Discovering Your Big Niche That Will Help You Achieve Your Big Dreams – Episode 2 – Part 2
In this episode, we discuss a business model and pull principles from the inventors notebook. Business coach Clay Clark walks us through the specific things that you must do as a startup. First you and the direction In which you want to go with your business. The next thing that you will have to do is determine you must associate a specific dollar amount with what it cost for you to achieve your big goals. If you do not know this then you will not know how hard and far you will have to work in order to get to your goals. You will have to determine how much each of your ideal lifestyle cost to get an accurate picture of what this is. The next step is to find a problem that you can solve, and people will pay for. This starts with just looking around yourself at what the world needs, but also you should consider what you’re most passionate about and where you spend the most time. The next step is to draw up a rough business model that factors in the hard costs for the business, the variable cost per product or service, and a profit per customer. Once you have done this you will be able to determine the number of transactions that you need in order to get to your breakeven point. Your breakeven point is the moment where you were not making any money or losing any money. You will calculate the same thing except for the number of transactions per day that you need in order to achieve your goals. You must define how many transactions you need daily in order to get to your goals because it might not be reasonable to work as hard and long as possible. If you like this training then make sure that you sign up for one of our upcoming business workshops. Remember you must solve a problem that you can’t profitably earn money from. Also, if you need a business coach, make sure that you sign up for a free assessment for the worlds best one-on-one business coaching program.