STEP 5: Sharpen your business model

Becoming an Entrepreneur Continuous improvement of your Business model
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Transcript

Okay, so the three next steps are actually quite different, where, before it was sequential, and we would build on each step one after another, we are now entering into more cyclical steps that I never really over. And the first one of those is sharpening your business model. So in the previous step, you have built this role, business model, or identity, I should say. So you have a website, you have a business card, you have a flyer, you have a brochure, I can tell you don't don't print too many of those because they're gonna change. And I promise you what you wrote here and what you put on the website is definitely going to evolve over time. You're still at the early days, and that's one of the advantages of still being in your corporate job is that you can Do those tests, and you can sharpen your business at at will, you know, and, and you can really take advantage of your position right now of being secure, to really spend a lot of time in sharpening your business.

So this is what this step is about. Now, how do you go about this? It's very simple. This is the step where I took what I thought was good. When I was convinced All right, I've got my website, I've got my brochure, and I've got my value proposition and I will peach and, and so what I did, I just, you know, started to test it out with as many people as possible. Start with the most critical people and get feedback.

Tension. I want to hear feedback doesn't mean that you will apply everything people say, but that means you stay open. You take the points, take a few notes, come back home and digest this and think about what was the feeling and then the reflection of people and then based on this change, what you want to change is your business, okay? And other people's opinion is just one source of inspiration that you can incorporate. But always apply your own filter. Okay?

That's really important because otherwise your business would change from one way to another based on who you talk about when you talk to. But still, feedback is essential in this step, which is start sharpening your business model. Okay, so explain your idea. Present your flyers, ask people questions like can you go on my on my website then and tell me how you feel? Or show them a flyer and say, Okay, I'm just going to show you this for five seconds. What do you take out of it?

What did you understand? Again, how did you how did it make you feel? I think this is really key because business is a lot about how people feel. It's, you know, the convincing the analytical part comes last, but first, it's about How they feel? Do they feel understood? They feel hooked.

Does that actually talk to them? Yes or no? This is key. This is what you want to know, at this stage. Are you? Are you spot on with with, with your, your view of your clients needs?

And does your solution attract? does it create some sense of excitement and enthusiasm in them? So, ask these questions, throw it around, test it out. And you know, you can use tools. Also, if you if you put anything online, you know, look at the number of likes on Facebook, look at the number of user on Google Analytics, you have these capabilities, they're free. So test it out, test it out, test it out, collect feedback, and fine tune.

And I remember for myself, for example, recording videos and then it's a lot of work to record, a marketing video about Your business. And then I realized some messages were wrong, some pictures were not correct. And people were giving me feedback that resulted in me having to completely redo the video. And I thought I was done with this part and I wanted to move on. But hey, you know, I accepted that I was in the step where I really needed to sharpen the business. So we went back, we edited the video once, twice, three times didn't matter.

I wanted to get better and as prepared as possible for really getting into the market. Here, you're still in kind of trial mode, you have a safety net, and and you're still employed. So take this opportunity to improve your model and sharpen it as much as possible. I really think the word sharpen here is is is appropriate because this is what we're talking about. It's not that good. You have a bag but you're making it better.

If it's wrong. You're making a change. You're making spot on. And the more work you put, the more efforts you spend here. And the better the results will be data. So this is your time, take your time, really go deep into sharpening your business model.

Ask as many people as you can. And not just the the the ones that will encourage you and say that it's brilliant. Of course, that's great. It's motivating, but it's not really helping you at this stage. Because what you need is not motivation. You got the drive, I know you.

What you need now is real tough feedback, honest, transparent, so that you really learn, hey, we're not talking here about something pleasant. We're talking about something that will drive your life for the next 10 years. So we're not kidding. Okay. Be ready for the feedback. Take it.

Welcome it, absorb it, digest it, change, your brochure, your name, your logo, your style, change everything. Go back to your clients. Again, ask yourself, did I really understand who my client is? And what do they need? This is the time where you put everything in doubt. And if it takes a lot of work, if it makes you have to reshape your, your website, well just do it.

I remember, after a month of building up a website, I realized that my domain name was wrong, because it was sending the wrong message. And I had to change not just the domain name, but then all the keywords in every page, I needed to change some, some infographs I needed to redo a lot of actually, contents that I had built for month. had to do it all the game. This is part of the game and I was ready to accept this to sharpen my business so that I'm as prepared as possible for the future. That's the point I told you those steps are cyclical and they're longer. This is not something you will finish at the end of today.

You need To stay in that step for a long period of time. That's okay. You got time you building up your way to freedom. And if you take some bit more time and effort, so be it. You know where you're going. That's what matters.

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