Do you want to create a business, but you’re just not sure if it will actually work? Or maybe you’re ready to strike out on your own, but you don’t have a killer business idea to develop. How do you know what kind of business will work best for you? How do you objectively evaluate your idea to determine if it’s sustainable, or how big it might become?
Everyday, Classy Career Girl helps women build dream careers and businesses while still balancing their beautiful, everyday lives. We’re passionate about it, and that’s why I’m excited to announce that we’re partnering with Grasshopper for their next fireside chat event on Wednesday, February 10th.
Grasshopper is a leading voice and resource for entrepreneurs and small business owners of all kinds, and their free, online fireside chats are one way that they support this community of dreamers. CCG is proud to co-sponsor the upcoming discussion, “Creating a Business that Makes You Money.” This event will bring together a panel of small business experts to discuss the challenges of developing a viable business idea, researching the marketing/competition, securing funding, and more.
You can view previous fireside chat videos, and register for the latest event at http://grasshopper.com/firesidechat.
To give you a sneak peek at the event, today we are sharing our featured advice at the event.
Here are 5 questions to help you create a business that makes you money:
1.What is important to consider when defining a new business idea?
It’s always important to remember your purpose when creating a business. You don’t want to create a business that is more “work’ for you and then end up dreading it. Get clear on your motivations to starting a business. What have you figured out you want others to know and what is your ideal workday running your business?
2.What is the importance of conducting market research?
You must know the words that your clients are saying. What are their frustrations and desires? What words do they use over and over again. Capture them by doing a simple survey in surveymonkey.com and print them out when you are writing copy on your website and coming up with blog post and social media ideas. You constantly want to be using the same words they do so you can “speak their language” and build trust.
3.What are the best methods for conducting research?
The best way to conduct market research besides doing a simple survey is to actually talk to your potential clients and ask questions. Book calls with your ideal market and asking them questions about their frustrations and biggest dreams and desires. Write as many words as you can down or even better, record it.
4.When launching a new business, what are the top 2-3 things you need to consider when creating a budget?
-Know your current household expenses and what you need to make each month.
-Know what you must charge per customer.
-Know how many customers you need to purchase from you.
-Know how many customers you need to get in front of in order to convert them into paying clients.
-Know your conversion rate of how many people you have to talk to in order for a client to say YES. 25% is a good starting point for phone conversations which means you have to talk to four people in order for one of them to say yes.
[RELATED: Four Marketing Rules for Starting a Business]
5.What factors will help you to grow into a large business?
You have to be able to sell more products or services without your time involved to quickly scale into a large business. If you charge an hourly rate, it will take you longer to scale into a large business. Once you have clients and a solid foundation, then I recommend that you look into ways you can start building a passive income stream.
Don’t forget to register for this free event today, and view previous fireside chat videos, at http://grasshopper.com/firesidechat/.
Guest panelists for this event are successful small business owners, and small business consultants, including Shannon Ware, the owner of TheCollective and a small business consultant, and Steve Feinman, SCORE District Director for Michigan and northwest Ohio.
Let’s create a business! See you there!
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