Day 2: Foundation: Step 1: Business Foundation
Phase 1: Business Foundation:
This phase is designed to help in building a strong foundation for your online business.
So… what are the parts that make up a solid foundation?
As you might have guessed, there are a variety of pillars to put in place in creating a successful online business. And believe it or not, most of these pillars start with you.
Step 1: Business Foundation:
So this is where the overwhelm starts… right at the beginning. Knowing that staying in the rat race is no longer an option, but spending a ton of time learning how to build a business makes it feel like learning has now become a full-time job. And with the little time left to implement anything, it’s not clear as to, “where do I start?”
And just putting something up to sell isn’t it!
Your business needs a foundation. And there are internal and external things that make up the foundation for your biz. It involves looking back, taking stock of where you are now and having a clear vision of where you're going. But most importantly it's about understanding exactly who it is you're going to help, the results you can help them get and how you're going to attract them.
This allows you to build a business that lasts, one that will get you the freedom you’re looking for.
Think about it… just throwing something up for sale might work for a little while, but how many truly successful businesses have taken that approach? Besides the few that got lucky… none.
Without building a foundation for your business, you have no basis for consistent growth. You are relying on hope… and chance.
So while the exact business foundation you build to leave the rat race will depend on your individual goals and circumstance… here are the common things to take a look at…
Using your experience to choose a niche:
What do you know, what are you good at and how can you help others? Those are some of the questions to ask when it comes to knowing what business you’re going to build. After that, it’s worth taking a look at what people are already buying and taking note of the trends.
Determining your target market:
Not everyone is your customer… so you’ll need to identify the people or organizations that you will be selling your products or services to. Understanding your target market will help you tailor your business to meet their wants and needs.
Choosing a product or service:
Determine what you will be selling and how it will solve a problem or meet a need for your target market. Consider factors like pricing, demand, and competition in your market. Above all, ask yourself… does it really solve a problem?
Understanding the processes:
Your online business has processes that make it easier to reach your customers, get them to buy and then help them get the most from what you offer. These are all the things that take your prospects on a journey to becoming loyal customers.
The what and where of your business:
With all the pieces needed in your business and so many ways and places to build it… it’s important to determine what you’ll use to build it and where your market will find it. And since business is all about testing, this isn’t something to stress over. Get it out there and tweak it later.
Ultimately, the key to building a strong business foundation is to understand your role in your business, and to have a clear vision, a well-defined plan, and the persistence and determination to see it through. By taking the time to carefully plan and execute your business strategy, you can create a solid foundation for long-term success.
So now you know! And if you’ve been hesitant in really getting your business off the ground… are you now ready to get started on building a strong foundation for your business?
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