Last week, I attended a business masterclass and was surprised at the clarity I got about starting a business. I'll share the major points with you today so you'll see that everyone can do it.
At its core, business is 4 words: "Selling something to someone". And sales is a skill everyone must know.
You have to sell yourself to recruiters to get a job. You have to sell yourself to your potential husband or wife to get married (though we don't call it sales).
Sales are making someone see the value (for them) in something. As simple as that.
Now there are only 7 things, you can sell. The good news is that they can both be physical or digital. They are:
Products: Physical products could be selling books, laptops, etc. The digital version could be selling a pdf document.
Services: Physical services could be fixing cars, or giving massages. Digital services could be ad agencies that make ads for their clients.
Access: Physical access could be Leasing a house for rent. Digital access is access to an online library like Netflix.
Attention: Physical attention is like a billboard placed on the street. Facebook (and other social media platforms) sells digital attention to advertisers.
Risk: Physical risk is selling insurance on a building. Digital risk is selling antivirus.
Money: Banks sell money in the form of loans and they profit from interest. Digital money is like Cryptocurrencies.
Brand/Endorsement: Physical endorsement is when a brand allows you to use its logo and then pay them. Digital endorsement is like Instagram check or Twitter blue.
So which one do you choose?
Now you have to look at two things:
The resources you have
Your skills, value, and experiences
Everyone has skills or experiences. My Mum bakes so my osmosis (for almost 20 years) I know how to bake and what a great cake tastes like. My dad is a banker and I can start a bookkeeping business because I have that experience. I would obviously need to learn more but I am not starting from ground zero.
A lot of people won't also have so much money to start with so selling Services is usually the best option for a first-time Entrepreneur.
So that's a summary of which business to do and how to get started.
Have a great weekend.
Zubby
💬 Quote of the week:
"A small business is an amazing way to serve and leave an impact on the world you live in.”
-Nicole Snow
🤔 Food for Thought:
What's a service I can render faster or better for people?
🔊 Growth Spread:
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Until next week, take care!
Zubby.