and it will open up a rainbow of color options. Just move the bubble around and watch the colors change inside it. When you find the one you love, let go and start typing.

5 Ways to Create Better Instagram Stories

If you want to match the color of the font to anything in the image, click the Aa, then click the dropper on the bottom left. Move the bubble over to the color you want to match. Once you have it, release and starting typing.

igstory3

Changing Font Size & Background

You can change the size of your font by dragging the scale on the left up and down. Smaller is lower, larger is higher.

igstory4

You can also add a background to your font by clicking the Aa, typing your text then clicking the boxed in A at the center top of your screen. Click once and you get this:

igstory5

Click again for this:

story6

A third click gets you back to regular text.

igstory6

Creating a Solid Background

Ever wonder how people get those pretty solid colored backgrounds? They aren’t taking photos of construction paper. It’s actually super simple. Take a picture of anything, it doesn’t matter because the color is going to cover it up. Click on the pen next to the Aa. Find a color you love from the circles below and click the circle. Now put your finger anywhere on the photo you took and hold it down. The color will cover the entire image. Magic.

You can use the erase button to erase some of the filler and just reveal a certain piece of the image like this below if you want to get super creative. The erase button is the fourth circle from the left.

story7

 

Choose any of the preselected colors by swiping the circles to the left and clicking on any of the color circles.

If you aren’t loving what you are seeing, press and hold down on any of the color circles and it will open up a rainbow of color options. Just move the bubble around and watch the colors change inside it. When you find the one you love, let go and start typing.

5 Ways to Create Better Instagram Stories

If you want to match the color of the font to anything in the image, click the Aa, then click the dropper on the bottom left. Move the bubble over to the color you want to match. Once you have it, release and starting typing.

5 Ways to Create Better Instagram Stories

Changing Font Size & Background

You can change the size of your font by dragging the scale on the left up and down. Smaller is lower, larger is higher.

5 Ways to Create Better Instagram Stories

You can also add a background to your font by clicking the Aa, typing your text then clicking the boxed in A at the center top of your screen. Click once and you get this:

5 Ways to Create Better Instagram Stories

Click again for this:

A third click gets you back to regular text.

Click once and you get this:

Creating a Solid Background

Ever wonder how people get those pretty solid colored backgrounds? They aren’t taking photos of construction paper. It’s actually super simple. Take a picture of anything, it doesn’t matter because the color is going to cover it up. Click on the pen next to the Aa. Find a color you love from the circles below and click the circle. Now put your finger anywhere on the photo you took and hold it down. The color will cover the entire image. Magic.

You can use the erase button to erase some of the filler and just reveal a certain piece of the image like this below if you want to get super creative. The erase button is the fourth circle from the left.

Click once and you get this:

Using Different Pen Sizes

Each pen has a different style. From left to right these are the different options (minus the eraser).

igstory8

Take a Poll

Step one, either take a photo you want in the background or create a solid background. Next, click on the square with the smiley face at the top of the screen. (This is also where you will find all your own emojis, fun IG emoji and location, time and date add-ons.) Click Poll, then type your question.

story9

You can also change the words in the box by clicking on each of them.

igstory10

BONUS TIP: Use Hashtags

Include a hashtag in your story. Just like on your main feed, it boosts your story’s reach.

BONUS TIP 2: Add a Link

If you have 10,000+ followers you can add links to your Instagram stories. Click the the link icon in the center and it will prompt you to add a link.

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Instagram Stories has quickly become everyone’s favorite way of using the platform. Don’t miss out on the opportunity to showcase your brand’s story every day with fun, colorful and create Instagram Stories.

Instagram Tip: Story Telling

story telling

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Are you incorporating story telling into your insta strategy? This could be as simple as explaining the story behind the photo you’re sharing, relating your personal life to your content, or every now and again giving your audience a life update.. Great photos can get you pretty far on Instagram but tying them together with a bit of personal story telling is what will really connect you to your audience long term. Are you doing this right now? If not, try it on your next post!
Learn how to increase your visibility, get proven marketing strategies, and learn the most up to date tactics to increase your following and increase sales in our new ebook “How To Take Your Business Online In 2018.

 

 

Change Your Thoughts, Change Your Life!

Change Your Thoughts, Change Your Life!

Have you thought how you can make 2018 different from past years?  The secret is simple, change your thoughts.

Since the year is still new, some may be still trying to hold on to that “New Year” feel.  Trying to stick with resolutions and other promises made for 2018.  Many people go into the new year with excitement to start goals & will even claim “New Year, new me” but will carry the same mindset.

If you truly want something new out of the new year & want it to last, your thinking must improve.  Since you want something new, you must do something different.  Whatever your goals may be for the year, I challenge you to shift your thinking – yes, it can happen!

Your thoughts are powerful!  Your thoughts actually controls your entire life!  Thoughts lead into words, which leads to actions, which leads to your life!  Think about your thoughts and ask yourself “what can I do differently to make this year more prosperous than past years?”  I want you to actually “think outside the box” for 2018!  Think diversely for 2018 so much that it will blow yourself away.

“…Fix your thoughts on what is true, and honorable, and right, and pure, and lovely, and admirable.  Think about things that are excellent and worthy of praise.”  Philippians 4:8

…until next time!