[MINI-COURSE] Refining Your Business Idea

I’m a huge fan of the television show “Shark Tank”. If you’ve never watched it, it’s a show where aspiring entrepreneurs pitch their business ideas to a panel of high powered investors with hopes one of the investors will like their idea enough to give them money in exchange for equity in the company.

One of the most heartbreaking things to see is business owners who’ve invested their entire life savings and countless hours of work into “businesses” that weren’t really businesses at all. It may have been a good product or a clever idea; but it wasn’t a full-fledged for-profit business.

>> inserts sad face emoji here <<

Once you decided on a business model that works with your lifestyle, you need to dive into the meat of the matter - your actual product or service idea! We’ve got to get to the root of the idea to determine if we have a winner or not before you invest time and energy into building this business.

This mini-course here may very well be one of the most important things you learn for your business. In this teaching, I want to coach you through the process to test your business product or service idea to see if you have a hero - or a zero!

Check out the video teaching below to get started!

Here’s a quick recap:

No matter what kind of business you are considering there are 4 general things that you need to look at in order to make sure your business is feasible:

1. The Client - “Who is the real customer?” Your customer or client is the person that will pay you for the whatever it is you are offering.

2. The Product or service - “What is the real product or service you are offering?”

3. The value proposition - “What’s in it for your customer?” The value proposition is the benefit that is being provided to them. Why will the customer buy from you and not someone else? The customer needs to be able to see the benefits.

4. How the product or service will be distributed - “How will the benefits be delivered to the customer?” One on one? By mail? As a digital download? In your storefront?

If you are doing consulting or one on one type services, evaluate your current time, especially if you still work on a full-time job. Look at how much time it will take to deliver the product or service and be realistic with how much time you have to do it. This will help you determine if your business model will be sustainable for you over time and meet your lifestyle goals.

Now, I want to extend an invitation to you to join the Accelerate Circle™. This is my VIP list where I share business strategies + inspiration to help you grow in faith, life, love & business. As an added bonus, you’ll receive a FREE copy of my Quarterly Business Goals Planning Guide for signing up. Join HERE.

Be sure to add our coaching email - Coaching@RachelLProctor.com to your address book so that future emails don’t go to your spam.

What was your favorite takeaway from this mini-course?

Share your thoughts with me in the comment section below. Have questions or want to share advice you’ve learned on your business building journey? Drop ‘em below in the comments too!