What Business Should You Start? And How I’d Do It Now
Episode 806: Show Notes
Some of you are mulling over the question of what business to start. Others are just nosy and want to know how I would do it if I had the chance to start again. Which of your million-and-one ideas should you pursue? Where do you focus your time and energy? How niche do you go? Should you sell your offer as a service, a digital product, a course, or a membership? We answer all of these questions and more in today’s episode!
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The Resource I’m Reviving to Get You Started
I’m a data-driven person, and according to the survey that thousands of people have completed, many of my listeners are bringing in between $0 and $500 in profit. I want to share a resource with you that’s coming soon; I’m unearthing Boss Project’s one-page document to help people get their businesses started! That’s coming up in January, so watch this space for more info soon!
One Thing About Starting a Business That No One is Talking About
There are lots of different reasons to start a business. Here’s the part that no one is talking about: for some people, starting a business is a necessity. Maybe the money is essential for you or you need accommodations for your abilities, health, neurodivergencies, or otherwise. Some people simply need the time, whether it’s to care for an infant or an elderly loved one. Sometimes, you start a business because you need safety. Discrimination is very real, and sometimes you need to create your own safe space. Whatever your reason for starting a business is, it is valid!
What You Need to Know Once You’ve Found Your Why
Once you’ve determined what’s fueling you, you need to get clear about what you need and what you want. These are concepts we cover in the Co-Op. If you’re not making an income, it’s not a business. I want to help you build a profitable business that’s going to be an asset to fuel your financial future. To do that, you have to know what you’re going to sell. You don’t need to know all the answers right now, but knowing what you’re going to sell (and to whom) is a critical part of your decision-making.
The Easiest Way to Kick Things Off
The simplest place to start is to take some element from your past where you already have the experience, training, and knowledge and utilize that to build your business. You can choose to do anything you want, but doing something that’s within your wheelhouse is going to make this so much easier! Ultimately, you also need to be able to answer the question of where you’re going to market. If you go directly into sales mode, you’re only going to sell to the people who are already in your circle.
The Most Important Question
When are you going to start? I hope it’s right now! I hope you’re willing to commit to making this possible. I don’t want to discredit the challenges that come with being an entrepreneur. Believe me, I know how hard it can be! But if you truly want this, why wait? When I first got started, I had just been laid off. I jumped straight into sharing what I had learned with clients I aligned with. I was simultaneously building a different future for myself and sharing what I was learning along the way. Yes, it was scary, but it was worth it.
What it Means to Build a Hybrid Business
My business takes advantage of multiple business models simultaneously, so I’m not operating exclusively in one-on-one agency services. I also sell digital products, have a membership model, and in the past, I’ve had a group program in the middle. I used to dissuade people from doing this because I was worried my clients couldn’t do it all. But now I encourage it, especially if that’s what you want to do! I also suggest that you market all of your offers to the same person. I would much prefer you to connect everything than go after different groups of people.
Two Ways to Start
You can either start by selling one-to-one, or you can create a content marketing plan and begin to build an audience. That is going to determine your starting point. How would I do it? The short answer is, I would start with services. However, if I were to start over, I would pick something much more specific. To make your business scalable, you have to get to the point where 30% or less of your time is spent on delivering to clients. If you’re spending that, you can’t maintain all the other elements necessary to start a business.
I want to see your business become profitable. I want it to not only pay for the life that you have but the life that you want. Why not let the Co-Op be your jumping-off point? We are constantly creating things to meet you where you’re at, even if it’s pretty niche! I care so deeply about where you’re going and I can’t wait to see what you build, sell, and get off the ground. I’m here to help you every step of the way!
Quote This
If we do not satisfy the why, we are either going to burn out or quit, almost every time.
Highlights
The Resource I’m Reviving to Get You Started [0:06:25]
One Thing About Starting a Business That No One is Talking About [0:11:22]
What You Need to Know Once You’ve Found Your Why [0:13:01]
The Easiest Way to Get Things Off the Ground [0:14:27]
The Most Important Question [0:17:49]
What it Means to Build a Hybrid Business [0:21:38]
Two Ways to Start [0:26:41]
OUR HOST:
Abagail Pumphrey
Boss Project on Instagram | Facebook
Abagail Pumphrey, the Co-Founder & CEO of Boss Project, has been a driving force in the creative entrepreneur industry since 2015. With a passion for empowering service-based business owners around the globe, she became internet-famous after the launch of the transformative training, "Trello for Business." This innovative system revitalized the operations of over 10,000 business owners, making a significant impact on the online business landscape.
Under Abagail's leadership, Boss Project has been featured in prestigious publications such as Forbes, Marie Claire, INC, and HuffPost. Her twice-weekly podcast, The Strategy Hour, is a staple in the business community, continuously topping Business and Management Charts on Apple with millions of listeners from around the world.
Abagail's superpower lies in her ability to break down complex concepts into easy-to-implement, duplicatable systems. As an expert in online sales and a data-driven strategist, she has turned a layoff into a 7-figure work-from-home business. Abagail's mission to help more female founders become financially free, without letting their businesses take over their lives, continues to inspire and guide entrepreneurs on their path to success.
Key Topics:
Business Strategy, Planning, Scaling, Ideas, Growth
