Starting a Business: Key Frameworks and Steps

Introduction

• Aim: To help you identify a business idea, target audience, service method, and message to attract first customers.
• Presenter: Co-owner of School.com.
• Statistics: 1 in 2 people starting a paid community on School.com make their first dollar.

Five-Part Framework

1. What: Identifying your business idea.
2. Who: Identifying your target audience.
3. How: Describing how you will serve them.
4. Unique Mechanism: Your differentiating factor.
5. Getting Customers: Steps to secure initial customers.

• Bonus: Advanced insights and next steps to make your first dollar.

Step 1: What is Your Business About?

The Three Ps Framework

• Pain: Personal experiences that led to problem-solving.
  • Example: Organizing meals for a large family.
• Profession: Skills from previous jobs.
  • Example: A registered dietitian teaching billing methods.
• Passion: Interests that drive you.
  • Example: A passion for fitness leading to a gym startup.

Making Your First Idea

• You don't need a perfect business idea from the start.
• Focus on getting feedback to refine your idea over time.

Step 2: Who Do You Want to Serve?

Identifying Your Audience

• Categories of audiences:
  1. People like you.
  2. People you've helped before.
  3. Underserved markets.
• Examples of successful businesses based on personal pain points.

Creating an Avatar

• Define your target audience through specific characteristics:
  • Age, gender, profession, problems/pains, interests.
• Example: 35-year-old male accountants bored at their jobs.

Step 3: How Will You Serve Them?

Benefits (Good Stuff)

• Consider how your product/service improves life for your audience.
• Example: Helping gym owners increase revenue through a proven system.

Challenges (Bad Stuff)

• Address the pain points or obstacles your audience faces.
• Example: Avoiding the frustration of complex procedures.

Step 4: Combine and Create Your Message

Crafting Your Statement

• Use the simple structure: "I help [who] achieve [good stuff] without [bad stuff]."
• Example: "I help 45-year-old women who just had kids get back into their high school jeans without giving up time with family."

Step 5: Unique Mechanism

Differentiating Your Offer

• Define what sets your business apart.
• This could be a unique process or system that enhances your offer.
• Naming is crucial: catchy names can help with branding.

Getting Your First Five Customers

Simple Outreach System

• Greeting: Start with a compliment.
• Share your crafted statement.
• Ask if they know anyone who could benefit from your service.
• Commitment: Reach out for 4 hours daily or until 100 contacts are made.

Final Thoughts

• Participation in the School Games community can provide further support and help you make your first dollar online.