After meticulously analyzing multiple businesses and their respective strategies, we have come up with a customizable earning framework with a timeline to analyse, plan, create, feedback, market, scale, source & tools. Our framework is based on an evolutionary prototype.
a method with basic foundational step by step approach to building your business idea.
evolutionary: gradually making improvements to your business idea. Your today's noodle website can evolve tomorrow into a online shop selling kitchen utility such as wok, chopsticks, etc.
a working model of your business idea. Your working website with an ecommerce shop listing a few items you willing to sell.
We have applied our framework to many businesses and helped each of these business turns around more profit. We hope us consolidating and sharing all we know could help others.
This Analyse Timeline is where your journey starts. You have an idea. Your idea could be a brand new idea like cooking using solar energy. Or your idea could be something that makes an improvement to an existing idea like a solar cooker with an electrical adapter. Maybe it is an idea to solve an existing problem like solar cooker which also supports non-induction cookware.
Once an idea is identified you proceed to perform market research in order to understand the reception of your idea among the general public.
Most of us wanted to earn online and most of us do not have an idea! This is where you have to work hard and identify your niche. The framework helps you determine your budget and help you identify your funding sources along with the associated costs to cover such as one time or periodic, direct or indirect, essentials or optional, fixed or variable, etc.
ENTER IN Analyse Checklist
- Entrepreneurial mindset: you have to be inspired by the idea of creating something new.
- Time discipline: you must religiously spend at least 1 hr every day.
- Self-motivated: no idea is a good idea until it earns and it takes time to earn.
What is ENTER IN Checklist☝️? This is the list of things you must have completed before starting the respective timeline.
EXIT OUT Analysis Checklist
- Clearly documented idea: this idea will become a successful business.
- Complete (360 degrees) knowledge about your idea: learn everything about your idea.
- Reference material: all the notes that were taken during analysis timeline.
What is EXIT OUT Checklist☝️? This is the list of things you must have completed before ending the current timeline. DO NOT move to the next timeline until you have fulfilled everything.
Before you start the Plan Timeline you need to know a brief overview of what you want to achieve, both short and long term. This is where you have to invest time in determining your mission and vision statement.
Mission statement: What you wanted to do with your idea in the short and long term. A maternity clothing line could have a mission statement that says it strives to provide ethical and organic fabric to its customers.
Vision statement: How do you see yourself in the future with your idea. A maternity clothing line could have a vision statement that say it aims to become a one stop shop for all maternity needs.
The next step in this timeline is to create a plan for your business which will help you organize contingencies, finances, future forecast, etc. During this timeline, you will be creating a high-level project plan to help you keep track of deliverables as well as both micro and macro tasks.
Micro task: any independent activity that cannot be further broken down into smaller activity. Uploading files into a server, sending an email response to your customer are examples of a micro task.
Macro task: any independent activity that takes more than one step to complete. This activity can be broken down into smaller activity but it makes sense not to break down into smaller activity. Updating footer with a new phone number in all 30 webpages, start a new social media marketing campaign are examples of macro task.
Before you start selling anything you need to establish a brand and your position in the market. You need to identify who are your customers and how are you going to associate your product with them and their lifestyle.
You will also need a call script for every possible encounter with others in your life. These are ways you can inform others on what you are selling. Let us say you are at a party and you meet an elderly couple. You need to know what tone to set and how to start a conversation and self appraise your business. You need to have this conversation plan for every different person you may meet in your future. This could be a bank manager, an investor, an old friend or even a young college student.
Most important of all, you need a website. You need to understand the primary goal of your website is online. Is your website selling or just sharing information about your amazon store. You will need a very clear call to action option.
Call to action: This is a way for you to ask your website visitors to do something. If your website is selling something then you are asking your visitor to buy that something. This is called call to action. You can show a link which says "Shop Now" or a flashing button that says "Buy with 10% OFF only today". These link control and button control are called call to action options.
If you cannot measure, then you cannot manage. It is important to learn what your users are doing and what they are expecting from you. If you have a website then google analytics tell you more details about your visitors, the time they spent on a page, their location, gender, network speed, etc. It also tells you more about the top-earning pages, top landing and exit pages, etc.
A user’s interaction with your website creates a user perception, a point of view from the user’s standpoint about your system. Keeping this perception a positive one is very important. A good user experience demands helpful, reusable, pleasant, searchable, accessible and trustworthy content.
Last but not the least, a dedicated friendly customer support team and tools to manage customer relationships is important for your business.
You need a way to bring people to your website. More traffic generates more sales and more profit. Search engine optimization is a way to make webpages more appealing to search engines such that your pages are listed on the top of search results.
Search engine marketing is done to improve your website’s reach on search engines by paying money. Social media marketing is yet another internet marketing method to increase your website reach.
Scaling is getting bigger without costing more. There are many strategies for scaling.
Scale with no added cost
Let us assume, today you sell 10 items per day and it takes 1 person 1 hour to do packing and shipping. Tomorrow, this 1 person can pack and ship 20 items within 1 hour without requesting additional pay then your “packing and shipping” is scalable up to 20 items per hour.
Scaling with a little added cost
If this 1 person can pack and ship 20 items in 2 hours for an additional cost then “packing and shipping” is scalable but with additional cost. At this point, you will be checking if the profit you generate is going to compensate for this additional cost. Today you will accept this cost as operational cost and work toward eliminating this in the future.
Scaling for future
Let us say this 1 person does not know to pack your items using wooden boxes because he does not have the tools and lacks the training. At this point, your “packing and shipping” setup is NOT scalable to accommodate wooden box packing. You may be thinking of replacing the entire “packing and shipping” arrangement. Scaling for the future involves making tasks repeatable and redundant. Once established harmony then automate it to realize efficiency and profit.
Sourcing is also known as procurement. You need to identify who can manufacture your idea profitably. When you souce you need to look at many things such as cost to import, laws around importing these items. Some items cannot be imported as there might be anti dump laws.
When starting off you need to do everything from analysing to after sale support. Knowing the right tool for the right job is very essential. The top tools to learn would be a image editing, video editing and html authoring tool.
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