May 15 2023
050. From Brainstorm to Bank Account
Teri and Jen explore the journey from idea inception to financial success by using the Refined Method, a methodology based on the “6 M’s.” Whether you're a fledgling entrepreneur or a seasoned professional aiming for the six-figure mark, this strategy can help you navigate the often rocky road to business success. They dive into reverse engineering your goals, preparing for potential obstacles, and using faith-based scriptures to stay motivated. Plus, they offer advice on how to craft an effective internal messaging system before beginning any business venture. From market research to testing the market and creating a revenue roadmap, this episode has all the tips you need to take your idea from brainstorming to bank account within 60-90 days. If you’ve got an idea you want to take to launch – and need help navigating the process – we are here to help!! Book your power call with us here » https://keepingitpersonal.com/powercall [00:01 - 15:27] Mindset and Message: The Foundations of Success Mindset is crucial in business. This involves maintaining a positive and focused attitude, addressing self-doubts, and being prepared for obstacles. A good mindset requires reverse engineering one's goals to envision the future of the business and the lifestyle it should enable, taking into account one's current situation and capacity. Navigating the business journey requires resilience and proactive management of various mindset issues, such as fears, feelings of inadequacy, and beliefs about money and worthiness. It's crucial to be clear on your messaging to avoid confusion and potential missed opportunities. Messaging in a business is two-fold; Internal and External As a business grows and scales, there will be tweaks. It’s important to have a clear initial foundation, but the vision, mission, core values, and even target market may get clearer and more specific over time. [15:26 - 31:53] Uncovering Your Target Market and Monetizing Your Business Identifying the top 20 problems of your business. This list becomes your forward-facing message, assists in creating content, and forms the basis of your marketing strategy. Understanding your market is critical to creating a successful business: Know where your target market hangs out, their demographics, psychographic, and if there is a true need for what you’re offering Understanding how you’ll monetize your business by identifying products or services, considering different revenue streams, and understanding how payments will be collected. [31:54 - 40:06] Mapping out and Measuring The 7 phases of the Revenue Roadmap – Attract, Capture, Nurture, Convert, Deliver and Satisfy, Upsell, and Referrals Monitor and keep a pulse on what matters most in your business. Measure, review, and see what worked and what didn't. Quotes: "When you're launching a business or taking even another revenue stream, and you're creating something new, there's always going to be stumbling blocks. And so we need to make sure that we've got some really solid practical things in place." – Teri Johnson “We will puke on people if we don't have our messaging clear and we might miss some great opportunities for collaboration for potential clients.” – Teri Johnson "Messaging and market are crucial. We need to do our research, we need to understand what it is, make sure that it's a viable product, and that it's priced accordingly in the market." – Teri Johnson If you’re feeling disconnected and looking for a place to plug in – we would LOVE to connect with YOU and have you as a guest at our VIRTUAL Gathering! We meet each week to network, collaborate, encourage each other, and discuss strategies to grow our businesses. Just go to https://keepingitpersonal.com/vipguest to pick your date and get registered!