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How to Start an Online Business
- 1. How to Start Your Own Online Business
- 2. Agenda • Your Idea • Multipliers & The Five Forces • Start with Why • The Horizon: 5 Years • The Countdown • Focus on the Now • Questions • All in 60 minutes…!
- 3. But first… • Buddy up! • Find out three interesting things about your buddy
- 4. Your Idea
- 5. Your Idea • Write it down in one sentence • You have 20 seconds • Let’s hear three.. • Don’t have one? Suggestions!
- 6. Multipliers
- 7. Multiplier: Idea x Execution • AWFUL IDEA = -1 • WEAK IDEA = 1 • SO-SO IDEA = 5 • GOOD IDEA = 10 • GREAT IDEA = 15 • BRILLIANT IDEA = 20
- 8. Multiplier: Idea x Execution • NO EXECUTION = $1 • WEAK EXECUTION = $1000 • SO-SO EXECUTION = $10,000 • GOOD EXECUTION = $100,000 • GREAT EXECUTION = $1,000,000 • BRILLIANT EXECUTION = $10,000,000
- 9. Multiplier: Idea x Execution The most brilliant idea, with no execution, is worth $20. The most brilliant idea takes great execution to be worth $20,000,000. - Derek Sivers
- 10. The Five Forces
- 11. The Five Forces Visibility Conversion Referral$ Value Repetition How many customers do they refer to you? How many people know about you? What percentage can you turn into paying customers How much do they spend with you per transaction ? How often do they come back?
- 12. The Five Forces $50 $207.36 1,200 1% $ 12 1.2 (1 in 5) 1.2 (1 in 5) 1,200 12 $ 144 $172.80 1 (none)1,000 0.5% $ 10 1 (never) 1,000 5 $ 50 $50 Visibility Conversion Referral$ Value Repetition
- 13. The Five Forces: online • Complete your top 3 activities for: • Visibility • Conversion • $ Value per transaction • Repetition • Referral
- 14. The Five Forces: online User Experience Up Selling CRM / Loyalty Programs Social Media Strategy IA & Storytelling Customer Service SEO Paid Online Advertising Offline Marketing Email Marketing Cross Selling Partnerships Traffic Conversion $ Value Return Rate Referral Rate Creating an excellent product or service Visibility Conversion Referral$ Value Repetition
- 15. Start with Why
- 16. Start with Why - Start with Why. What do you want? - Three minutes - Three examples
- 17. Start with Why. What do you want? - Happiness, contentment - Control over my own time, work for myself - Work with great people, help them grow and succeed - Do something meaningful - Travel, see the world - Make enough money
- 18. Values - Values: What is important to you? - Three minutes, share with the person next to you - Three examples
- 19. Values - Enjoyment - Growth - Purpose - Travel - Making the world a little bit better than I found it.
- 20. The Horizon: 5 Years
- 21. What does your future look like? Manifest it!
- 24. The Horizon: 5 Years - Where are you in 5 years? - Describe the business - Three minutes - Three examples
- 25. The Horizon: 5 Years - What are the key drivers? - Three minutes - Three examples
- 26. Where are you in 5 years? - International network of 15 schools - Team of 150 amazing instructors - Students will be: - Learning tech skills, 100% placement (really!) - Working in social development projects - Learning new fun skills and seeing the world - Our grads are running companies and are coming back to hire from our programs
- 27. The Key Business Drivers - Locations Amazing Schools - Hiring Great Instructors - Marketing FT & PT Students - Grad Placement Employed Grads - Revenue Enough Money - Everyone got 5?
- 28. The Countdown
- 29. Where are you in 5 years? - Locations 15 - Hiring 150 FT / 300 PT - Marketing 2,000 FT 7,500 PT - Grad Placement 100% - Revenue: $15m Annual
- 30. Where are you in 2 years? - Locations 5 - Hiring 50 FT / 100 PT - Marketing 600 FT 2,500 PT - Grad Placement 100% - Revenue: $5m Annual
- 31. Where are you in 1 year? - Locations 2 - Hiring 20 FT / 40 PT - Marketing 250 FT 1,000 PT - Grad Placement 100% - Revenue: $2m
- 32. Where are you in 3 months? - Locations 1 Amazing School - Hiring 6 FT / 12 PT - Marketing 45 FT 150 PT - Grad Placement Placement Program - Revenue: $100k monthly
- 33. Overview Locations Instr. FT PT Grad pl. Revenue 5 years 15 150 / 300 2,000 7,500 100% $15m 2 years 5 50 / 100 600 2,500 100% $5m 1 year 2 20 /40 250 1,000 100% $2m 3 months 1 8 / 12 45 150 in place $100k / m
- 34. Focus on Now