Here at Bold TV, we like to give our viewers the business advice they need to be savvy and successful. Starting a business is difficult, and everyone has two lingering questions: How much money do I need to get started? And how do I get started? Heather Simone joined Philip Michael on Bold Business to discuss business strategy.
How much do you need to get started?
“You just need $500 to get started,” Simone said. Why is this the case? Well, because technology has made business and marketing easier than ever before, especially with social media. Before, you would have to make phone calls and meet with different people — maybe investors — to get started. But because of social media, you can reach many in an extremely short amount of time for a small amount of money. In addition, you can meet people in your niche who can give you advice, which wasn’t a possibility before.
Knowing your “genius zone”
What is the “genius zone”? Sounds like a cool place to be! So, how do I get there?
Simone said everyone has a genius zone, which is unique to each entrepreneur. The genius zone is when you know three things: You’re good at it, you’re passionate about it, and it’s profitable. If one of these three things is missing, don’t pursue the idea. The motivation to work on your business is dependent on these pillars. If it’s unstable, you may lose the will to continue on your endeavor. Knowing your skillset, passion and profit probability will make the process a lot easier.
Whatever you want to do — if it’s real estate, a restaurant or technology — there is an audience and a niche market out there. So, the first step in business strategy is to identify your client base. (It may not be in your area, so do your research.) How much value will they bring you for your services? If your client base times your value of service — (Clients/Customers * Service Value) / Costs = Profits) — is greater than a million dollars, congratulations. You have a million-dollar idea.
For more “bold” business advice, check this out.