Business 101 for aspiring entrepreneurs | Vavoza Insider letter (7/27/22)

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Good Wednesday!

It’s Vlad from Vavoza – I hope you’re doing awesome today 🙂

In today’s very short letter, I’m gonna share one very simple yet overlooked idea.

This quick ‘business 101’ tip is specifically for aspiring entrepreneurs.

Here’s what you need to start a successful business:

1. A product or service. Figure out EXACTLY what product or service you will be selling (either create a product or find products to sell).

2. Marketing and sales. Start marketing and selling your product or service continuously.

That’s it.

You don’t need to overthink your corporate structure or think about potential problems you will face down the road and how you’re gonna scale and so forth. All of that comes AFTER you already have a business that produces cash flow.

Look, this may sound like common sense to every single person reading this and it really is common sense.

In fact, it’s such an obvious and simple idea that many people completely overlook it and then wonder why they’re not getting anywhere as entrepreneurs.

Ask yourself these 2 questions:

1. What product or service do I offer to my target market (to people)?

Be specific. Your personality is not a product. Your funny TikTok post is not a product. Your free webinar is not a product. A product is something you can sell consistently over and over again because people are willing to buy it from you for their own selfish needs.

For example, I run a marketing agency and our product (it’s actually a service) is managing lead generation campaigns for our clients. We get paid to generate targeted traffic and leads to our clients’ websites and sales funnels via online advertising.

Would our clients pay us for our service if it didn’t benefit them? No. They pay for our services for their own selfish needs and that’s how it should be.

2. What am I doing to sell my product or service to the market?

How are people finding out about your product or service and what are you deliberately doing to get them interested in checking out your product or service and potentially buying from you?

For example, my company gets new clients from our existing clients referring us to other business owners (and it’s keeping us busy). We jump on a Zoom call with them, have a discussion, and close them. This is a tough one though because, in order for this to work, you need to have existing clients. When I just started my agency, I got clients by talking to a lot of people that I thought could potentially become my clients (my first paying agency client was a friend in town that runs a painting company). I also advertised my business with paid Search and video ads, posted on social media, sent out newsletters to my email lists that I built up over the years from doing affiliate marketing, called businesses from my cellphone, and so forth. I did everything and anything I could think of to get my first few clients.

Can you answer those 2 questions clearly without making any excuses?

If you cannot answer those 2 questions, you do not have a business- you’re living in rainbow land.

But you’re a smart Vavoza subscriber, you can figure it out 🙂 I’m rooting for you! If I figured it out, so can you.

By the way, I get it, there are various different business models.

For example, if you’re a YouTuber or some social media influencer, your focus should be to constantly share entertaining and/or valuable content with your audience without even thinking about selling anything to them initially while you’re building your audience.

However, even being an “influencer entrepreneur”, you should still figure out exactly what products or services you will sell a) to other people (endorsements and sponsored content), or b) to your own audience. Always have this in the back of your mind to stay on track, even if the end result turns out to be completely different than what you initially expected.

Know what you’re selling and how you’re selling it. It’s that simple.

I could say a lot more and mention all kinds of different variables and scenarios but the concept of business is exactly the same- sell a product or service somehow to someone.

Be blessed,

Vlad Strizheus
President, Vavoza

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