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Brainstorming Your Company & Culture

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Brainstorming Your Company & Culture

  1. 1. Grasshopper Academy COURSE 1 Tips on how to turn your hobby into a business Creating a Business Idea
  2. 2. Small Business and Startup Stats Approximately 543,000 new businesses get started each month … but more employer businesses shut down than start up each month 50% of all new businesses fail within 5 years - Forbes - Inc.
  3. 3. How do you know if your business idea will work?
  4. 4. The success of a startup depends on two things: 1) The Founder 2) The Market
  5. 5. Founder & CEO SpinGo Kreg Peeler The most important aspect of creating a successful business comes from making sure you do what you love. If you don't do that, you will be miserable because it takes a lot of time and a lot of money. The Founder
  6. 6. I encourage anyone who is passionate about his/her hobby to explore it as a possibility, but I have also learned that it is not all fun and games. Once I turned my hobbies into my work, they lost their therapeutic value. There was now pressure on me to deliver … Be clear that you may lose your love for the hobby as it becomes a job.” The Founder Founder & President TridentDesign, LLC Chris Hawker
  7. 7. Founder & President TridentDesign, LLC Chris Hawker Be sure that you want to spend a lot of time in the industry of your hobby. If your hobby is beer brewing, do you want to spend all your days and nights dealing with all of the logistics of running a brewery? If the answer is yes, then go for it. If you aren't sure, I recommend staying away. The Founder
  8. 8. 10 qualities/talents of successful entrepreneurs* Business Focus Confidence Creative Thinker Delegator Determination Independent Knowledge-seeker Promoter Relationship-builder Risk-taker The Founder *10 Talents That Drive Entrepreneurial Success, Gallup
  9. 9. The #1 reason that startups fail is the the lack of a market need for their product - Fortune The Market
  10. 10. While it's still in its infancy, test out different aspects of your business and be flexible. Don't invest too much in one product or service without testing the market first. Take what you learn and adjust your product/service. The Market Founder & CEO SpinGo Kreg Peeler
  11. 11. How to test the market online Search social media sites for your product, industry, or need. Set up a "coming soon" landing page to collect emails Crowdfund some of your initial startup costs The Market Scout any possible competitors
  12. 12. We got to the point that the household hobby was taking over our home, but there was still some question as to whether it could be a viable business. As a way to judge the market interest and also keep from having to spend a lot of our own capital, we ran a Kickstarter campaign. We decided if crowdfunding could pay for manufactured products, we could probably move from hobby to business successfully. The Market Co-Owner Lyla Tov Monsters Eric Black
  13. 13. Founder & President TridentDesign, LLC Chris Hawker You can evaluate interest in an idea by creating a landing page to see how easily you can acquire email addresses from potentially interested parties. For consumer products, I use Facebook PPC ads to drive people to the landing page where we describe the product as forthcoming and invite people to give us their email so they can be kept up to date on the release. The Market
  14. 14. How to test a local or niche market in real life Use the product in public Attend local events— craft fairs, community events, charity fundraisers. Give away samples to influencers in your industry The Market
  15. 15. Founder Scrubzbody Natural Skincare Roberta Perry It was my sister who suggested I start selling, so we set up an eBay store and sold at some home parties. When I randomly met the owner of a chain of hair salons, and he was willing to bring in my line, I knew I had something more than a hobby The Market
  16. 16. Founder Bad Pickle Tees Cyndi Grasman I had a pretty good idea that it would [work], since in the beginning my company grew very fast, very organically. I was in the restaurant business—surrounded by chefs and foodies all the time (my target customer in the beginning)—and I was able to wear my product, so I was constantly getting feedback. The Market
  17. 17. How to turn your hobby into your day job
  18. 18. Fasten your seatbelt … and then secure the person sitting next to you.
  19. 19. Founder Bad Pickle Tees Cyndi Grasman Just as important is to talk to those around you to see if they are ready to make the sacrifices too, because believe me: you are not going on this journey alone. You will need a strong support system on board and be ready to make some sacrifice. Step 1
  20. 20. Conduct thorough online research.
  21. 21. Founder & President TridentDesign, LLC Chris Hawker Start by doing some very thorough research online to carefully evaluate the competitive landscape. Where does your idea fit in, and is it easy to see (and explain) how it can compete? What is your proposed advantage? What are the barriers to entry that may not be obvious? Step 2 Then, interview experts in the field. Entrepreneurs love to talk about their businesses. Get the inside scoop on the industry, what it's really like, and what it takes to succeed there.
  22. 22. Adjust
  23. 23. Founder Bad Pickle Tees Cyndi Grasman We can be so passionate about what we love that we sometimes don't listen to important feedback. I found it important to find my focus group of customers, talk to them face to face, and more importantly to listen and implement changes. It can be hard to be honest when our product and passion is such a personal part of us, but once I did this I went from a very small group of potential customers to a much larger one. Step 3
  24. 24. Do the math
  25. 25. Founder & President TridentDesign, LLC Chris Hawker Do some napkin math on your idea before you do careful cash flow projections. You want to make sure that your business makes sense using realistic numbers, based on feedback from pros. Make some assumptions about investment, sales and expenses and see if it plays out. A lot of ideas only work at massive scale, and you have to be sure you can afford to get to that scale with your available resources. Step 4
  26. 26. Don't quit your day job
  27. 27. Start off with your new business as a side project. You don't have to throw away your current job to start your new project. Spend some hours at night working on it and developing it small. Step 5 Founder & CEO SpinGo Kreg Peeler
  28. 28. This comprehensive, online guide will walk you through proving your idea, confronting problems, building your brand, networking, and more! How to Transform Your Side Project into Your Only Project
  29. 29. Caution: Obstacles on Road
  30. 30. The Market The biggest obstacle we've faced is that you need to personally run every aspect of the business. We're not able to hire a staff, so we need to be managing sales, marketing, finances, legal, shipping, and every other department. That means we've needed to study and learn subjects we knew absolutely nothing about before starting this business. Caution: Obstacles on Road Co-owner Lyla Tov Monsters Eric Black
  31. 31. How to overcome common startup obstacles Remind yourself that obstacles are normal. The Market Remind yourself that obstacles are normal. Bill Gates’ first business failed. Steve Jobs was fired from Apple. J.K. Rowling lived off government aid while writing Harry Potter. Walt Disney was fired because he, “lacked imagination.” Dr. Seuss’ first book was rejected by 27 publishers.
  32. 32. How to overcome common startup obstacles Abandon what is not working The Market To sustain success, you have to be willing to abandon things that are no longer successful. What Matters Now: How to Win in a World of Relentless Change, Ferocious Competition and Unstoppable Innovation      ­ Gary Hamel,
  33. 33. How to overcome common startup obstacles Get creative The Market Get your team together. Think outside the box. Write down every idea. Come up with 20 solutions (no matter how ridiculous) for every problem.
  34. 34. How to overcome common startup obstacles Take a break The Market It seems counterintuitive, but most entrepreneurs end up spending every waking moment on the business —especially in the first year. Eventually your brain needs a break to refresh and recharge, so you can come back to face the obstacle with creativity and energy.
  35. 35. How to overcome common startup obstacles Stay one step ahead The Market Scaling up is hard. Hiring your first employee is hard. Expanding your marketing efforts into new channels is hard. Start thinking about those things before you have to do them. If you don’t learn how to scale before business takes off, you won’t be ready to do it when scaling up can mean making or breaking your business.
  36. 36. How do you know if your idea will work? It depends on two things: 1) The Founder 2) The Market Review
  37. 37. Review 1) Make sure all seatbelts are fastened 2) Conduct thorough online research 3) Adjust 4) Do the math 5) Don't quit your day job (yet) How to get started:
  38. 38. Review How to overcome obstacles 1) Remember you're in good company 2) Abandon what's not working 3) Get creative 4) Take a break 5) Stay one step ahead
  39. 39. Next Steps: Brainstorming Your Business Idea Potential