Philosophy

There has never been a better time in history to start a business. The costs to start a business are very minimal, the reach is literally global and the potential for your business growth is virtually infinite.

However, with this ease comes great difficulty. One in five businesses do not survive past the 1-year mark and half do not make it to 5 years.

This leads to one simple question:

“Why, in a time when it is so easy to start a business and to reach a global audience, do so many businesses find it hard to be profitable and to survive?”

This is a question that has fascinated me ever since my days as a student and it has taken me years to answer this.

The following model represents my solution to how you can turn your business ‘IDEA’ into a profitable business that survives all of the challenges and obstacles any business faces:

Identify Opportunity

An opportunity is the seed from which your business will grow.

You need to ask:

1. Does my product or service really solve a need that many are experiencing?

2. Is this need genuine enough for my prospects to actually pay money to have solved?

Once you have identified an opportunity, you can either be the first to enter that market and will need to educate your prospects or you can enter an established market and differentiate yourself from your competition.

Descriptive Journey

Every business has one purpose, to solve a problem that your prospect is currently experiencing.

The descriptive journey shows the logical steps that need to be taken in order to do this. It outlines all of the obstacles that will be faced, the solutions that will handle those obstacles and shows the full roadmap of your solution.

The easier and clearer this is to understand, the easier it will be for your prospect to sell themselves on the idea that this will be the right solution for them.

Emotional Journey

Our emotional brain is 20x larger and more powerful than our logical brain. This is why it is crucial that you appeal to your prospect’s emotional brain, as this is where they will make their purchasing decisions.

The Emotional Journey outlines the negative emotions that your prospect is experiencing in their current ‘pain’ stage and leads them to the positive emotions they will experience once they have solved their problem.

By showing that you have been on this emotional journey as well, you can rapidly build rapport with your prospects and position your business as the only viable solution for them.

Actionable Offer

The easier and clearer this is to understand, the easier it will be for your prospect to sell themselves on the idea that this will be the right solution for them.

Until your business starts to make sales and receive money, it is only a hobby. The only way to turn your hobby into a real and profitable business is to have a strong offer.

An Actionable Offer is one which combines the solution that your client needs with their own psychological needs that cause them to buy. By having every ingredient, your offer will easily sell but with an offer that lacks any of these components, your business will struggle.

Problem

Marketing is the tool that you use to communicate with your prospects to tell them that you understand their pain and can help them solve the problems that they are having.

We are all driven by the problems of a lack of growth, a desire for better health, the need for more wealth or for better relationships with our partners, family, friends and colleagues.

A successful marketing campaign will tap into one of these problems and spur your prospects into looking towards your business as a way to solve them.

Solution

Once you have a solution that can solve your prospect’s problem, you need to ask how will you deliver that solution?

You can either:

  • create a product
  • run a service
  • host an event
  • or create a membership program that delivers your solution.

The process of sales is that which you turn your prospects into clients, so that they can then benefit from your solution.

5 A

A business can only be successful if it is managed effectively. In order to do this, you need the 5 A’s:

  • Accounting ensures that your cashflow is positive and you have enough to pay your costs and pay yourself!
  • Analytics ensures that you know your KPIs and every piece of your business engine is running effectively
  • Assistance ensures that you have the RIGHT help and skills you need for your business to survive.
  • Automation ensures that your business is running effectively and efficiently and you are not wasting time on low-value tasks
  • Authority ensures that you are positioned as the leader in your industry so that sales are easier and profits are higher!

Mindset

The source of your business is you and the only way for you to build a successful business is to build a successful mindset.

This mindset will allow you to cope with stress, solve problems easily, think clearly and strategically and maintain a laser like focus on the task that you are doing.

A successful mindset allows you to achieve more in a week than most do in a month and to achieve more in a quarter than your competitors will in a year!

To start to apply the IDEA to Business Philosophy into your business, book your free consultation with me below: