What up Savages! I hope you guys enjoyed your Christmas. Today, we have an awesome post from our Savage family member Dr. Price. Get your notebooks ready because it is packed with gems.
Thanks for this opportunity to share my insight with the Authentik Savage family. These are the same 10 steps I discovered/created while founding my company, Action Potential Mentoring, LLC.
In order to find your niche as an entrepreneur, here are the exact steps I take when trying to brainstorm a new business idea.
Write down 10 strengths that you feel you have.
Some examples include: perseverance, focus, sales, business development, interpersonal skills, organization
Write down 5 hobbies
Some examples include: mentoring, teaching, outdoorsman skills, sports, medicine
Decide the overarching approach you’d like your business to position itself
Service vs. Product
Passive vs. Active Involvement
If passive, ask yourself, “How can I repeat every action my company takes 10,000 times without taking any extra time out of my day?”. This will lead you down the path of learning how to scale and automate a business
Ask yourself what price range you feel is reasonable
Low price: 0-100$
Mid range: 100-$1000
High Ticket: $1000+
Find a way to add substantially more value for your consumer than the cost of the product/service to you
This can include sharing exclusive knowledge you have, creating content that can be digitally sold repeatedly, making connections for clients, 1 on 1 coaching vs. group coaching
Order of Operations in order to Scale your company: Eliminate, Automate, Delegate, Do
Always ask yourself what tasks you are doing that is superfluous that can be eliminated without impacting the business substantially. An example might include spending 10 hours designing the “perfect” color-scheme for your website. This use of time is 9.5 hours longer than necessary and will likely not affect a buyer’s final decision on your product.
There is no point in delegating something that can be done automatically. Delegation leaves room for error. Automation will lead to instant operations performed repeatedly.
How big do you want your company to become?
Small/Sole Proprietor (1-2 employees including yourself)
Medium (3-50 employees)
Large (50+ employees / publically traded company)
Once an idea is crystallized for your company, ask these questions:
What are my limiting beliefs?
Ex: Not enough money, not enough time, not knowledgeable enough, analysis paralysis, fear of failing
What are my goals? Set specific and attainable timelines for these goals
What freedoms do I want in life?
Reverse engineer other individuals who have similar goals/freedoms in life and figure out what needs to be done for massive action
Build a team
Employ the 80/20 rule. Determine the 20% of processes/decisions that are contributing to 80% of the results of your company. Eliminate what isn’t contributing.
Scale your company to the moon!
I hope these 11 steps help you out! I’d love to hear back from you about your experience or if you’d like some additional insight into this process. Our IG is ActionPotentialMentoring and e-mail is email@example.com . Don't forget guys, BE AUTHENTIK!