If You're Broke, What Business Do You Start? | Spotify Video Exclusive
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What are the five steps to starting a business?
So if you're broke or you don't know what business to start, by the end of this video, you will know what business to start, who you're going to serve, how you're going to serve them, and the exact message to send to get your first five customers. I'm a co-owner of School.com where we help tens of thousands of new people every single month start their first business online. And right now, one out of two people who start a paid community on school make their first dollar. One out of two. This process I'm going to show you works. And by the way, you can start on School.com for free. All right, so there's five parts to this framework and then two bonuses. One is that it's advanced and one that'll give you next steps on what to do with this so you can make your first dollar.
So it starts with the what, which is what is your business actually going to be about? And so I use something called the three P's framework. All right, so you can write this down, the three P's. And that's because almost all businesses get born of one of these three P's. And the first is pain. So it's something that you went through personally and had to overcome. So a friend of mine has a wife, well, they're married, and they have nine kids. And so in her going through this process, she was like, well, what would work for me? And I'm like, well, you have nine kids. So I'll bet you that you just making lunch for nine kids every day is probably a process. She's like, oh yeah, I have this whole thing that I do.
So I organize it so everybody has their own bags and they all know who it is. And then I can do it in a time that's cheap for me. and gets them all the food that, you know, all the protein and all the other stuff. And she's like, I have a system around that. And I was like, that is the beginning of a business. The second is your profession. meaning what you do for a day job or what you've done in the past. I've recently made a video about a lady who quit her job as a registered dietitian at a hospital and then started teaching other registered dietitians how to bill insurance. And the reason that she learned how to do that was at the hospital, she had to work six days a week and work 12 plus hours per day as an RD.
And so she only had one day a week that she could bill her personal clients on the side. And so she had to figure out this really complex billing system and how to do it really quickly. And so she took something that she learned from her profession and made a business around something really, really narrow. And so a lot of people think that it's got to be this big, crazy thing. If you solve one very specific problem for somebody, that is a business. And you might think, oh, well, how am I going to get a huge following from all that? This particular individual has 5,800 people who follow her on Instagram and she takes home almost a million dollars a year in income. And so if you're an accountant or you do HR or you edit videos or you do whatever, like every single job that exists in a business means that fundamentally people exchange money for the skill you have.
How do you identify the pain points of your target audience?
And so any professional skill that you do in a business, you can do as a consultant or as an independent contractor or teaching other people in that profession. There's lots of tree branches that come off of that, but this is the second big category that businesses are born from. The third bucket of P's is passion. These are the things that you're always interested in. These are the articles you read. These are the YouTube videos you watch. These are the podcasts that you listen to in your spare time. It's the stuff that you're just inherently interested in that you can't get enough of. And so for me, personally, I was somebody who was into fitness. It was what I was reading. I was reading T Nation, which none of you guys have even heard of.
But it was this blog online that had all of the lifters in there and all these trainers and coaches that were talking about stuff. And every night, I would... eat my meal, and I would read whatever the new T Nation articles were.
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Chapters
5 chapters
1
What are the five steps to starting a business?
0:00–2:41
2
How do you identify the pain points of your target audience?
2:41–6:40
3
What is the significance of your profession in business creation?
6:40–12:26
4
How does passion influence the type of business you start?
12:26–20:30
5
Who should you target when starting your business?
20:30–24:45