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How to predict if a business will fail
How can you reliably predict if a business is going to fail?
It is actually far easier than most people realize.
All you have to do is look at two key ingredients.
If these ingredients are missing, the business will almost certainly fail.
The #1 reason why businesses fail:Not testing ideas in the marketplace.
This is not just a good idea.
It's vital to your success.
Instead, most coaches spend the majority of their time:
- designing their course
- creating pricing "options" (an awful idea by itself)
- designing a website
- preparing social media posts
And they spend no time learning how to validating.
Validating is when you seek the input of the market to gain crucial insights...
And it works.
If you do it the other way around - building something based on your assumptions of what people want - you end up with a site no one visits, posts no one cares about, and prices that are irrelevant because you no one ever asks to work with you.
This is a fatal mistake and it leads us to...
The #2 reason why businesses fail
You must sell before you build.
Once you have receive feedback from what people are look for...
You actually need to sell your program before it's built.
That's so important, I'm going to type it again.
Sell
It
Before
You
Build
It.
"That sounds great, Jake. How can I believe that actually works?"
Because it's not my advice.
It's what all great businesses do when getting started.
It's also the reason kickstarter is such a massive success.
Selling before you build the whole program allows you to validate that people will pay for the thing you are about to build and it gives you the added excitement and initiative to get an early version of your offer out sooner rather than later (but with customers ready)!
Selling it before you've designed a program entirely also creates raving fans.
Interested in seeing how this works?
This video shows how you should design your entire coaching program...
Click here for a step-by-step walkthrough of a process we call the Coaching Fast-Track™.
Warmly,
Jake
P.S. If you love having quick 6 minute ideas like this one but prefer video or podcasts, check out my podcast, The Jake Nicolle Podcast, here on itunes where I talk about subjects like this one every day. I also share how you can build a bulletproof coaching business that will stand the test of time.
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By Jake NicolleHow can you reliably predict if a business is going to fail?
It is actually far easier than most people realize.
All you have to do is look at two key ingredients.
If these ingredients are missing, the business will almost certainly fail.
The #1 reason why businesses fail:Not testing ideas in the marketplace.
This is not just a good idea.
It's vital to your success.
Instead, most coaches spend the majority of their time:
- designing their course
- creating pricing "options" (an awful idea by itself)
- designing a website
- preparing social media posts
And they spend no time learning how to validating.
Validating is when you seek the input of the market to gain crucial insights...
And it works.
If you do it the other way around - building something based on your assumptions of what people want - you end up with a site no one visits, posts no one cares about, and prices that are irrelevant because you no one ever asks to work with you.
This is a fatal mistake and it leads us to...
The #2 reason why businesses fail
You must sell before you build.
Once you have receive feedback from what people are look for...
You actually need to sell your program before it's built.
That's so important, I'm going to type it again.
Sell
It
Before
You
Build
It.
"That sounds great, Jake. How can I believe that actually works?"
Because it's not my advice.
It's what all great businesses do when getting started.
It's also the reason kickstarter is such a massive success.
Selling before you build the whole program allows you to validate that people will pay for the thing you are about to build and it gives you the added excitement and initiative to get an early version of your offer out sooner rather than later (but with customers ready)!
Selling it before you've designed a program entirely also creates raving fans.
Interested in seeing how this works?
This video shows how you should design your entire coaching program...
Click here for a step-by-step walkthrough of a process we call the Coaching Fast-Track™.
Warmly,
Jake
P.S. If you love having quick 6 minute ideas like this one but prefer video or podcasts, check out my podcast, The Jake Nicolle Podcast, here on itunes where I talk about subjects like this one every day. I also share how you can build a bulletproof coaching business that will stand the test of time.