MBA1322 Where to Find Your Next Business + Free Ride Friday!

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Is Free Ride Friday so make sure you hang on to the end of the episode to hear who won this free ride. Every Friday we give away a lifetime membership to ezcourse, our 30 day course on how to build your own online course in 30 days. It retails for $500 over at EasyCourse Co, but somebody's going to win it for free today and every Friday. All you gotta do is leave us a rating and review on itunes and you enter our weekly random draw. It's that simple. Just listen in on Friday to see if you won. It's our way to say thanks for showing us love on itunes. Alright, let's jump into today's episod. Hello. Welcome to the Hundred Dollar MBA show for those who love business and can't get enough. We deliver daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online and in today's episode you will learn tips for your next business. I wanted to do a slightly different episode today. Many of you are thinking about starting your first business or your next business and I want give you some general tips share with you some things I've learned along the way that can help you get started with that next business. What to look for, what might work, where to look for those ideas and what are the first steps to making it happen. My job today is just to reveal some options, some things you might have overlooked or haven't thought of when choosing that next business. You're in a good place. The world is your oyster. You have options. Let's choose the right options for you and your next business. Let's get into it let's get down to business. All right, really excited about today's lesson because this is an exciting time to be in. Whether you just sold your previous business, starting anew, starting fresh, or starting your first business ever, there's so many options and that's a blessing, but it's also a challenge. My job today is to try to narrow your focus and give you some tips, some options for you to take a look at before you make that big decision and say, I'm gonna go all in on this business idea. All right, let me start with my first tip, one that a lot of people don't think about. And I think it's actually a really good idea, something to consider and that's you don't have to start something from scratch. You can actually buy an existing business. Yeah, something that you can take to the next level. There are many sites where you can buy businesses. One of the most prevalent ones or easy to use ones that I recommend is Empire Flippers. Empire Flippers.com focuses on online businesses. You could buy an online business from them. They have the price of the business, how much revenue they make, all that kind of stuff, the costs. So it's worth taking a look at something like Empire Flippers before you take the plunge and start a business, because there might be a business out there that piques your interest that you say, hey, you know what, this business has potential. I have some expertise, I can take this to another level. Now. What's great about buying a business is that it's already making money. So it has an existing audience, it has a customer base, it has everything kind of built out. You may have to change a few things, improve a few things, but for the most part, it's an old machine. It's going, it's moving, it's happening. You're not starting from scratch, which is a huge advantage. Now, obviously, the more expensive the business you buy, the more well off it is. But many of these small online businesses don't cost much to run and have a small team, have a small staff that you can inherit when you buy the business. This appeals to a lot of people that love to improve upon something rather than start something from scratch. And I think it's something worth looking at before you commit to a business idea. Alright, my next tip, if you're starting something new, a new business from scratch is beware of extremes. Many people, when they start a business, they think, I want to create something completely novel, completely new that no one ever heard of, a complete new innovation. I think that is Some dangerous talk. Why? Because it's super hard to carve out a new market and you're going to have to have a lot of money behind you. We're talking millions of dollars to inform the market about your idea, to teach them what your idea is all about. I'm going to give you an example. Airbnb. When Airbnb came out, people thought it was crazy and creepy, and the thought of letting a stranger into your home was just madness. But luckily, Airbnb had some sort of proof of concept to get started. But they got a ton of funding and were able to educate the masses through marketing, through ads, through. Through incentivizing hosts and all that kind of stuff. But it's super hard to carve out that new niche. So I encourage people to not go somewhere that's absolutely new, but at the same time, don't go somewhere that's absolutely crowded. I'll give you an example from my own business, Webinar Ninja, the webinar platform we started back in 2014. When we started, there were a handful of webinar softwares out there on the market. Not many at all, probably can count them on one hand. We came in and put our own spin on it, had our own unique selling proposition. We were easy to use, we were better looking than the competition, but we weren't new to the market. People used webinar software before us. They knew what it was, they've tried it, they just want something better. But at the same time, we weren't competing with hundreds of alternatives. Today we have a lot more competition, but we started early on, early enough to get some momentum and to build our own audience. So you could see where you can strike the balance of something that's relatively new, but it's not super crowded. Another tip or something to consider is luxury markets. Many people, when they start a business, they price their products very low. That's an option, not the only option. You can go high, you can sell to a higher price point. A good example of this in the software world is Superhuman. Superhuman is becoming a very popular email client, a way to read your emails. Now you might be thinking, well, why do I need that? I have Gmail for that. It's free. Well, yes, Gmail is free, but the software you read your email, like the software you use on your phone or on your laptop, like Outlook or Apple Mail, that's included on your device. Superhuman is an alternative to that kind of application. And it's actually $30 a month now for the common person, that's expensive. For somebody who doesn't live in their inbox, they don't see the value. But high level entreprene business people that are constantly dealing with email and need something that's more efficient, that's cleaner, that saves them time. Superhuman is a breath of fresh air and well worth the $30. And it's seen as like a luxury item in software, luxury software, so to speak. They went that route. They could have charged people $5 a month, but they said no, $30. And I'm positive they will raise prices and it will be a lot more expensive in the future. You can apply this idea to any business or service for that matter. If you're a website designer, don't cater for the budgets that are 5 to $10,000 for a website. Cater the budgets that are 20 to $30,000 or $50,000 plus. When I speak about these prices for website design, a lot of people kind of say really $50,000. People create websites for $50,000. That's nothing. When Nike just creates a micro site for a line of sneakers, they're coming out with maybe a, a one page site. They'll spend hundreds of thousands of dollars for that micro site because they value the potential of that little site. So again, going up market is an option. Don't disregard it. You'll need a lot less customers to be profitable. Another tip or something to consider when you're starting a business is taking a business concept, a business model that works really well in the real world and putting it online. Zappos was a very early on online shoe store. People can buy and return their shoes easily and they created the shoe store experience. But online, what other tedious things that people don't like to do in real life that they rather just do online? The travel industry is filled with this. People used to go to travel agencies in real life to book a holiday. Now you can book a whole trip with transfers and excursions and everything online. There are so many things that are still out there in the real world that haven't made that leap online. And you could be somebody who, who pioneers that. It's a task or something that people are used to, they are familiar with it, it's nothing new, but you're making their life easier by making it accessible right on their phone. Something that I saw recently which was like, of course this makes total sense is doctor visits. Many people don't want to go to the doctor because it's such a hassle to make an appointment and go across town and find parking. There are now services an online website that doctors can be a part of and hosts can meet them online via video. Now, this is not going to work for every doctor visit, but for many general checkups, things like that, where tests don't need to be run, where they need just to look down your throat or hear about your symptoms, they can definitely help you out. So taking something that people don't enjoy doing in real life and moving it online to make it more convenient, great way to innovate and start a new business idea.

Is it time to reimagine your future? The right business skills may make a difference in your career. At Capella University, we offer a relevant education that's designed to focus on what you need to know in the business world. We'll teach professional skills to help you pursue your goals like business management, strategic planning, and effective communication. And you can apply these skills right away. A different future is closer than you think with Capella University. Learn more at Capella. Edu.

To wrap up today's lesson, when you're starting a new business, whether it's your first one or your tenth, you have options. Explore these options and remember how you start is important. Make your life easier. Choose something that you enjoy. Choose something that you're excited about and something that the market actually needs and wants. The decisions you make early on affect the struggles that you'll have later on, so choose your path wisely. All right, thank you for listening, but today's episode's not over. It's Free Ride Friday. Let's see who won this week's Free Ride. And the winner is Kelly ic. Kelly IC Says worth every second five stars Fast and Furious Business Tricks and Tips I've sent dozens of listeners to this podcast, to this site and I'll keep doing so well. Thank you Kelly for that review. Your mission is to email me over at Omar at 100- MBA-NET so I can hook you up with the lifetime access to easy course. Our 500 hour course is yours for free for life. If you want to win a free ride Friday as well, just leave us an iTunes rating and review and you enter our weekly random draw. That simple. Thanks you so much for listening. Before I go, I want to leave you with this. Every business will have struggles. Every businesses will have challenges. But if you can simplify things at the start, make things as easy as possible for you along the way, it's going to make it a whole lot easier for for you in the long run. My last piece of advice is to simplify. Make sure whatever you offer is simple, easy to understand for your customers and easy for you to implement. The more complex your solution, the harder it will be for you to deliver it consistently. Thank you so much for listening and I'll check you in Monday's episode. I'll see you then. Take care.

Of. Is it time to reimagine your future? The right business skills may make a difference in your career. At Capella University, we offer a relevant education that's designed to focus on what you need to know in the business world. We'll teach professional skills to help you pursue your goals like business management, strategic planning, and effective communication, and you can apply these skills right away. A different future is closer than you think with Capella University. Learn more at Capella Eduardo.