There are ideas, and then there are opportunities. How do you find out if your business idea is a true winning opportunity or a dud? In this podcast Anthony Witt and I help you find ways to validate your business idea, connect passion to profits, and find significance along with revenue.
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Check out Entrepreneur Dream Academy!
Want to learn how to find your passion and make it profitable? Anthony and I are launching Entrepreneur Dream Academy in mid-September! We will be coaching a small group of hopeful entrepreneurs to help them find a business they love and develop a solid plan. We will walk each person through the process and give them the tools and connections they need to make a real go of it. Have you ever dreamed of starting a business? Have you ever thought about leaving the corporate world? Or are you just looking for something on the side. (Everyone needs to make 25% of their income from a side business – see why here!)
**We are only going to take the first 8 who signup. Once we have 8, it closes!
Validating Your Business Idea – Quick Notes from the Podcast
- Passion is not enough when it comes to business. You have to have skills and a viable market.
- However, skills can be developed or hired and a market can be found, but we cannot create passion.
- Many new business owners fall in love with their ideas and yet fail to do their homework.
- Over 60% of startups (in the US) never make over $25,000 per year.
- Doing an opportunity analysis tells you if you have a viable and sustainable business.
- An opportunity analysis consists of 1) determining the size of the market, 2) getting a percent of the market you can hit (start with less than 5%), and 3) determining the potential revenue per year by multiplying potential sales (from 1 and 2) by product or service price.
- You have great ideas within you, but you are likely blinded by the obvious. (Or as I like to say, you are blinded by your own genius.)
Interesting Facts About Business Startups
- Over 543,000 new businesses start each MONTH in the US alone
- Over 50% of small businesses are based out of homes
- Over 75% of US businesses are solopreneurs (no employees)
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