Lessons

Lesson Info

Types of Businesses

Let's clarify and you know people laugh and I put this slide up is it a business? Is it a hobby or is it a charity? The distinction I was waiting for that so a business is something that actually makes money right a hobby is something that could make money but that is, you know, it's something that you do for enjoyment something thatyou perhaps really good it is something that you want to be very good at ah, hobby can turn into a business the charity is something that is never expected to really make any money it is here for a particular purpose for a cause it supports something else. So you know, I of course is ten thousand find ways of charities and the law's constantly change, especially here in the united states is to what charitable business forms there are and, you know, legal entities we're not going to cover this in in this because not called built your charity's called built your business. But I want you to just be in your mind really clear about this it's about setting an int...

ention are you building a business? Do you want to take your hobby into a full time profession and one point and you're just starting to learn the basics so you can when you already really flipped the switch and turn it on and then have that business plan and that business idea ready to go or are you running a charity where you really don't care as long as it feels good as long as you're off service as long as you're participating and there's nothing wrong with any one of these you know it's okay to do any one of these there's no judgment but it's everything I talk about is always about making a conscious decision what is it for you and when you know that then we move on so can we do that brute quickly and go around the room and two that if a quick sort of vision mission statement you know whats your business and introduce you reintroduce you to the audience watching every wall over the world honey why don't you start because she was smiling me so nicely on so I'm calling for tula and my business is nutritional consulting it's not a hobby it's not a charity excellent thank you for clarifying that I want to get paid for this on I'm I'm still working on my vision I mean my business is brand new it literally just starting making no money right now so my vision is by the end of two thousand fifteen to be uh to make one hundred fifty thousand within the first year and a half a mme and establish a clientele andi and hopefully beginning referrals from those clients as well to andi my mission statement and I'm still working on this but my mission is to on make nutrition easy and simple to help people improve their health and their lives and focus the initial focus will be on women over fifty and showing them that uh you're fifty and over uh showing them that anything is possible brilliant great. Okay, remember all that all the pieces okay um so my name is jen baptist the business is just genuine creations um one of the products I am in business I am of business I'm not it's not a hobby it's not a charity um my vision is authentic expression and inspiration and intentional living and my mission statement is creating I've created an intentional planner that isn't it transformational tool for um for people any any person who would like to transform their life intentionally threw attentional living and, um what are the other pieces is that I get it but this was this was really, really good. Barbara my name is barbara butkus and um my website is barbara because dot com I'm a photographer on doing portrait it's fine arts and event um and uh let's see, I I'll take a stab at this mission statement here so just working this up in the last segment atleast for one segment of my business, how about this we provide strong imagery for individual professionals and small businesses to help them commit to their careers. All right, just get in there and I am definitely shooting to run a business uh photography is I'm a creative person an artistic person so I want that hobby aspect of it not to disappear entirely in the sense that I want to continue being a creative person uh but uh I'm not that interested in running a charity at the moment although um occasionally I will help some people out if they yeah well helping people out and running a charity is is not the same thing but you know but you have a seat this's the beautiful part you already I'll get it you know you already like oh no no no that's not charity I mean I'm helping but I do need to get paid for that very good good. My name is mary ogres ali and iran mary be photography um it is a business although I do work with charities um and I my mission statement is to provide candid children's portrait ce for the modern family that will be treasured forever. Okay, that sounds good alright, be better it's working way working on this, you know, so little by little we were making finding this is just the first segment I mean, how much better are there already doing now then when they first talked about that already it always sounds like that this is a journey just in the first segment we've had yes, yes good janice kendrick some janice k dot smugmug dot com and I'm right now it's it's more like a charity because I don't really make any money right now that's why I needed some focus so what I'm I'm trying to focus in on is providing a service to help women feel better about their look how they have you know, to step away from their mundane routine to be beautiful to be expressive in that way and my mission I'm I'm not really sure quite sure how to get to that right now um um I'm gonna have to work on it and how to actually get there that's fine that's fine again this is a process this is the first segment that was just finished and we will keep checking in on how this progressive so you know let's be proud of ourselves for already how much of this has trance part and just this little time that we spend on it go ahead. My name is galina um my one of my website it's halina v dot com and I want teo bring all my talents how many? Uh to create a number one online spot for russian speaking women where they can share their love and passion for creativity and art bye so I will provide I will start its providing my photography skills and knowledge on dh build and nursing community okay, wonderful and oh yeah charity um I want to be a business um it's going to be a business uh with their probably ten percent of hobby in five percent of charity okay, all right and women very often are not willing to let that sort of charitable helping portion off their businesses go out the door on that note it is perfectly ok to do something that helps other people and still be compensated for that there's no rule, no law out there in the world it says that you have to provide something and just because it helps other people it has to be for free it's a myth so well we'll cross that out you should and you will make money with your business because that's what you're learning here so for all of the audience out there again so this is our in studio audience. So you've seen already in this little time on what a great transition we've made from you know from your original statements to where we are right now so I hope you having the same experience please use the chat rooms talk to me through my great host because we always want to be in communication questions come up type them in and if you haven't done so, which I would find very shocking do get the workbook because the workbook is, you know, your guide your blank slate that you know we're now starting to fill in the blanks and rebuilding the business and they are in the conversation I'll share a couple of of their statements new owner says I have a hobby that I'm turning into a business where I can help other so it gets it does have a charitable aspect to italy, ash says mine is a hobby that became a business, which I now want to grow into a brand is that the right way of thinking nice and see? This is the stuff we're talking about, which is when you know, when we when we touch on these points and the lights come on call when the lights come on all of a sudden it's like, oh, I get it, you know, I'm here and now I see where I need to go so great statement really, really, really, really great statement, so keep going on that. Yeah, there's a lot of support in the chat room, lindsay says this course has already helped me to start shaping my vision and that's really exciting and the jackie says my vision is to create internet experience is filled with emotions to be to be really memory memorable without the mediocre creativity on and sort of boring ad agency feeling, so I'm assuming that they have ah, they have some kind of ah user experience or perhaps I'll have to question asked the question, what is it exactly that that means, but the mind is going the pen is working people are working on this with you so wonderful and I have actually on that I have a really, really, really important a little consideration when you write the your statements and you build your business you're not building a business by putting anybody else down we're not operating from a scar city proud uh mindset there's enough out there for everybody you're not better because you're putting other people down you're better because what you do is better it's clear to everybody it's better it's clear to everybody that it's needed that it's real that it's you know something that other people want so that's like one of the rules and I'm really glad that just came up thank you so much for sharing that and being you know bold and unafraid to you know put it out there so we can we can, you know, tweak it and probity is make sure your statements do not use any kind of derogatory information or or little you know I call him kicking under the table towards anybody else it's about you it's about what you offer and that is all there is let your potential customer or your consumers say I like her service so much because country to the boring ad agencies that would be a testimonial we will cover how to, you know, get these types of testimonials instead ofthe you saying that let somebody else say that for you you stick to the you know the clean straightforward statements and that's great and and just to clarify the jackie says yes I am on the web user experience design like that's what that's what the nature of their business is excellent excellent well, good, good, good good. So let's uh let's move it let's talk about what kind of business and this is you know, an important part again in the process is are you going to be a freelancer? Somebody someone would just call and higher like a one on one are you in the consulting or in the coaching business and that would you know, again speak to what we talked about earlier connie about you being you know, the connie nutrition consulting or you being the nutrition consulting company with practitioners that follow the connie method see the difference so that's part of the process is like, are you going to be by yourself teaching, you know, building this community or are you the catalyst is your company the you know, the meeting point that the returning point that that the spot where it all comes together and then the synergy happens and you attract others are there other businesses that could tie into your idea? Is it a franchise you know, is it like something that could be something that could go all over the world are there other people that have the same problem in other countries? You know, starbucks is obviously a franchise and subways a franchise, quizno's is the franchise so there's a lot of you know, franchise opportunities out there and probably most of you are not going to be quite in that. But if you want to own a franchise that is also being in business for yourself and that also requires the same things you know, because a lot of this like identification off what you need to, you know, to build the business goes goes into that. Another one is straight e commerce business. So are you out there and just, you know, on the internet there's, no brick and mortar, it's, it's, it's a product or service as a lot, a lot of internet business is out there. E commerce internet businesses is a friend of mine from my mastermind used it, and it was one of these, uh, he had figured out for people that, like surfing on the internet on how they could get his plug in and with them already liking a particular subject, they would sort of comment on other blog's and that tied into an advertising component. And next thing people that already did, you know, surf on the internet were making money for for their idea by just using this little plug in and you know becoming the authority on the subject so it's a lot of these little ideas that it could be you build the business that fits you and your lifestyle and you know to that point I mean if somebody likes to sit on the couch with a laptop there is a business for that too is it a home based business is it you know, out of your garage is it out of your you've done your extra room the extra bedroom where you know are you going in a shared space or is it a traditional brick and mortar business where people actually come and have those services so I'm you know going again going to put it out to you like tell me what's your business and which of these you know have even thought about on how you conducting your business and what you going to call it because this also goes what we talked about in the mission or the vision statement where we want everybody to identified as clearly as possible but it requires for you two first half given it some thought so I'm going to put it out to you really quickly do you know what business yours this um I'm working out of my home uh out of a home office right now so um I'm I'm pretty much literally home based but I guess like freelance with me also, I'm also freelancing um and I suppose in the future there might be a little room for some e commerce in the sense that I'm not sure which directions I'm, um going to expand out into but there's you know, um kind of the stock photography end of things that I that I could explore some day so, um, thinking about that okay, home and you can market for growth, right? You can say that my business is going to start like this and then future revenue streams and we will talk about the revenue streams are also going to be including x and y you know, so again, you know this all part of the building building process let's talk about talent and passion this is, you know, and again in the workbook on page seven I have, um I have a beginning on page seven actually for the next a couple of pages, I've put a lot of room in there for you to really identify what you're good at and what uh, what you dream about, one of the things that always comes up is when people say, well, I don't know what I'm really good at what could this idea be? Well, imagine you are so good at it, it is so easy for you can't believe other people have a problem with it you know have you ever met someone who knows how to do math really really well and then they look at you and they go like you don't know how to do that because to them they just look at the numbers and bam bam bam bam bam you know, all of a sudden the numbers all makes sense and you go like how did you do that like you don't know how to do that so if it is something that is that easy for you that is almost ridiculous that other people's don't know it other people don't know it that could be a good business. So for me this business building thing it's amazing to me on how it doesn't come natural to a lot of others people because to me it's so logical is I could well of course you're going to do that and that and then then that that builds the business. So for me this is ideal because that's makes a lot of sense to me it's easy for me I don't really have to think about that so and when people ask you for advice like what do people come to you for two people say you always look so well put together or I can't believe the stuff you do in the computer the amount of information you can extract from the internet finding cheap travel opportunities you always travel for half the price like everybody else how do you do that? I have a friend who lives in vancouver and when she goes on a trip and I've been on a couple trips with her she always knows the best restaurants and the best hotels because she is so good at knowing the places where to do the research and where to you know, find they're just the perfect total I've never had a bad restaurant or bad hotel when I was traveling with her so I said to her could you be a travel concierge service but people like me that are really busy but they want still a good experience I give you my budget and then you put it together for me bala and to her sick people would pay money for that yes that's the business you know so so let's think about some of these idea ideas so in the in the teaching world if you were to go out and you'd be teaching about something, what would she be teaching about expression how to be a genuine person and how to connect with people and um inspire they would be teaching you probably will be teaching about this yeah and living intentionally one when you asked the question about you know what, what people comment about everybody says you're so confident and you're so optimistic and you see possibility everywhere and whenever I am struggling with something I can come to you and you'll see a path you'll see a clear path through through something that I was I was burdened with thank you jin that's really great I really appreciate that but that see the clarity with which you already approached this now any lagana was pretty office it's pretty obvious to me chance let's talk about you so what do others notice about you? Well, I was just talking to my fellow students and break and I was telling someone called me yesterday and asked me to teach them photography she said that she would pay me and I said you don't have to pay me but I e o face that's how I am that's why I have a charity but I'm trying to to do a business because I would do it for free just like anybody else who would like that I I well in photography I'm good at composition and color and what else perspective and things like that I know it looks good and I could see light and so um I don't know I'm sure I could show someone that but but not everybody sees what I see so I guess that's what it is and that what what what a great example and how funny so you say I am so good at it and it is so easy for me I couldn't possibly charge anybody money for e e okay do free ee oh no no no you will know I will not account actually so so she just you see how this works on how we do this we're like this is so easy I couldn't possibly charge any money for it if it's that easy probably can charge twice as much so that's really the differentiation factor all right so let's see mary talk to me about what's uh most important to you what's most important to me family okay? And if we put that in relationship with the business how can we combine that? Well, I mean what I do is photograph families and kids is they age so that you can capture those memories before they're gone so you know my close relationship with my family and my soon to be husbands family those are all important relationships that we try and take care of and nurture as much as we can so I would look for clients probably that feel the same way because then those photographs would be important to them powerful statement what a powerful statement you talk about this like that you talked to potential client about it like that there be skin like that how can they not uh because I'm a family person this is what's really important to me that's why I got in the business in the first place it's my y and again you know we will cover the wife in another segment, but for right now, it's just important to see these examples of our in studio audience to see on how that relates to you. If your passion about if it's easy for you, it could be the business or it should tie into the business, because then, you know, we get to live our passion every day, and is there anything better than that? All right, so let's see, what else do we have now? We talk about, um now we talk about likes and don't likes so sometimes it's really sometimes it's very clear and sometimes it's not so clear, so if it's not clear, I really recommend to actually do it like that, you know, you make the list and you divide the list and you put your likes and your don't likes, so if you're really good at, you know, lets you know like my example organizing, researching, collaborating, helping others, being the leader, having ideas, trying new things, being a family person wanting to inspire, wanting to transform people's, you know, health and wellbeing through through a nutrition, then that's something you like and then there's always things you don't like, you know, like I said, office politics not being heard the day today, stuff busy, busy work, and I'm going to show you as we go through this on how to set up the business so you don't have to do the stuff you don't like to dio so that's all um that's all kind of good stuff so let's see here is another really fun one for me so the quality ofthe the idea right ninety nine percent off all ideas are really not new shocking ninety nine percent off all ideas are really ideas that already exist they're just better I'm going to give you an example who thought about this ground breaking idea of taking water hello water and putting it in a bottle and selling it for a lot of money some water bottles are going for what for five dollars they're more expensive than you know the one book chuck you know that she want water in a bottle what a crazy concept so they just made it better they re created a market was it a new idea to drink water off course it wasn't how about starbucks? How about coffee? How bad coffee making it a high end beverage pouring it in a cup and giving it to people to go shockingly simple but what was different about it? It was thie experience about the coffee and creating a place in a community around the coffee that was the new part about the idea drinking coffee really wasn't so if you have an idea and there's a lot of the stuff going on right now and I don't know if you watch, you know, this there some of these reality shows out there they deal with business building and entrepreneurship, and I found that it is beautiful to see on how some people say, well, I deliver disposable shavers two people on a monthly basis, so every month they get, you know, their amount ofthe disposable shaver so they don't have to go to the pharmacy or to the drugstore anymore to get their shavers this is a normal idea, it's just better. Or what about what about this farm fresh to you? You know, these they're popping up everywhere you get a box and either has pet toys and pet treats, or it has, uh, you know, vegetables there delivered from your local farmer to your door or there's one out there that delivers for people that want to cook at home ah, whole mia and so you get all the ingredients, including the pre packed spices and shows up at your door, and then you can show off on what a great cook you are because it all comes in a box, you don't have to go shopping, so a lot of these ideas, you know are not new there just the same idea better so let's check with our audience, perhaps out there and see what's what's transpiring we're just getting lots of feedback, lots of comments as well. I'm saying that there, really identifying with our students here in the audience and saying that green of lindsay's, saying, I agree so much. I run my own business. I let customers penny pinch, so I felt like I had an edge in my competence. And some of some of our viewers are having a hard time picking how their talent transitions into a product or service. So there's more of just that refinement, that defining in and asking the right questions so