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Validation
Finances
Revenue
One of the most uncomfortable tasks an entrepreneur must quickly address is how will they make money? It seems like an obvious question but understanding exactly what you are selling, to whom, how you reach them, and what it costs to reach them and then support after the sale is one of the most important things you'll need to explore. Once you have started to probe these questions it will be easier to create your financial templates where you model projections and revenue.Questions you should understand: 1. What am I selling?2. How much does it cost to make?3. How much does it cost to sell? (your time, marketing, licenses, 'store front', online, intermediary fees, etc)4. Do you pass the cost of selling and creating your product 100% onto the customer?5. What methods or channels do I use to sell?6. Who do you sell to?7. How often do they buy?8. How do they buy? (small purchases, special occasions, bulk)9. Do I offer discounts or other promotions?10. How do you reach my customers and make them aware?11. How do you support or re engage them after a sale?
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TASKS CARDS
Do First
You should complete the following tasks before proceeding to the current one.
Hobby or Business
An important question to consider is what sort of thing do you want to create? Do you want a hobby, business, a business with employees, do you want to create a product or service and sell that or maybe you want to be an inventor? This question is not about entity creation such as forming an LLC or S Corp. That's a tax related decision you may consider later on.There are many ways to achieve your goal, so spend time considering what you are good at, what you love to do and how you'll support that dream. There is no correct answer. It's up to you, and you might find there is a more direct path to your goal than creating a full blown business with employees and a storefront. Revisit this as you meet with more people and gather more feedback. Discuss with mentors and other unbiased resources.
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Small Business Marketing 101: Using Email, Social, Video and More
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Don't stop now! Just pick the very next stage-card that resonates with your business and continue working on the correspondent tasks.
