Building Your Business Idea or Project

1. Introduction: Hello everyone. My name is solvents are key and I'm the course instructor for this project. The past few years, I've been working to increase the way that I work on my art. That is providing more opportunities to have my audience engage with my hand. I'm a phone that has been a difficult journey because I haven't gone into a point of creating products or experiential spaces for people to engage with my work. And that's made me few challenge to the, to identify a new opportunity that could bring in my audience to come in and engage with my work and also engage in creating work. I believe that, like any other skill at learning how to create art is a skill that can be taught to any other person. Because I reflect on my background and planning how to create art, being an experience where I land in media, a lot of mistakes. I came, I grew into having more confidence in creating the pieces in this course. I'm going over all of that and how to kick start a business or a project to engage your audience. In this class, we're generally going, going to go over how to start from the start, from the scratch on what ideas you should think about creating and right onto the launch phase, I'm going to go through this process with you, working with a case scenario of my own project, which is creating one day experience for people to come and engage with me, my country. And they line to create that. So we're going to be going through the whole process of doing the whole research. And I'm gonna be adding a little bit more information as we go along. I understand that this, while this course is more suitable for people in the outfield, I still believe a core concepts of it can be applied to anyone who wants to walk to create a launch a project in the future. Because I have done the same with other projects that have wanted to work on. And it's enabled me to cover or go over the imposter syndrome that often all these creeps in when you're thinking about starting a new project. And once you're able to now overcome the imposter syndrome and go onto the next phase. You feel very excited about testing are the new ideas. And that's what I feel currently because I believe that I have, I tend to postpone when I would work on this project. But now that I'm doing this with you is something that I've already started in my life and I've engaged a few people that I need. So I'm so excited for you to learn how to launch your business and the core concepts of creating a human-centered business model or human-centered products that can engage your audience and enable you to have an opportunity to share what you love with the world. Be it in a heart beat, in cooking, be it in any other business that you're working in or any other interests that you want to share with other people. So welcome to this class. 2. Your Class Project: Hello. In this class, the class project for this class, we'll be creating a pitch for our business that you want to run or a project that you want to run. In this speech, I'd like for you to include, first of all, what achievements you look into have had within that period that you're doing the pitch, what problem you're solving, how you are solving it, and why you are excited to share that P3, they investors, I believe this is a good exercise for you to gain more confidence and gain more understanding on what you're providing to an audience ensures that you can also link this up to how you do your marketing campaigns to attract an audience. Because you'd be linked to the problem you're solving, how you're solving it, and why people should come into their project. Make sure you attach your project below. And I'll be reviewing it and sharing feedback on what I believe you can add on as you continue working on this. 3. Understand Audience: Get to understand your audience. I believe a first step of any project that you want to work on is to understand the needs of the people that she wants to bring on on the experience. Say for instance, you want to start an organization or a project-based heard people interested in environmental conservation. What you would be looking into is creating works that will engage with people in environmental conservation. So things that aren't, I'm environmental waste management at tree-planting such activities. In a similar way for whatever project you're starting, it is important to understand the needs of your target audience. And that is by saying, Say for instance, for me, I'm starting on a project where I want to bring on people to paint or explore painting for one day experience, that's four to 5 h experienced people who would be interested in these are people who like art or have engaged in art before or are interested into pursuing art, not full-time, but could be full-time for Sam. But we'll be interested in pursuing, but feel a lot of blockers when they wanted to do it alone. So what I would provide is a space where they can engage with each other, but also established that they can do it by themselves through providing the material they need to paint in that space, the project should be aligned to what? Creating an experiential space for people to paint when engaging with other people in a similar way. If you're going to be launching a project in environmental conservation, you'd want to do one within tree planting or risk management so that you engage with people within the field. And they're able to engage with you and you're able to get more information on what you need to do for the future, for you to have a better established business and more performance in the future. 4. Brainstorming Ideas: The second part that you should look into is brainstorming ideas. Once you've collected information from an audience, for instance, this could be online through sending out forms to your friends or people. Within the field. It's important to think about how to create your business idea or come into fruition. So for me, one of the things that have been doing over the past few months is collecting information from my colleagues on what type of event they would like for an article. And that has enabled me to understand that a lot of people don't want to figure out what adds tells they want to do. They just wanted to create an art piece and go with it at home. As they fast it experience. They don't want to learn about the background of art, the history of art. They generally don't want to engage in such type of information, but are really interested in creating the end product in a similar way, if you're creating a product in itself, it's important for you to understand what information you're getting from your audience and in what ways you can use that to create a product that is feasible for the market that you're trying to attract. So that you always aligned to provide useful products and valuable products to your customer. Let's go on to the next phase of lunch in your project. 5. Prototyping Your Idea: When thinking about launching your business, it's important to understand what type of product you're bringing to the market. So once you've obtained information from your audience on what their needs are and a balance of what your ideas or you could go into creating your final product or a test version of the final product that would meet their needs while also bringing out the idea that you had in mind. This works best with physical products, but you can also do the same for service oriented products. I believe that while working with physical products, see for instance, for prejudice have worked on before. There is, is that you can create the product and take it into market and receive feedback immediately. On the other hand, with a service, you could do the same, but that will require you to engage with the audience. See what instance you're testing out a new project for coaching and audience. What do you do in the prototyping phase is actually have a coaching event to get feedback from the audience on what to do in a similar way for my type of business, what I intend to do is have first event to receive feedback or how the audience engaged with a painting exercise and what key areas of improvement I can make this. In this prototyping phase, it's easier for you to do into the fewer number of people. So for instance, if your target audience was 20 people to engage with their product or a service, you could try work it with a group of five people to obtain immediate feedback on what you need to work on before you actually launch the product into the market. 6. Implementation in Market: Next step of the project is launching it or implementing the key steps that you've thought about. So one of the things that come up in this phase is creating smart goals. Smart goals, to be specific, it needs to be timely. So that's the most essential things that I want you to focus on. One thing here about smart goals in this step. Because you want to think about when you want to launch the project and what you need to do before you launch the project. So say for instance, you want to launch a project two months from now, and you need to do research and market marketing within that period. So you need to look into having the first two weeks into doing your research the next week, introducing a compilation of how to access the data. In the next three weeks should be focused on marketing, in continuing marketing leading up to the event. So while collecting all the things that you require for the event in a similar way, if you're launching your product in the market, you need time to think about which places that you will launch the product head and what elements you require, what materials do require. Say for instance, you're in launching notebooks. You need to source for their materials, design the products, print the product, market, the product, and finally, have them available for purchase for the clients. So thinking through this steps is important. One of the things that I like to do is give yourself, first of all, a one-week period. Say for instance, if you want to do research on the competitors in the market, do it within a one week period as the main deliverable of a week. Because in that period of time, you'd be able to assess what the other competitors are doing and what you can do differently so that you can improve your overall performance for the project. And that is what you should focus on in the implementation. 7. Marketing to Audience: So in the marketing phase, you need to do a few things. The first thing you need to identify what your goals are for the marketing campaign. Say, for instance, is your goal meeting more people in the audience are attracting a bigger audience, or is your goal increasing sales? So based on this different goals, you'll have different identify as to promote your progress towards attaining them. The next thing is you need to identify your target customer. Say for instance, you're creating notebooks and they're not for children. You mean by market. Therefore, one should be parents. But you'll be seeing middle aged individuals who will be able to use their product. And I say this in comparison to using children, because while your target market may be children, the people who actually buy the product or the parents. So you need to think about who your target customer is and who your target audiences so that you can be able to engage with them in an individual level and enable them to find value and see value in your product so that they can become a person who purchases a product or service. It is just something that you're creating. The next thing is, you need to create a unique value proposition or a selling point for your project. So for instance, for my project in this case, I intend to do a painting experience for current. So my value proposition is for individuals who have no skills in painting to learn how to paint without necessarily having to source for materials or things that they need to have to launch the product. And finally, being able to create the project through my guidance within this space and going home with your project. So this value proposition works because I've seen it working for other competitors in the market as well. And I understand that what somebody is looking into when getting into painting is finally, is creating the project. The product, sorry, is creating the painting. Rather than figuring out where to source for art material, whether to look into going through oil or gouache paints or acrylic paints. You need to be very focused on what do you want to bring on board. And that will enable you to have a very clear definition of what your goals are and how to get there. The next thing is you need to price your products competitively. The truth is, you can't have your product cheaper than what the market is providing to cheap and more expensive. So you need to be around the budget or the estimated value within the market so that you can engage with a larger audience within their market. Another thing is put in place distribution channels, say for instance, you are creating productivity will be distributed across the country, are things that you could look into is, say for instance, if the US, you'd look into having UPS be your supporting team for delivering the products. Or if you're in a different country, sourcing for individuals who will help you deliver the products with their customer. And everything is, consider your promotion timelines or what you want it to do. So if I sense when you're launching your product, you tend to bring on board people to experience the product for free. So that's maybe one of the things that you may think about when launching your promotion plan. All you were thinking about launching a promotion plan to engage people for longer periods. So, for instance, recommending other people to come on board to purchase a product or a purchase and experience will enable them to get a discount. So you can think about different promotions that you want to walk with over this period to engage a larger audience on what you're offering and how they can access it while also bringing value to yourself. Another thing you need to do is develop a budget for the marketing foods. The reality is marketing is very expansive. So you can look into traditional marketing or content marketing. I believe that is good. Good to think about a combination of both aspects. While the traditional marketing focuses on one-to-one marketing, carried marketing practices enable you to understand what a customer is in need of because you're able to fully reach them through social media and phones and other means. So that's one of the reasons you should consider thinking about their budget for social media marketing or Google ads, such terrible things to engage with a larger audience. Finally, measure your success. So say for incentive, target for a marketing campaign was reached 50 customers. So once you meet over two, over a certain period of time, say I wanted to meet 50 customers over two weeks. If I made 25 people, they need to understand what it is I'm doing to meet 25 and what more I could do to expand that number of engagement. So once you do that, you'll have more information and you'll be able to make more decisions that can inform how you grow your product into the market, into the next. 8. B2B Development: In the next phase, you should look into your cells. So cells is an essential part of launching your business or launching your product because it's the what establishes where you have people in teaching with your product or not. And it is important because it enables you to share your story with the world and attract people who engage with your sturdy and engage with your product in a deeper level and look into acquiring your product or service for their own benefit. The most important part when you're looking about sales, are thinking about sales is to understand what you're offering and why it is valuable for your customer. When many of us smile, look into sales as a difficult process in each of your businesses development as a daunting process. And it may be daunting initially. One thing that would help you overcome this phase is thinking about the value proposition that you're providing to the customers or people who want to engage with your product. 9. B2B Development Confidence : Why are things that you need to think about when establishing how to grow your confidence in sales. Is practice, practice, practice. The beautiful thing about giving yourself time to grow around how you develop in show business is actually always gain more confidence on how to represent it to people who are interested or potential clients who'd become people who you can engage you for the long term business. Wife, things that I also learned when I was setting out for my own self in sales, is that there's always an opportunity for you to grow more through establishing new networks. So astonishing how to deliver your presentation or deliver your message across to a wider audience, gives you confidence on how to reach more people and enables you to refine the message or the tangent message that you have for your ideal audience. And overtime you're able to meet those people and have them engage with the product. So say for instance, for me while I'm setting out on the product that I'm launching, which is, I'm teaching people how to paint. I want to be able to provide value for people and I want them to know that value while I share it in the messages that I create on social media and across other platforms. So my sales process or my peach, should come across in how I create the content because it enables me to connect with my audience and establish potential clients and be able to engage them to make them long-lasting glands for my organization or for my project or business that I wanted to take on. So think about how you can start off or send your message to people and what it is that is of value to other people in the product that you want to create. And you may use this as a guideline to inform how you do the marketing. Because a lot about how you do the marketing is connecting with your audience. So if you're able to present your ideas authentically and articulate what you want or how are you providing value for others? It's very likely that they'll connect with you. 10. Financial Planning: The next thing that you need to consider when looking into kick-starting your project or starting new businesses, their financial expenses that going into the project or the financial revenues expected. One of the things that I like to do or that I've done in previous businesses and projects that have Ryan is to do a financial projection of the average expenses at NCAR was in a period, say for instance, for the crochet business that I was running previously, I had a friend financial projection for two quarters and the number of clients expected or valid period. While the main things that was informing was the main indicator to inform how fast or what's nature of the business is growing. So as you see here, in the first month of January, I was expecting ten customers. And in February of 15, in March, 15 in April, 20 in May 25, and in June 25. So this is the prediction for the two-quarters or the first six months of the project. And the product was being sold at $25. So this is 500 in my country's currency. So that's our actions, $5. The total income is a stipulated below 25,000 and it increases over time right up until the six months because that's my financial projection for how fast the business should grow. From that, you can also note the expenses, and it's important for you to note, aside from the cost of products, you need to actually factor into the cost of the labor. And that will also include your running costs of you walking on the project. So say for instance, if it takes 10 h to work on a product in your country, you are challenged $10 for an hour. You do $10 times ten to establish their cost of their product in terms of the labor cost. You should also consider other costs that come into running the project. C points and transportation to deliver the products or to the service area, packaging of the product, if it's a physical product, marketing, if you're gonna be doing instead of marketing, or if you're gonna be doing other forms of marketing. For instance, if you add Google ads, you need to include that in your projected expenses for the month. And then you will establish how much income you obtain from the business. Over time. You'll be able to make more informed decisions on how much you should invest into the business as the business grows. So the estimated profit that you shouldn't make per month could also increase over time. Because as you can see here above, is that over time I intend to increase the number of customers additionally by five c over every one month. And that's through the number of marketing campaigns that I would be doing. So based on the marketing that you intend to do. You should also note that your projected income should increase over time. Try to have this table with app rejected versus actual to establish how your business grows over time. You could also use the templates that I've included below on the projected versus actual incomes. If you're interested in a crime that, that will be in the resources provided. So just make sure you use this as a template to guide how you kickstart your business or kickstart and project how you're going to walk over time. Because this will inform the speed at which you grow and also inform the decisions that you make. 11. Accounting: The next thing you need to go today is accounting. Accounting is an essential part of running a business or starting out your project because it enables you to keep all the finances of the project within one place. It makes informed decision-making from it. So some other questions that I use. Well, establishing what The method of accounting you should use is first of all, do you have a bank account for the business? And if so, when do you estimate to open it? So in some cases you could choose to go the bank controlled muscle if you have registered your company or your business, because that enables you to separate finances between your personal transactions and those of the business. And this is a preferrable option muscle when you want an ease of accounting. The second question is, which records do you need to keep in place for your business? So as you set out, I would recommend keeping an expense and incomes record. So that would be receipts for purchases. You've made, receipts for sales orders that you have provided to customers. If you're using an online accounting software, say for instance, wave, this will be easy for you to store records. Or if you're using online payment systems because they have automatically generated records for you. The next thing is how do you intend to store your financial records? And you intend to track your income and expenses. So as you start out, if it's a small project, you can start out by writing it out and hand. While this does not or is not recommended for the ease of moving it into the online system. It works at the initial fees. So I would recommend for you to start off with Microsoft Excel. You could access that to just include your income and expenses. The next question is, do you have someone in your network who can provide you with financial management advice? So if you don't have anyone on your natural teeth and you also choose to use online learning for as you start out because you want to keep your expenses and the minimum. But over time, if you choose to move on into somebody providing the services for you, that would be ideal because it will enable you to keep the accounting clear and also have a bad party who is not necessarily engaged fully with their business. So they have no they always keep the record straight. In essence. The fifth question is, what taxes do you need to pay and what is their taxation rate? So understanding that attrition rates within understanding the taxation bracket of your products provided in the market is a good way to inform how you price the products as you go into the launch phase. The next thing you need to think about, aside from the taxes that you require for running the products, but also for their business registration, registrations, right? Is how we intend to keep your financial records. Some people will tend to keep their financial transactions through their checking account or like a normal account for variations, and that's the only thing they use. So you could choose to use this or choose to adopt a different financial recording method in your life. So that could include maybe scanning their seats over time to ensure that you have all records kept together. Next question is, what taxes do you intend to pay? Their taxes that are in COD for selling their product and taxes and cared for and drain the funds from your payment type. And say for instance, when using feedback and maybe transaction taxes, that tiny pores which would cost, which will change the cost of that product to an extent. Finally, is, what way do you intend to ensure the clients pay on time? One of the things that has worked for me is using PayPal or using a payment platform that ensures that clients can only fully acquire an order for delivery once they have made the payment. And in the same way for the service. So they can only schedule or book an appointment once the payment is received. And finally, which bank you prefer to use and why the bunk you choose to use is generally dependent on you because it's it's more of an individual decision. And it will change based on like your country of origin and driving factors at two, I forming your decision and the driving factors that guide your decision-making. So ten to check with your friends or your colleagues, or you could try and use one bank and then over time you could offer, often just choose to switch to a different bank. If that makes things much easier for you to run the project and initiate the business. 12. Vision: The next slide for you to understand is the vision of the business or the vision of the project that you're running. It's very important for you to keep in mind what are the driving factors that are leading you to acquaint that you're running your own projects for your own company. Because this will inform to a large extent to what extent you go to, to increase the growth of the organization or what level of resources you require any assistance that you would need. So for instance, for me, my vision while running the app project is to increase the engagement as I have with me when working in the online market while walking in service industries idea, we tend to not engage with as many clients or as many people as you want to, but running a project once in awhile and say for instance, a present for people to come together gives you an opportunity to fully engage with customers or fully engage with people who are using your products more and understand what is driving reason or what do they like about your product? And why do they keep coming back? In the same way? The standing, the vision for your business will enable you to go and have a stronger drive as you conquer challenges that may come along the way. Because it gives you a clear direction of where you want to go and what you need to do to get to that point. For you to develop your vision, you could ask yourself the following questions. Ten years from now, how does my company or how does this project look like? So that informs what you will do within the first year to write down to the 10th year, because you're always focused on what you want the future to be like. And you can always change this app as you go along. And then how has the world changed as a result of This company, of this project and what impact have I created? So this is a good aspects to add an impact line on your, on your project and tight to enabling the world around you or providing benefits to those who may not be in the same position as you are. And then the next thing is what kind of products or services and we are firing. So you must always try and think about creating something that ties to your vision, but also provide value to them. And people and officials should generally be as strong as simple sentence which is clear. And one example is my vision statement for the various businesses, the empire during and redefining how women feel in their clothing. So that was through making clothes character from scratch, using naturally SaaS products to create things that are ideal. So the Crochet fluids, that's how it's creating, you can change the strategy is to ensure that you get to your end goal. Just think about different strategies that you can adopt in the first quarter to enable you to get to a point where you're engaging with a wider audience or whatever qualities that you've created so far. 13. Pitching to Potential Investors: Finally, in the final speeds for you in 19, your project or business. And in this stage we are going to be looking into creating a pitch for investors. So the pitch provides you with an opportunity to link up with everything that I've shared with you before. You started off with your vision and your finances and what you do and how you do it into one message that ensure that people can come in, have buy-in into your business. It is important for you to think about how you craft over time because it ensures that people get a thorough understanding of what your business is or what your project is, and what they can contribute to your visit and how you can contribute to what they have already. So one of the questions are, why are things that you need to think about as you're starting out is To what extent is your pH engaging? So it's important for you to keep investors are people who are interested in your business, engaged by you speak to them about your product. Because that ensures that they understand what you're providing. And that comes through understanding your vision, understanding what you're doing, understanding how well they do it. Recognizing the successes that you've had, and recognizing opportunities for growth that you're looking into while bringing people on board. The next thing you should think about is articulating the problem that you're solving, Kelly, and making sure that way, the way you solving it looks specific. While it may not be different, say for instance, from what the competitors are doing, brings out your identity because it links you as a creator of his project or as the creator of this business to solve the problem being sold. And enables you to link clearly with the investors are individuals who would be interested in the business. Finally, be well prepared for such a space. It's important for you to practice in front of a mirror or in further or in front of an audience if you can, over time, to ensure that you are clear on what message you're sending. And also you are able to get buy in from the investors and buy a nice people wanting to engage with your product and wanting to engage with your company in terms of investing in it and having Liberation Organization. So that is why you should be prepared, be prepared for teaching and what aspects should think about when you're going to be true business. 14. Final Thoughts: Thank you so much you've come to the end of this class. I'm so excited to have taken you through the journey of learning how to start your project and create your project over time. This is an exercise that I did more than four years ago when I was setting often different projects and I believe I saw a lot of growth over the period because I was able to launch an organization in environmental conservation and understand the key points are the key factors that attract an audience to meet and investors to me and how I'm able to grow my business over time through using these concepts. I hope you learned a lot during this class and I'm so excited to see what you're going to share with me in your project attachments below because they provide me with an opportunity to understand what excites you say you are in the cooking industry or you're in a different industry, a completely from the art industry. I am so, so, so excited to see what you're going to provide and share my feedback with you. Thank you once more for checking up on this class. Goodbye.