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The $100 Startup

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The $100 Start Up Model

Follow Your passion Model

Micro Business have been around since the beginning of commerce
Merge Passion , with something usefull to SELL

Business

  1. Product or Service: What you sell
  2. People willing to pay for it: Your custumers
  3. A way to get paid: Exange product or service for money
"GIVE THEM THE FISH": Value -> Helping People

IDEA

  1. How would I get paid with this idea?
  2. How much would I get paid from this idea?
  3. Is there a way I could get paid more than once?

6 STEPS

  1. Decide on your product or service
  2. Set up a Website
  3. Develop an offer
  4. Ensure you have a way to get paid (ej. PayPal)
  5. Announce your offer to the world
  6. Lear from steps 1 to 5 , repeat

More / Less

MORE LESS
LoveStress
MoneyConflict
AcceptanceHassle
Free TimeUncertainty

Instant Consultant Business (p43)

  1. Pick Something specific
  2. Charge at least 100 USD or a comparable fixed rate
  3. Core Benefict + secondary benefict
  4. Fair Price for client and me
    • Be Qualified
    • 2 Stories clients (First Free)
    • Price Upfront
    • How to hire me ?
  5. Many Sources -> Select how
  6. My first client in [Short deadline]

Reality Check

  • You persuing your hobby 20h
  • Teaching others to practice the same hobby?
  • Like ins and outs of your hobby?
  • Admin work related to your hobby?
  • Other people asked for help?
  • Other people willing to pay?
  • Other business ? or not in the same way?

Offer you can't refuse

The right Audience +
The right promise +
The right time =
OFFER YOU CAN'T REFUSE

(P113) Offer construction Project

Think carefully about objections and then respond to them in advance

Launch

Small comapnies also can pre-launch their business (Like trailer vs movie) "Comming soon"

(P140) 39 Step product launch checklist

Typical Launch Cycle

Ideal Combination (WORK + TALK)

Why should people care about your offer now? (Good story telling)

Hustler

Ideal combination (Work + Talk)

  • 50% Creating
  • 50% Connecting
"Remember that the goal of business is profit"
"Debt is optional"

Mistakes

Two Mistakes:

  • Thinking too much about where to get the money to start a project
  • Thinking too little about where the business income will come from

Solution

"Spend as little money as possible and make as much money as you can"

3 Strategies

3 Startegies to make more money

  1. Base prices on beneficts, not costs
  2. Offer a (limited) range of prices
  3. Get paid more than once

Tweaks

Small changes that create a big impact

  1. Traffic -> Attention
  2. Conversion -> Prospect into clients
  3. Increase average sales price
    • Upsell ( add to cart)
    • Cross-sell ( other people also buyed...)
    • Sale After the Sale (Discount after the sale)
  4. Sell more to existing customers

Easy Growth option

Adding a service to a product based business and viceversa

Out Sourcing

"Do what makes sense for you , not for someone else"
  • Pro-outsourcing -> Growth
  • Anti-outsourcing -> Freedom

Monitoring your business

Step1: Select key metrics and be aware (Sales, cashflow incoming leads)
Step2: Everthing else (Biweekly or monthly) review

Key metrics:

  • Sales per day
  • Leads per day
  • Average order price
  • Sales convertion rate
  • Net promoter score (% customers would refer to someone else)

RECAP (p255)

  1. How can i help people more?
  2. Borrow money is optional
  3. combine "what you love" and "what people are willing to pay" focus on benefict no features
  4. Find what people want, and give it to them , "Give them the fish"

    5. "Don't waste your tine living someone else's life"

    100.startup.com