154: The First 5 Steps to Starting Your Own Business or Side Hustle [Podcast]

The First 5 Steps to Starting Your Own Business or Side Hustle

What are the first 5 steps to starting your own business or side hustle?

You could do what most people do when they start a business.

Write a business plan. Yes, get bogged down in the nasty details that really will not matter nor be read by anyone.

Go find funding — usually a loan.

Avoid these stupid steps for almost everyone.

Here is what to do instead.

 

The First 5 Steps to Starting Your Own Business or Side Hustle (Podcast Outline)

1. Find a problem to solve.

Make sure the problem is for real people.

    • Helping people take care of their lawns.
    • Pressure washing their drives.
    • Reducing accidents in manufacturing plants by doing periodic safety assessments.
    • Assisting online marketers to be more productive by being their virtual assistant.

Avoid things that are not real problems people have.

    • Saving the environment.

2. Who is the customer who will pay?

A business or an individual. If you cannot figure this out – move on.

Sometimes these poorly defined ideas leave you looking for who your customer is.

    • Services that help teachers teach in public schools -who buys. Teacher or school?
    • Medical service to help patients – who pays? Doctor in office or each patient?

3. Create an offering and make it simple.

Example of a tree service company.

    • Cut down – $500
    • Cut down and Haul Off – $800
    • Cut down, haul off, grind the stump – $1000

4. Find an inexpensive way to get your offering in front of your customers.

    • Not cheap – inexpensive.
    • Experiment with things quickly.

5. Offer your services repeatedly.

  • Repeat what works, stop what does not.
  • Decide how many times you need to repeat your offer. (Daily, weekly, monthly)
  • When you think you are repeating too much – do more.
  • It can take 15 or more times before they pay attention to you.

 

Click here to listen now.

Shout Out

What are you waiting for?
LANSDON
★★★★★

If you want to shift the vector of your career…. and your life, this is the podcast for you. Dale has a way of combining positive and practical constructive criticism with motivation, encouragement, and how-to. Company of One flips the tables upside down and will give you a new perspective on self, life, and work. His angles may be unconventional but his results can’t be denied. Of course, I may have a bias considering I’m a student of his university executive master’s degree program. Since discovering Dale, my perspective on almost all things has changed and his advice is helping me discover the life I was meant to lead.

 

Subscribe & Review in iTunes

Are you subscribed to my Company of One? If you’re not, I encourage you to do that today so you don’t miss an episode. Click here to subscribe in iTunes!

If you like what you hear, I would be really grateful if you left me a review over on iTunes, too. Those reviews help other people find my podcast. I also love reading them and connecting with you. Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!

Links mentioned in this episode:

Please note: I reserve the right to delete comments that are offensive or off-topic.

Leave a Reply

Your email address will not be published.