Profitable Preparedness Podcast – Episode 12
The Business Opportunity Filter and Branding
As business owners, we are constantly evolving and looking for better/more efficient ways to accomplish tasks and goals. For that reason, we have decided to re-categorize The Freedom Pillars is an example.
In episodes 10 and 11 we discussed the 5 Pillars of Freedom. Since the last podcast we re-categorized the content for a total of 6 Pillars of Freedom, which include:
- Lifestyle Freedom
- Magic Wand
- Health Freedom
- Money/Wealth Freedom
- Debt Repayment
- Cash Flow Mgmt
- Tax Planning
- Asset Protection
- Career Freedom
- Time Freedom
- Relationship Freedom
Here are links to the two part podcast giving an in-depth description of
The 6 Pillars of Freedom
http://profitablepreparedness.com/episode10 (Lifestyle & Health Freedom)
http://profitablepreparedness.com/episode11 (Money, Career, Time, Relationship Freedom)
Ideally, discovering a problem that does not appear to have a solution and becoming THE solution is the most organic business innovation philosophy
Unfortunately, sometimes we are unable to identify a need in the marketplace so a filter to sift through opportunities is crucial.
Step 1. Generate a List of Business Ideas
- Work out your idea muscle
- Come up with as many ideas as possible
- Give yourself permission to remove all limits
- The crazier the better
- You do not have to show anyone
Look for gaps in the marketplace
- Identify the group of people that are affected by the gaps
- Identify 5 specific problems those gaps create for the group
- Analyze how your product/service creates a solution to the problems
- How accessible is the group that you uncovered
- Poll instead of assume problems are legitimate
What are you interested in?
- You will have hard times
- If you hate your business you will not make it through
- The love of the freedom and tasks will carry you through the tough times
Step 2. Finding Your Profitable Business Idea
- Identify the cost of the problem to your potential customer
- That will allow you to decide what you can charge
- Analyze what potential competitors charge
- Are the problems identified “real”?
- Can you effectively solve the problems?
- Can you justify the cost of the solution?
- Do you have the skill set to bring the solution to market?
- Do your prospective customers realize this is a problem?
- Are they willing to pay for a solution or are they DIY?
- Is there a large enough market to support your lifestyle?
Step 3. What’s Your USP? (Unique Selling Proposition)
- This becomes your Elevator Speech
- Evolving Process
Step 4. Building a Business Model/Profit Model
- Revenue Streams
- Key Activities
- Skill Acquisition
Step 5. Validating Your Business Ideas
- Shooting Range
- Build Pads and Buffers
Building Your Brand
Show Notes: Episode 12
Are you wanting to start a new business and struggling on how to start? In this episode we will be discussing 7 steps on building your brand and making it personal to you and creating an authentic experience for your customers/followers.
- Find your target audience (factors like age, income, location, etc.) Example: Personal Trainer- your target audience may be overweight middle-aged men and women or senior citizens who want to stay active.
- Identify other markets with similar issues and potential customers
- Find your competitors
- Study what they do and how you can differ yourself
- Pick Your Focus and Personality
- Discover the tasks within the business that you LOVE
- Identify the type of people you enjoy interacting with
- How can you design your business to play into your strengths?
- How can you design your business to minimize areas of weakness?
- Choose Your Business Name
- Something Memorable
- Something that explains the product/service that you offer
- Something with an easy to remember domain (and social media)
- Write Your Slogan
- Unique selling proposition mentioned above
- Evolutionary process
- Something memorable to capture the essence of your brand
- Choose The Look Of Your Brand
- Color scheme
- Font that works across multiple platforms
- Consistency is key
- Design Your Logo
- If graphic design is not critical to your business, hire it out
- Local Graphic Designer
- On a Budget – Graphic Design Student
- Apply Your Branding
- Consistency across all platforms (Website, social media, marketing content)
- Reach out to get and give as much help as you can–be vulnerable
- Be true to your brand–deliver on your brand promise
As always, if you have business ideas that you would like to bounce off of us, if you find yourself stuck or have an existing business that is waning; send us an email at Profitablepreparedness@gmail.com and we are happy to help.
*Rant Audio Clip: Property of Warner Brother’s National Lampoon’s Christmas Vacation*
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