Implementing Lean Startup Principles into your Online Business

1. Introduction: Hello, everybody, and welcome to this course on implementing lean start up principles into your online business. My name is Noa svnofen. I've been running online businesses professionally for the past decade, and I want to help you implement lean startup principles into your online business. So the reason why I'm so knowledgeable about Lean Startup is I remember first reading it for the first time when I was around 15. And the idea that you could start a business or release a product and not have it be up to chance, like you're releasing a product, and you actually know people want it, and you know it's going to succeed, making a small product first and then building on that, that blew my mind because I thought business was 100% risk up to that point. And now having all nine businesses, I realized that it's not risk. And with lean start up principles, if you implement them into your business correctly, you'll find that it's a great way to drive sales and spend less resources. So that's why you should check on this course. I'll see you in the course. 2. What is a Business: Everybody, welcome to this module on what is business. Before we even hop in, let's define the word business and find out its origins. I don't know if you know this. I did not find this out until just shortly, but the word business actually comes from the old English word bussiness. You're not going to guess what it comes from. Doesn't come from anything financial, doesn't come from anything business related, doesn't come from anything commerce related. In fact, business literally means anxiety. The word that we use that we base business on actually means anxiety, but it makes sense because you go to your job, you come home, and you're super tired, you're super stressed out. It makes sense why we decided to make the word business from the word busyness. But I didn't know this, and I'm guessing you didn't know that. Next is, what is the business? Is there are different departments? First of all, there's HR. HR gets a bad rap. I think almost everybody hates HR, and that's human resources. They manage everything to do with people. Like hiring, firing, if there's any disputes between people, they handle that. Any legal thing that has to be handled when it comes to people, sometimes it's handled by HR as well. But HR really just has the goal of managing people in a corporation. The opposite of HR is IT. Instead of human resources, it's information technology. Instead of working with people, they're working with technology. IT does things like cybersecurity, they create the servers, they do anything technical that a business has to handled. That's what IT does. The next is legal. Legal does anything that requires any paperwork, any intellectual property figuring that out. If they have to sue anybody, if they get sued, that's all handled by legal. The next one is marketing. I actually have sales and marketing here. There are two separate ones, but I want to bring them up at the same time because they go so hand in hand together. They link together like this. Marketing is more of the first step. Just getting your brand out there, getting the brand awareness out there, having somebody be familiar with your brand. That's what marketing does. Well, sales is more of the actually selling your product. You can't do sales without marketing. You have to first get the person to know your business, and then you can sell to them, sorry. Last is finance. Finance handles everything like accounting and payroll. It's their job to make sure that the business just keeps that blood running, that money running, and flowing inside of it. The next one is there's different types of businesses. There's sole proprietorship and corporation. Now sole proprietorship is when you are the business. There's no difference between you and the business, you're the same entity. Well, a corporation the business is a separate entity from you. You're an entity and the business is an entity. Now there's two differences between the two, first is taxation. Corporations get taxed twice, first they get corporate tax, and then you get taxed on the income that you make from the corporation. Of course, you do get taxed at a lower rate, typically capital gains or dividends, usually works so. The next one is, of course, sole proprietorship, sole proprietorship, you get taxed at the same rate that you would naturally if you got money through like a job. The other difference between the two is legal. If anything legally happens at a sole proprietorship, you are solely responsible. Well, with the corporation because it's a separate entity, only the corporation is responsible. The next one is different type, they provide value, and then I've even written down, legit businesses provide value. Every business needs to provide value if it wants to be legitimate. Now there's different types of value. There's entertainment. If you can make somebody laugh, then you're going to do a good job, then you're providing value. If you educate somebody. If you teach somebody, if you make somebody smarter on a subject, then you're providing value, and if you remove pain. This isn't just like a physical pain like, I made a pain killer and now somebody doesn't go through physical pain, but it can even be an emotional pain. You can be a mother looking for coloring books for her child and she can't find the right one, she has that pain because she wants to find the right book. There's different examples of value and pain. Now the next one You might not think that a company provides value. Like for example, the two that come to mind for me, or the company that comes to mind for me, sorry is Lucky and Martin. I don't personally think they provide value. I think that they just cause havoc in the world. But to the United States and Israel and other countries like that, they provide a ton of value. They provide immense value. They provide all the weapons, they provide all the defense systems. They're always innovating and doing new things, so they're providing huge value to those countries. The next one is, unless you're a non profit, you're trying to make a profit. Every business tries to make a profit. Profit is the lifeblood of your business. Without profit, you can't keep running your business. Now your business either sells a product or a service. A product is something that's a or not a physical thing, sorry, but something tangible. You can either download it or you can actually hold it and you can do something with it. Well, service is based more on the labor behind it. For example, service based business would be like a social media marketing agency. You say to me, I'll make 30 social media posts a month for you for this amount of money. And that is more just the labor you put into it. A product is more of something like a one thing, one off thing, while service is something that's over time and more labor intensive. Now the last thing is that businesses create jobs. Now, businesses aren't the only ones who create jobs. The government also creates jobs, but many jobs come from businesses. This is really good because without jobs, many people wouldn't have money. Whenever we have a job she, or not job shortage and people start losing jobs really quick, then I usually leads to a downturn in the economy. There's usually a strong connection between economy and how many jobs are available. So that's this video, and I'll see you in the next one. 3. What is an Online Business: Hello, everybody. Welcome back to this module. And this one, we're going to be talking about what is an online business? First, let's just jump right into the definition. The definition is an online business that is a commercial entity that conducts its operations and transactions primarily over the Internet. So this is what differentiates it from a typical business where you have to have like a store front, where you have to have manufacturing, where you have to have a store, or you have to store a product, or you have to have staff. Of course, you can have those things with an online business as well, but those things are needed for a physical business. Well, for an online business, those things are optional. Now, there's also a couple of different types of online businesses. So there's active income and passive income. So active income is when you're trading your time for money. So you trade 1 hour of your time and you get back $20, let's say. Well, passive income is, you put in the work upfront, you don't make anything upfront, but you make money from it for the rest of your life. So for active income, the first one is freelancing. So this is on websites such as work. So freelancing is great because you can make consistent money, and you can get your money up front for putting in work. So li passive income, you put in the work and you know you're going to get paid from it. The other one is remote, just like a remote job. So this is just like a normal job like everybody else has, except you can do it remotely. So that means you can travel the world. You can live anywhere you want. Pretty awesome. The next one is a service based business. Like social media marketing, for example. Let's say that you're managing someone's social media and you're making 30 social media posts a month for them. That's active income because you're actively working to make it happen. The next one is Shopify, if you have an online store, any commerce store, then that's a pretty active income. Of course, it depends, sometimes it's pretty hands off, but if you're doing a shop offi store, it's pretty active. The last one is physical products. Physical products I've put into active income because you have to package them, you have to ship them, you have to store them, and a lot of that is a very energy intensive process. So that's why I put that one into active. But now let's talk about passive. So the first one is print on demand marketplaces. So this is where you just make designs, and the website puts it on shirts and things like that. They handle shipping, they handle the creating the shirt, they handle customer service. So that's print on demand marketplaces. The next one is courses. So courses are a great form of passive income because you make them once and they make you money forever, and you can actually make money off of your knowledge. The next one is affiliate marketing. So let's say you have a website that you set up, and if you set up that website and you do the keywords research correctly and you start getting traffic, you'll start making money every single month from it. And the last one is digital products. The difference between digital products and basical products is digital products. You make it once, and you sell it forever. And the great thing about digital products that you can sell it to anyone in the world. So you can post it on ess, for example, and anyone in the world can buy it, anyone can download it, anyone can use it. So that's what is an online business, and I'll see you in the next one. 4. Why an Online Business is a Good Idea: Everybody, welcome back. And in this module, we're going to be talking about why an online business is a good idea. So number one, you're not tied down to location. So the difference between a business and an online business is that with an online business, you can do it from anywhere in the world. With a business, you have to have a physical store front, you have to have staff, you have to have store and a product, you have to have manufacturing. It's a long, long process. But the good thing about an online business is you can do it anywhere in the world, and it will be just as efficient because as long as you have an internet connection, you can run your business. The next one is those many passive income streams. So on online, there are many ways that you can create a product once and then make money from it forever. That's a pretty awesome thing about online is that you can make passive income. The next one is that it's a growing industry. So online business is a growing industry. More and more people are going online and more and more people are purchasing online and using online methods to purchase things. So that means that if you can get in early, which it would even be now, considering how it's going to grow in the next couple of years, you're going to be an early adopter, and you're going to be able to get a huge audience in the next couple of years. The next one is there's a small start up cost. So most online businesses are going to cost less than like $500 to start. Most of them you can do for free. Some of them take maybe a couple hundred dollars, but at most, it's going to be $500. And this is awesome because that means you're not risking a ton of money, because when you start a traditional business, for example, you have to buy, like the store front. You have to buy all the product upfront. You have to pay for staff. It's a huge process. But with online business, you can do it for extremely cheap because the Internet does a lot of the heavy lifting. The next thing is that it's incredibly scalable. So the great thing about an online business is you can go to anywhere in the world. So you can grow your business from your country to any country in the world. You can't do that with a physical business. With a physical business, you're limited to your city pretty much unless you decide to open up another store in another city, and if you do that, that's going to be super expensive, and it's going to be super hard to manage. But with an online business, you can post it on the Internet once and it can reach people at any corner of the world. And the last one is there's low overhead. So a great thing about an online business is there's low overhead. You're not paying a lot for staff, you're not paying a lot to store your product, you're not paying a lot for a storefront. You're paying for an online storefront, but that one only costs around like $30 a month. So it's a really great idea to start an online business because there's not a lot of start up costs, and there's a huge payoff if it works out for you. So, that's this module, and I'll see you in the next one. 5. What is Lean Startup?: Hello, everybody. Welcome back. And in this module, we're going to be talking about what is lean startup. So to explain to you what Lean startup is, we have to go to the origins of it. So the origins of Lean startup, go back to Taichi 00 in Japan. So he was a worker at Toyota. I'm not a worker sorry a higher up at Toyota, used to be a worker, and he had the idea that we should do lean manufacturing. So typically, lean manufacturing is top down, where people at the top give commands to the people at the bottom, and the people at the bottom just listen and they go with it. And if any innovation happens, if any changes happen, it happens from the top. But he had the idea of, if people are on the, like the factory line, why don't we have them give the recommendations for change? Because these are the people who are closest to the product. These are the people who are most intimate with the process of manufacturing. Why don't we have them give the recommendations for how we can make changes? So that's what Lean manufacturing started was having people at the bottom give commands to the people at the top. And it was just a big cycle of build something, test something, measure it. So that's lean manufacturing. So what is the lean start up? So the Lean startup was a book written by Eric Rees, and what that book pretty much said is that you build, you test, and you measure. So I'm going to explain what that kind of means. So you build something first. You build a minimum viable product, an MVP, a product that doesn't have a ton of special features. It's not super flashy, but it gets the job done, and it looks nice enough to get the job done. Hi concept was that you build that first and then you test it. You give it out to the people that you want to test your product with that you want to be selling to, and you get feedback from them. You say, what works well? What doesn't work well? What can we improve on? Then you take all that data and you measure it. So once you measure, you say, Okay, we're getting this back a lot. You know, we're saying that people like the look of it. That's something that everyone's saying. Oh, but people don't like this one feature. They say it's glitchy. Okay, we know how to do that. And what do they want us to improve? Oh, they want us to improve, better navigation. Okay, now we know what to do, and then you build again. And then once you build that one with all the additions added in, then you give it back to the people you want to sell to. Get their opinion. You take it back, you see what they set, and you measure it, and then you build another product. So it's just like a cycle that keeps on going. So that's lean start up, and I hope to see you in the next one. 6. Why Lean Startup is Important: Hello, everybody, welcome back. Today, we're going to be talking about why Leen Start up is important. So first of all, you save a lot of money. So you're not spending a lot of money on features that aren't going to pan out. You're not spending money on developers that aren't going to create something that people aren't even going to like. You're not spending money on staff to do things that they don't have to do. So that's one of the biggest reason why Leen start up is great is chances are you don't have a lot of money for your online business, so you get to save a lot of money by testing your ideas and seeing what works. And the next one is you save a lot of time. Now, in the book Len Startup, Eric Reese gives an example of when they were running a company called IMVU. And what happened is They had a feature that they've been working super hard on. A ton of hours had gone into it. They've been working on it for so long and they thought everyone's going to love this. They release it, crickets, nothing. So you can see, they put all this time into this project, and it didn't even work out. And then he said in the book, they had one feature that took them days to make, took them nothing to make, almost no work. And it was one of the favorite features they had ever released. So that just shows you how lean startup can save you a lot of time. And when you're starting an online business, you want to make sure you're making good use of your time. The next one is it makes your customers happy. Customers love seeing that you're listening to them. And especially if they open up the product the next time, like the next time they open the product, they see that there's new features that they've actually been wanting, that's going to keep your customers happy. And if you're getting the feedback from customers and you're building your new model based on the feedback you've gotten, customers are going to really love your company. The next one is you get the best product. With lean start up, you're not just building a product and hoping it works. You're building a product, you're testing it, and you're finding what works best. And once you've gotten like one generation, two generation, three generation, four generation, once you get to like the fifth generation, you've tested it so many times. You've gotten so much feedback that that's such a great product at that point. People love it. They've literally given the feedback and said, We love this feature. We love this. We love that. So that's another reason why is you get the best product you can. And the last one is there's less anxiety about it. When you're releasing a product and you don't test it or anything, there's a lot of anxiety because you're thinking the whole time like, what if I just wasted my time? What if nobody buys this? What if nobody wants this? What if nobody uses this? But if you have been testing your product the whole time, you'll know for a fact, people want this. There's a feature we have that people are really trying to get ahold of. So that's why lean start up is very important, and I'll see you in the next one. 7. Why Lean Startup is Relevant to Online Buisness: Hello, everybody. Welcome back today. We're going to talk about why Lean startup is relevant to online business. So the first one is that bootstrapped. So most online businesses are bootstrapped, which just means that you're doing all the work yourself. There's just one person doing almost all the work. And the greatest thing about Lean startup is that it and bootstrapping go hand in hand. Which is why when you're bootstrapping your business, you want to have a lot of lean principles. Cause think about it. Lean, you know, kind of like not having any fat, not having anything extra, bootstrapping. You don't want anything extra, you just want what's needed. So bootstrapping and lean start up go together very well. The next one is you don't have a ton of money. So the Lean startup model is really great if you're not trying to spend a lot of money because you're testing it, you're building it, and then you're analyzing all the data. Or sorry, not in that order. You're building it, testing it, analyzing the data. And then once you analyze the data, you build your new model, but you don't have a lot of money when you're doing an online business. So you can't spend a ton of money on building a huge product. That has every single feature the customer would ever want. You can't do that when you're starting an online business. You're only going to be you're only going to be able to focus on a couple of features, and those are going to be the ones you focus on. So that means you have to lean start up to find what features are the best for you to have, and you have to bootstrap and figure out how can I do this without spending too much money? The next one is you have limited time. A lot of people who are starting online business, they either have a part time job or a full time job, or they're like a mother, and they have to take care of a child. That means that you don't have a lot of time. And with lean start up, it's really great because it stops you from wasting your time on things that aren't going to be productive. And lastly, the Internet changes fast. Lean start up is really great because it lets you adapt really quick to the market. It lets you find out what works, implement it, test it, find out what works again, build it, test it. So it's a big process. The Internet moves so fast, that you need to have a process like that in order to keep up. So that's this module, and I'll see you in the next one. 8. Why Idea Generation Is Important: Hello, everybody. Welcome back. And in this module, we're going to talk about why ID generation is important. So first of all, the idea that you have is the basis of your business. The idea that you have is literally like what your entire business is built off of. So if you have a really good idea, everything is going to work out. So your idea is the foundation, and would you rather have a foundation like if you're building a house, would you rather have a foundation built on stone or like grass or would you rather have it built on sand? I think we all know which one we'd rather have a foundation built on when we're building a house. So why if you would build a house on a strong foundation, why wouldn't you build a business on a strong foundation? That's why degeneration is so important because the idea that you have is a foundation or your whole business. No, next, if the idea is good, everything will come together naturally. You'll find that if you have a good idea, everything will just work together naturally, and you'll know exactly what to do next. So you'll say, Oh, we've done A. Now we need to move on to B. We've done B. Now we need to move on to C. Everything will move together supernaturally, if it's a good idea. And you'll find that if it's a bad idea, you won't really know where the next step is or what you need to do. Now, it's also important to know that there are infinite ideas. So if your idea doesn't work out, there are always more. So if you find out that, oh, it's too much to produce this, or the cost would be too high, or there's no market for it, it doesn't matter because there are so many ideas that just because if your first idea doesn't work, your next idea might be even better. So that's why Da generation is important, and I'll see you in the next one. 9. What Makes a Good Idea?: Hello, everybody. Welcome back. And in this one, we're going to talk about what makes a good idea. So I'm just going to give you a couple of points for what makes a good idea. So the first one is it's scalable. So scalable means that you can take your idea 0-100 billion agilion. That's kind of an over exaggeration. But it means that you can take your business from something small to something a lot bigger. There are some businesses that you start that aren't going to have a large audience that aren't going to be scalable. For example, if you're doing, like, freelance work, that might be good in the short term because you're able to make some money. You're able to make money right away, you're able to trade your skills for money. But at the end of the day, you're trading your time for money. So that's not scalable because you only have a certain amount of hours in a day. So you want to make sure that the idea that you pick is scalable, and you can take it 0-100. The next one is you have to be able to start it for a little. Especially with online business, you can start a business for only a little bit of money. That's one of the greatest things about it. There's so many businesses that you can start for less than $500 that it's mind blowing. So if you have an idea that would take $5,000 to start up, and maybe start thinking either, how can I start this business for less because you 100% can't. It's 100% possible that you can start that business for less, or you need to think, what's a new idea that I can get into, that I can start for a lot less. So the next one is an unsaturated market. So you want to make sure the market isn't too saturated. There aren't too many competitors. There's a large enough market that if there are a lot of competitors, you still have space to make room for your own business. But you also have to remember that, for example, like with Dollar Shave Club, that's a pretty saturated market, the shaving niche. But they offer them for $1. So that makes it, that turns it from a saturated market into an unsaturated market, because how many people are given away razors for $1? So that's why Dollar Shave Club, even though they went into a saturated market, they found a niche within that market that wasn't saturated. So that's what makes a good idea, and I'll see you in the next one. 10. Why Lean Startup is Relevant to Idea Generation: Hello, everybody in this module, we're going to talk about why Lean startup is relevant to idea generation. So one of the biggest things about lean startup is testing. Want to have an idea, you want to test it, you want to analyze the results, and then you want to take the process again. You want to build, test, analyze. And one of the things you want to do in your thinking of ideas is how can I test this idea? So you don't just want to have an idea, throw it out there and hope that it works. No, no, no. That's not how business works. How business works is you have an idea, you test it, and then you analyze the results, and you see, okay, Is this a good idea? How can we do better? What are we doing bad on? So you have to remember with idea generation, that you have to be able to test the idea. You can't test the idea, it's not worth even going through with it. So you have to always test, make sure you're extremely sure about an idea before you go all in with it. So that's this module, and I'll see you in the next one. 11. How to Brainstorm Ideas: Hello, everybody. In this module, we're going to talk about how to brainstorm ideas. So the first one that I have is write down problems that you have throughout the day. The best ideas you have are going to be when you face a problem and you write it down and you save it for later. So that's the best way to find ideas is just look at what problems you face throughout the day and think, how can I solve this? How can I do a better job than others solving this? How many other people are having this problem? That's one of the best ways to generate ideas is just to write down problems you have throughout the day. So let's say You go at one point during the day and you buy beard oil, and it's really expensive. That's a problem. You can easily find a market there. Maybe you want to start your own beard oil brand. Maybe you can find a way to bring down production costs. Maybe you can find a new market for it by using organic materials. There's a lot of different problems you can face throughout the day. You're going out to your car, car doesn't start right away. There's a problem. You can fix that. You're at work, and you forget your lunch. There's a problem. You can find a solution to that. So one of the best ways to find solutions to problems is just to write down problems you have throughout the day and turn that into ideas. Now the next one is chat GPT. What I would recommend for Chat GPT is to ask Chat GPT to give you 100 different ideas for a certain topic. Now, Chat GPT isn't the greatest at finding ideas, but I think that it's just a good starting place. So you ask Chat PT for like 100 different ideas and you pick through them and find okay, which ones are best? And once you find a good one, then you research it further on YouTube or by reading books. Now the next one is YouTube. YouTube is a great way to find ideas. So you can go to YouTube and you can put in a certain problem you've been having or maybe a certain Niche, and you can see what problems that Niche is having on YouTube. You can see YouTube videos, people have already posted on it. People have probably had problems with it that they posted YouTube videos about. YouTube is a great resource for coming up with ideas. Now the next one is read books. Books are probably one of the greatest ways you can find ideas because books have condensed so much information into one place, and they've typically done it in a very accessible way. So reading books is another really great way to find ideas for businesses and to find inspiration. So that's this module, and I'll see you in the next one. 12. Blue Ocean Strategy: Buddy, in this module, we're going to talk about blue ocean strategy. So what is it? So Blue Ocean Strategy is from the book, Blue Ocean Strategy, where it says that you need to find a blue ocean instead of a red ocean. So what's a blue ocean or what's a red ocean? So it's talking about kind of, like, animal terms. So, if it's a red ocean, that means there's a lot of blood in the water. That means there's a lot of predators there. That means there might not be a lot of animals there to prey on. Again, we're using animal analogies. Imagine yourself as a shark, you don't want to go to the red ocean. You want to go to the blue ocean, where it's untapped, where nobody's gone there yet, and where you have a ton of opportunity. So one of the greatest ways you can do this is by pivoting your business. So what you do is you you first go with one idea, find what works, and you say, k, we're going to cut out everything that didn't work and only go with what works. And then once you take that, then you say, Okay, you test it again, you find what works and what doesn't work, cut out what doesn't work, keep what does work. And you just keep doing that process again and again and again until you have a super super refined idea that works super well. So that's blue ocean strategy, and I'll see you in the next one. 13. Identifying Passions and Skills: Hello, everybody. Welcome back to this module. And in this one, we're going to be talking about identifying skills and passion. So when you're thinking of ideas, one of the best things you can do is think about what am I good at or what do I already have skills in that I can turn into a product or a service. So, for example, what are you passionate about? Do you like knitting? Do you like drawing? Do you like driving? Do you like cars? All these different things are different hobbies that you have that you can turn into profit. So look at what skills you have, what hobbies you have, what passions you have, and think about how can I turn this into a business? What are other people in this niche, other people in this hobby? What are problems they're having that I can solve? Because again, if you're in that niche, if you're in that hobby, if you're in that kind of passion, you'll know what problems people are having because you probably experience them yourself. Another thing you can say is, what are things you have years of practice with? Are you really good at coding? Then maybe you should find some sort of solution for a coding. Maybe you want to code your own product. Maybe you want to work on the side of coding itself, and you want to make a product that makes it easier to do coding. There's a lot of different options. So you might want to look at what you have years of practice with and think, how can I turn this into a business? And the last one is, what skills do you have that you can make money with? Not all skills can make money. Surprisingly, most skills can make money. You'd be surprised that most skills can make money. But not every skill can make money. So you want to look at what skills do I have that can make money. So are you a video editor? You can turn that into freelancing, or you can search your own agency. There are a lot of different options. Just remember to look at your passions, look at your hobbies, look at your interests, and think about how can I find a problem with this that I can turn into a business? So that's this module. I'll see you in the next one. 14. Idea Generation Case Studies: Hello, everybody, welcome back to this module. And this one, I want to talk about case studies. So the first case study actually comes from me. And this is when I did freelance work on work. So I have been doing video editing for probably about a decade. And I was trying to make some extra money. So I thought, How can I turn this video editing skill into profit? So what I did is I went on to work, and I started to do freelancing gigs for people. And I started to do video editing gigs for people. So this was me looking at, what have I had years of experience with that I can make money with other people. Like, what's a need that I can meet with those skills? Another example, is Dollar Shave Club. Dollar Shave Club started because somebody had, like, a warehouse full of razors, and they needed to get rid of them. And somebody at the same time was trying to start a business. So we thought, what if we do Dollar Shave Club? What if we sent out dollar razors to people for $1? So that's an idea where they looked at what they had with them, the resources that they had, and they thought, How can I solve a problem with this and turn this into a business? So that's case studies, and I'll see you in the next one. 15. What is Bootstrapping?: Hello, everybody. Welcome back to this module. This one, we're going to talk about what is bootstrapping. First, what is it? Bootstrapping comes from the phrase, pull yourself up from your bootstraps. Funny thing about that phrase, the person who made it actually thought of it as a joke to make fun of people who say that because he thought it's impossible to pull yourself up by a bootstraps. It's not possible. But the phrase got changed over time and now people say it when they want to say, pull yourself up by your bootstraps, start putting in the work, start working harder. That's what the phrase means now. What it means in regards to online business and business in general is that you're starting a business from zero and you have zero to invest. Now, that doesn't mean that you don't have $0. It doesn't mean that you don't have sorry, like a ton of money, but it just means when you start the business, you're starting it for just a little bit of money, maybe even nothing, and you're seeing how far you can get with it. So boothrapping is also very important because when you start your first online business, chances are it's going to be bootstrapped. And even if you did have $5,000 to invest, I would recommend not investing that, maybe only investing a couple hundred, because it's actually better when you start your online business to not have a lot of money. Ben you're not just throwing money and wasting money at things that you think are going to work. Instead, you're only using money on features that you know are going to work. So That's what is bootstrapping, and I'll see you in the next one. 16. Advantages of Bootstrapping: Hello, we're writing this module, we're going to talk about the advantages of bootstrapping. The first one is that you don't need anything extra. The greatest thing about bootstrapping is you can start it right now with the materials that you have and the resources that you have. You don't need anything extra, you don't need investors, you don't need somebody to lend you money. You don't need anything like that. The great thing about bootstrapping is you just started with the resources that you have currently available. That's one of the great things about it is that it can be done by anybody on any budget. Now the next one is you own the business. So when you bootstrap a business, you own the business. It's not like you're going and putting in 40 hours a week into a job where somebody else is making money off of you. No, no, no. You actually own the business yourself, so all the work you put in, you will get all the payoff out of it. And another one is you own the business. So I'm sorry, you will grow with the business. So if you're bootstrapping a business, at the very start, it's going to be really hard. You're not going to do a great job. You're going to struggle a lot at the very start. And you're going to think, like, how is this going to work? You're not going to understand how everything goes together. But you're going to realize that over time, everything will just start piecing itself together. And you'll find that over time, you'll know exactly what you need to do. And it's one of the greatest things is that you grow with the business. As your business becomes more mature and starts to get new audiences, new products, new features, you grow with it as well, and you become a different person, you become a better person. So that's one of the really cool things about bootstrapping is you grow with the business. The cool thing is the business was with you from the very start. So it's not like you had a little bit of success and then started the business. No, this business is the success. And the last one is it's cheap to do. So it doesn't take a lot of money to bootstrap a business. In fact, you can do it most of the time for free. So that's one of the greatest things about bootstrapping is you can do it for extremely cheap. It works for any budget, works for anybody, and anybody can bootstrap a business. So that's this module, and I'll see you in the next one. 17. Disadvantages of Bootstrapping: Everybody, welcome back to this module. This one, we're going to talk about the disadvantages of bootstrapping. I've said all these great things about bootstrapping. Bootstrapping trust me is amazing. But I'm going to talk about some of the disadvantages. The first one is that it's a lot of work. Bootstrapping it's not even like you have a job. And then you add an online business, and then you think, h, I'm just going to work a couple hours a day, and then it's going to be making thousands of dollars a year. No, no, no. When you start an online business, when you start bootstrapping an online business, you are literally just signing yourself up for a second job. Instead of having a second job that you work 20 hours a week, instead you have a bootstrap business that you're working on 20 hours a week, even more than that. You have to go into it with the idea that I'm not doing this to save time. I'm literally going to lose time by doing this. I'm going to spend time on this business. It's not going to be something that makes me time, it's going to be something that takes time. Again, not always, not the entire time you have the business, but at the very start, you are putting in a lot more effort than what you're getting out of it. Because chances are if you start like a blog, for instance, it's going to take your own six months to start getting results. So when you in that time when you're waiting for your blog to get results, you're literally just posting blog posts and hoping that one of them catches on. Next, is it takes a lot you don't have a lot of resources. So with bootstrapping, it's not like if you have an investor investing in your business, that you can then have all this seed money that you can invest into your business. No, no, no, no. When you're bootstrapping, you have very limited resources. You don't have a lot to work with. So that's why bootstrapping is so difficult is because you're not working with a big budget. So you really have to try to find alternatives and ways that you don't have to spend a lot of money, but still get the same results. And the last one is the disadvantages is it takes time. Bootstrapping because you're kind of making a trade off. You're trading time for money. If you have a lot of money, it's not gonna take as much time. If you have a lot of time, you're not going to get as much money right off the start. But it always is worth it in the end. And even though it takes a lot of time to start, it will be worth it in the end when you have an online business about something that you're passionate about. So that's this module, and I'll see you in the next one. 18. Successfully Bootstrapped Companies: However, every buddy, welcome back to this module. This one, we're going to talk about examples of successfully bootstrapped companies. For this one, I'm going to be using the example of mail champ. When Mail Chimp started, it was because they were doing a lot of e mail work for clients, but they found that a lot of the work they were doing for clients, they were doing for every single client. Of course, they realized a business opportunity. They realized, if we're keep giving the same code to every single company, why don't we just create our own company and then sell the code? You know what I mean? Like, sell it as a service, software as a service. This was before software as a service was common. This was back in 22,009, something like that. But what they would do is they just created a kind of admin, where people were able to send out their e mails, put in their e mail, send them out, do all that type of stuff. And then they would just go to people and charge them every month for how to use it. And then pretty soon, mail Chip became one of the biggest companies, and it actually is sold for over $1,000,000,000. So Mail Chimp is the most successful bootstrapped company. And if you want to learn more about bootstrapping, I would recommend learning about mail chip because they have a really inspirational story. It was just started by the founder, pretty much, just him, and now it is one of the most successful companies. So, that's this module, and I'll see you in the next one. 19. What is Marketing?: Hello, buddy, welcome back. And in this module, we're going to talk about what is marketing. So first of all, marketing is getting your brand seen. So of course, this could be like somebody seeing your logo. This could be somebody seeing a video you posted, maybe a blog post you posted, maybe somebody's driving by and to see your location. There's a lot of different ways that somebody can have marketing for your brand. But there's also a lot of different levels of engagement with every single one I just explained. So, for example, if somebody looks at your logo, maybe you're like a burger shop and they look at your logo and it's like a cat and a burger and they think, Okay, they probably like cats. Maybe they have burgers. You know, they can learn a little bit about your business, but still that's a very low level of engagement. Next level of engagement would be, Oh, somebody watched one of our videos or read one of our blog posts or came and visited us in person. That's a much higher level of engagement. And the next level of engagement would be they start questioning and they start saying, like, where can I buy this product? How much is it? That's a very high level of engagement. And then the highest level of engagement is when they finally purchase from you. So marketing is the first step of sales. So if you go through the funnel, top of the funnel, you have marketing. Bottom of the funnel you have sales, top of the funnel you have marketing. And marketing is important because that's what lets somebody know about your business, because you can't sell to somebody unless they know who you are. So that's why marketing is so important because it lets your brand actually be known, and it lets somebody discover more about your business so they can start developing a relationship. The next one is marketing is your brand. You might think that your brand is the products you sell or the people you employ or the place you have your office. And that's not true at all. Marketing is your brand. Marketing is how people perceive your brand. If I know nothing about your brand, am I going to know about your office? Am I go to know about the people who employ you? Am I go to know about your product? No. But am I going to know about your marketing? Most likely, I've probably seen some of your marketing before. So you have to remember that marketing is your brand. And if you have powerful marketing, you have a powerful brand, and if you don't have good marketing, then your brand just isn't going to cut it. So the last one is, marketing is how people feel find out about you. So there's a lot of different ways someone can find out about you. They can do it physically in person. They can do it digitally online. They can find you through Google. But marketing is how somebody finds you and making it easier for somebody to find you. So that's this module, and I'll see you in the next one. 20. What is Digital Marketing?: Everybody, welcome back in this module, we're going to talk about what is digital marketing. So First of all, it's using digital means to do marketing. So there's a lot of different digital means you can use. There's social media, there's blogs you can use. And there's also a lot of different types. So there's like organic paid and search traffic. So organic is when somebody finds your traffic, your website, or your brand, organically. But when somebody finds it organic, it means that they were on Instagram, for instance, and your real came up, or they were on Google and your blog post came up, or somebody sent them a link to your website. There's a lot of different ways you can get organic traffic, and organic traffic is the highest quality of traffic you can get. Because if somebody finds your content organically, that means they have a very high interest in it. And people gravitate towards stuff they find naturally versus stuff that was paid for. The next one is, that's how most people are going to find your marketing. In 2024, 2025, 2026, people are going to find your marketing mainly pretty much from digital means. This could be from social media. This could be from a blog post. But the other great thing about that the most people are going to find your stuff online through digital means is that you can have a global audience. This is one of the greatest things about digital marketing is you have a global audience. You can sell to somebody anywhere in the world because your marketing can reach them anywhere in the world. This is what's so cool. You can have an global audience for your business, just by posting videos online, just by posting blog post. You can get a global dedicated base of people who love your brand. And this is really great because then if you ever want to sell something overseas, you have the opportunity to, and if you sell overseas as a company, you'll be able to and if you sell digital products even better, you can sell them anywhere you want in the world. So that's what is digital marketing, and I'll see you in the next one. 21. What is Social Media Marketing?: What is social media marketing? In this module, we're going to talk about what is social media marketing, how to use it, what it's best for. First, let's just jump right in. It's typically video marketing. You'll find that on social media marketing, almost every social media site allows video. Even Pinterest, which at one time was only photo now allows video. Instagram when it started was just photo, now it's video as well. So video is probably one of the most popular sources. Of content on social media. Every single site is optimized for video, every single site wants people to watch video, because you watch videos for longer than you look at a post. So it just makes sense that they'd want people to watch videos. Make sure when you're making your social media marketing strategy, make sure that you're including video content because video content is probably the most important thing when it comes to social media marketing. Now, next one, people check Instagram first. So if somebody's looking up your business, they just found your business, they want to learn more about you. Probably the first place they're going to check is Instagram. So you have to make sure that you have a strong Instagram page, make sure you have links, make sure you have a consistent theme throw at your profile, and make sure that everything looks great, because Instagram is the first social media that people usually check. So if your Instagram doesn't check out, they're not going to be interested in your business. So let's go to the next one. Easy to create content around your business. There are so many ways that you can create content around your business. Let's say you got a shipment in one day and you got to open it. That's content right there. You can film yourself opening it. Let's say one of your employees is doing their first close. You can film it and you can film their progress through it and say what they did good at and what they didn't do great at. And you can make it a fun little video with music in the background. Let's say you just opened up or you're opening in the morning. You could go through the process of how to open up your shop every single morning. There's a lot of different ways. And if you're doing an online business, you can do you writing a blog post. You could do you creating graphics for your website. There's so many different options. When it comes to creating content, you're never going to run out when it comes to social media marketing. So, that's this one, and I'll see you in the next one. 22. Lean Market Research: Hey, guys, welcome to this module. This is going to be a short one. This is going to be about lean market research. So the first one you're going to do is you're always going to want to do market research. Before you test anything, before you test a new product, before you start a business, before you do anything, you want to do market research, because you don't want to release a product that people don't want. You want to make sure that when you're releasing a product, you know that it has an audience already built in for it. So you want to maybe do surveys. You want to maybe do fine market research tools for Google like keyword research tools. There are so many different options. You want to make sure that you're doing as much market research as possible, reading books, things like that, in order to get the best picture of how successful your business is going to be. And remember that you have to have a hypothesis. So think, this is the one I'm going to test. I would like to make a business in this niche. And then once you have that, you don't just finish there, you think, Okay, now I have to test it. So you have to think, what are the tools that I can test this with? How can I analyze and see if this is actually a good idea? And then you can analyze the results and say, Okay, so, was this as successful as I thought it was going to be? How is this going to do? There's a lot of different things you can do. So that's a short one on lean market research. I'll see you in the next one. 23. Lean Marketing Strategy: Body, welcome back to this one. We're going to talk about lean marketing strategy. The first one is, you have to post atonic content and see what sticks. I think Gary V said, post 30 videos a day or something like that, something crazy like that. You literally have to go crazy on posting content. If you really want it to pay off, you have to go crazy on posting content. The great thing about this is you can post atonic content, see what works best, and then just keep recreating that with small switches to it. And you want to make sure you're posting to as many related communities as possible. This is for red it, for example. You want to make sure that you're in as many communities related to your business and that you're engaging people and staying engaged in the community, and you're staying fresh in the community. Because then you can have an already built in audience that if you've built up a lot of karma, if you've built up a lot of reputation for yourself, then when it does come time to sell something, you'll already have an audience built in. The next one is, you want to take what works and keep re replicating it with small changes. So, as I said before, post as many videos as possible, literally just crank out content, post like ten videos a day. Se which ones are getting the most views, and just recreate that with small switches to it. So, that's this module, and I'll see when the next one. 24. Lean Branding: Everybody, welcome back. This one, we're going to talk about Lean branding. First of all, you have to have a consistent style. Nobody wants to go into your Instagram or techo and see a ton of different types of videos, different styles, different editing, different texts. Nobody wants to see that. People want to see a consistent style, consistent colors, consistent layout, throw out your whole profile. Make sure that when you're setting up your branding and you're making your content, make sure that it all is similar to each other. The next one is to find out what parts of your marketing people like the most and just center your branding around that. So let's say that maybe people don't gravitate around your products as much, but they love your content. Then start moving towards content creation a little bit and focus on, how can I be a media firm? And then think about how you can make money based on your content. So for example, you can make courses if your video content is doing really good. And the last one is, let your brand grow. So your brand isn't going to be the same as you started. As it's going to be at the very end. Your brand is going to grow over time with you. So don't always try to push the same messages, push the same product, push the same ideas, because your brand changes over time. What you really want to do is have a brand that over time changes its message to fit with the times better. So that's this lesson on lean branding. I'll see you in the next one. 25. Lean Content Strategy: Hello, every buddy and this one, we're going to talk about lean content strategy. So first of all, you're going to want to post daily. Again, as I said before, maybe even, like, ten times a day, but if that's overboard, at least once a day, at least once a day. You have to post at least once a day. I can't stress this enough. I'm going to say it again. Post at least once a day. It's very, very important. If you want to start growing your brand when it comes to marketing, you have to post at least one video a day or else you're not going to see any results. And the next one is, Find what's popular in your niche and copy that with small variations. So I said before to do this with your own content. You can also do it with other people's content. So if you find a video that's blowing up from somebody that you know you could replicate, replicate it, and just put a small change on it. Trust me, it's a great idea, and this is a great way to get views. And the last one is it takes months to get consistent results. So don't be discouraged if after two weeks of posting videos, you're not getting too many results, you'll get a little bit of results, but nothing too spectacular. It's going to take around one to two months to start getting really good results. So just keep that in mind. And everyone, that's this module. I'll see you in the next one. 26. Emerging Trends: Everybody. This one, I'm going to talk about emerging trends. That's thing is like AI, voice search, sustainability. First of all, for content ideas, I would recommend using Chat GPT. Literally just tell Chat GPT what Niche are in Chat GPT, I am in the cleaning niche, and I need 20 content ideas that I can do easily. Chat GPT will spit you out 20 super fast. Are you going to use them all? Probably not. But you can pick and choose and find which ones you want to use the most. This is a great way of thinking of a ton of ideas because you can literally ask Cha GPT for 100 ideas, and you can just pick through it and see which ones work best for your business. And the next one is in the topic of sustainability, doing something for the world. So your business needs to do something for the world. Maybe you donate a small portion of your sales. Maybe you're always bringing attention to social issues. Maybe you always show support for social issues. You need to do something as a brand that does more for the world rather than just sell a product. So that's emerging trends. I'll see you guys in the next one. 27. What is Sales?: Everybody, welcome back. And in this module, we're going to talk about what is sales. So first of all, sales is the process by which you try to get your customer to buy your product. So there's a lot of different ways of doing it. For example, there's in person and online. So you could do online sales, for instance, like if you're selling software as a service to somebody, you're trying to sell online through like a Zoom call. Or you could also have digitally on like a website where you have a description and you have specifications and everything like that on a product page. So there's a lot of different and there's also in person. So let's say you're actually one on one with the person in front of them, trying to sell them your product. So in that case, you're able to use like body language and things like that. So an important thing to know about sales is that you have to sell to a problem. People don't just buy things for Willy Nilly just because they want to have it, or, sorry, not like that, but they just want to have it. Like, they just think, Oh, that is just something I want to have for no reason. I just want to have it. No, no, no, no. People have to have a reason why they're buying in a problem that they want to solve. And, this isn't always super direct. For example, like, something that is direct would be like, Oh I have A, cyst on me that I have to get healed. I'm going to find out and look up information on how to get it healed. Somebody comes to your product page, they read about the product that you're selling, and then they buy it. There's also like, selling to problems that aren't easily seeable or easily diagnosable. So, for example, Gucci, Gucci isn't really selling to a specific problem, but they are selling to the problem of somebody not being able to express themselves the way they want to or not being able to look the way they want to look, or they want to have that kind of luxury, and you're able to give them that luxury with the Gucci. So there's a lot of different problems. Not all of them are so clean cut. Some of them are a little bit more. You have to walk a little bit and take a few steps before you find where the value comes from. But in averaging everything out, that's sales. So I'll see you guys in the next one. 28. Why is Sales Important?: Everybody, welcome back in this module. We're going to talk about why is sales important? So, first of all, sales is where your income comes from. Your revenue mainly comes from sales. Of course, other things lend to it, like having a good product, having good marketing, but your sales is where money is directly coming from. You have to remember that sales is where the money directly comes from. It's super easy to see the connection between sales and revenue because that you're literally just selling the product. So you're able to see, like, I'm paying this person this much, and then it's this much every time I get a sale. People usually have to be sold a bit or encouraged. And what's really great about marketing, especially digital marketing is you can actually do a lot more marketing, and that's going to make your sales a lot easier. Cause which one would you rather sell to? Somebody who knows nothing about your business, they only know a little bit about your product, or somebody who has watched 12 videos about your business, your product, they follow you, they comment on your photos. Who do you think is going to be easier to sell to? So that's one of the big things about sales is that, People do have to be encouraged a bit, but they don't have to be encouraged as much if you have good marketing. So without sales, you have no business. Sales is your business. Marketing is your brand, sales is your business. Without sales, your business does not exist because your business has to generate revenue, and sales is the best way of doing that. So if that's this module, and I'll see you guys in the next one. 29. Sales VS Marketing: How, everybody, welcome back in this module. We're going to talk about sales versus marketing. So first of all, marketing is the top of the sales funnel. So the sales funnel kind of goes like this with a lot of people at the top and slowly gets smaller and smaller as you go to the bottom. But the closer you go to the bottom, the more interested somebody is in buying. So marketing is the very first step. Marketing is the very top of the funnel. People who aren't even really interested yet don't know anything about your business, don't know anything about your brand. That's who you're marketing to with marketing. You're trying to get people at the top of the funnel. And that's important because if you get someone at the top of the funnel and you educate them and you bring them down the funnel, they're very likely to buy from you. The other thing, sales is about the bottom of the sales funnel. So sales is where you have fewer people, but they have a very high interest in buying. And if you've had good marketing up to this point, your sale is going to be a lot easier. The next one is marketing is getting somebody to know about your brand and product. So marketing is more just getting somebody familiar with your products, familiar with your brand, familiar with your company, and that's what marketing is for. So marketing is more of a long term engagement where you're trying to get somebody to have a positive idea of your brand over time. This doesn't usually happen in a couple of weeks. It doesn't happen in a couple of months. Usually around like four to six months is where somebody really becomes a really faithful customer. So that's what's really important is sales at the bottom of the funnel, marketing is at the top of the funnel. The next one is marketing is getting someone to know your brand and your product. So there's a lot of different ways of doing this. You can have them see your logo, you can visit you in store, you can have them look at your product, buy your product. That's what marketing is for. Marketing is just for getting somebody to engage with your business at a very not always a low level, but typically lower level than sales. And sales is getting the person to buy. So sales is the process of you just directly getting that person to buy from you. And that's really important because sales is what builds your business. Now, marketing, you don't see the payoff right away. Marketing will not pay you off right away. You will not see the results of your marketing in one month. You will typically see the results of your marketing in three to four months, even five to six months before you really start seeing your marketing efforts pay off. But when they do pay off, it pays off in a huge way, especially if you've been posting to social media and you have a big portfolio of like 200 videos. That's really good because if somebody finds you, they can easily bene your content. And sales has a more direct payoff. So sales is more just somebody wants to buy. I start to sell them this product, and they buy from me. So sales is very just A to B, while marketing is very A to Z. So that's this module, and I'll see you guys in the next one. 30. Why Lean Startup is Relevant to Sales: Everybody, welcome back. And in this module, we're going to talk about why lean startup is relevant to sales. So first of all, you need to test and see what sells. You don't just want to sell some feature of your product that nobody actually wants. And this is why it's important to test and see what products, what features are people want in your product because you don't want to sell something that people don't want. So you need to see what people react to best and see how it's going to sell. The other thing is you can't sell something unless you know it's sellable. So, if something is not ready to be sold, you can't sell it. So you have to make sure that your product is actually ready to be sold and in a place where it's ready to be purchased. And the next one is you have to test and see what features and benefits sell best. So make sure you do an AB test of seeing what features people want most. What are people willing to pay the most money for and what features are they willing to not care about? That's what you have to do when you're worrying about sales with lean startup. Is you have to test, you have to build, test, and then analyze your results. So that's this module, and I'll see you in the next one. 31. Lean Sales Funnel: Hi, everybody, welcome back. And this module, we're going to talk about lean sales funnel. So the top of the funnel, there's three steps to it. At the top, you have brand awareness. This is just getting somebody aware of your brand and making sure they know who you are and what you do. That's one of the most important parts. They're all important, but it's one of the most important because that's how somebody gets into your funnel. And if you're able to get their attention at the very top, you're able to bring them down the whole funnel. And the next one is the middle of the funnel, which is marketing. So marketing is like all the videos you create, all the blog posts you create, the content you create. That's marketing. Any marketing campaigns you make with billboards or something like that, that's marketing. And marketing doesn't pay off right away. Marketing takes a while to pay off, but it brings somebody further down the funnel and it gets somebody interested in your brand and makes them a loyal customer. And then the bottom of the funnel, you have sales. So sales, as I've said before, is where you actually get your money from, where you're directly getting your money, where you're able to see, I put in this, and I got out this. So that's the sales funnel. A lot of people at the top, not as many people in the middle, few people at the bottom, but the people at the bottom are a lot more interested than the people at the top who have a general interest. So that's this module, and I'll see you in the next one. 32. What is an Application?: Everybody, welcome back in this module, we're going to talk about what is an application. So there's three I'm going to talk about today. And the first one is a web application. So like, software is a service kind of thing. So a web application is where somebody visits your website and you have a software that works within the web browser. Now, the next one is a mobile app. Mobile Apps is when we all know in a mobile app, but I'll explain it anyways. Mobile app is when you actually have an app on your phone. You have a little square on your phone that you can move around and everything, and that's going to be a mobile app. And then the next one is going to be a software. So that's like w a downloadable piece of content that somebody downloads and puts onto their computer. So that's application. I'll give you see you in the next one. 33. Importance for Online Business: Hello, everybody. Welcome back. And in this module, we're going to talk about importance for online business. So applications are really important for online businesses is because you want to be able to automate. This is for you using applications, and also for you making an application. For both of them, you're able to automate. And that's very important for an online business, because since your business is online, you want to take advantage of that. So because your business is online, you want to be able to live anywhere you want with that business. You want to be able to not work every single day. And the best way to do that is with software. Software as a service, software, at Web Apps, mobile apps. That's the best way that you can generate that revenue and have that consistent revenue coming in. So you want to be able to automate your business is the number one. And the next one is you want to be able to generate more revenue. So you're able to do that with using apps and also creating apps. You want to make sure that if you make your own app that it actually is solving a real problem in the marketplace. One of the best ways you can do this is to look at forums and see what features people are asking for that maybe other companies are falling short on that you can capitalize on. And then also, you can have a dependable business. So if you do start an application, then you have a dependable business, because it's not as airy fairy as like a blog or something like that. It's more of a real down to earth like grounded business. And there are really great ways of driving revenue because because they're online, you're not actually creating a product. You're just creating the software ones, writing the code once, and then you're able to make money off of it forever. So that's important for online business, and I'll see you in the next one. 34. Lean App Development: Hello, everybody. Welcome back. In this module, we're going to talk about an app development. So first of all, you're going to want to start with an MVP and test it and see what works. So NVP means minimum viable product. Now, minimum viable product does not mean that you just create a crappy product and you put it out there and hope it works. No, no, no, no. Minimum viable product means to create a version of your product with all the main features included that people want. So maybe you don't have more of the features that only 10% of people are going to want. You focus on what do 80% of people want. Those are the features that we're going to implement, and we're going to cut out everything else. So that's what MVP is. So you're going to want to build one of those and see what works. See what features people like the most. Maybe one of those features that only 10% of people should have liked ends up being that most people want that feature. Then you implement that feature back into your minimum viable product, and then you test it again, analyze the results, build it again. Build, test, analyze. That's lean start up. So you're going to want to make sure you develop your features fast whenever you develop an app. So you should have a very fast development cycle between every single iteration of a new feature, because you need to test as many features as you can to see which ones work the best. That's extremely important. You have to test a ton of features, find which ones work best, and then absolutely capitalize on those features that work best. And lastly, feedback is everything. Feedback is one of the most important things. You need to be open to feedback, and you need to be accepting a feedback because feedback is the most important piece of information you can get about your product. Because if you're getting feedback and you're not listening to it, then you're going to go and build features that people don't want. You're going to change the app in ways that hinders the experience for people. But if you've been taking feedback and you know what people like, what they don't like, then you'll be able to build your app in a certain way that will give people the maximum amount when they use it, that will help them use it and let them get the best experience. So, that's this module. And I'll see you in the next one. 35. Good App Design: Everybody, welcome back. And in this module, we're going to talk about good app design. So first of all, it has to be responsive. Nobody wants to use an app that you're clicking on stuff, and it takes seconds to load. Nobody wants something. They want it to be responsive. They want it to be fast. There's a lot of great Java script kind of add ons, like additions like react. That if you're building building with code, you can definitely implement those to get the best user experience that you can. The next one is you want it to be easy to navigate. People need to easily be able to find their way rounds your app. They shouldn't be wondering where this feature is. How do I do this? Another way you can do this is by providing a tutorial, but your app should be so easy to use that they don't even need a tutorial. And the next one is good support. You need to have good support. We all know what it's like to e mail a company and not get a response for weeks if we even do get a response. So you want to make sure you have good support for your product and that people are offering a good user experience. And the last one is create the app to be open to new features. Don't create your app as a closed system. You don't want to create your app as a closed system that just this is the app, and that's it. No, you want to leave it open. So, here's the app. Oh, we have some new feature we want to add it. Boom. Let's add that in there. New feature. Let's add that in. New update, let's add that in. Make sure your app is easily updateable and easily changeable, because you need to be able to add new features as fast as possible. That's one of the concepts of being start up. You need to add features as fast as possible. So, that's this module, and I'll see you in the next one. 36. Lean App Testing: Everybody. And lastly, in this module, we're going to talk about lean testing. So you got to make sure that you get as many people to test your product, not because you want them to buy, just because you want to test, and you want to see how the product goes. What do people think of the product? What features do they like the most? What features do they not care about at all? You need to make sure you're testing your product with as many people as possible to make sure that you have the best product that you can have. And also don't get too invested in one idea. Again, as I've said in an earlier module, ideas are infinite. So even if one of your ideas doesn't work right away, another one of your ideas will work. So don't get too hook up on one idea. If it doesn't work out, it doesn't work out, another amazing idea will come along that you think is even better. And lastly, test ideas fast. You don't want to be doing this over the course of like a month. You want to see if you can get results in like a week. You need to test your product as fast as possible because that's what builds the best product. Whoever tests their product more and actually listens to the feedback, that person is going to succeed. So, you also want to make sure you have as many KPIs as you can. So KPI means key performance indicator. You want to make sure you're tracking as many of those as you can. Because you need to know everything about your product. You need to know how long people use it, what features they use, when they use it, you need to know all these things about your product. So that's this module, and I'll see you in the next one. 37. What is a Product?: Hello, everybody, welcome back in this module, we're going to talk about what is a product. First of all, I'm going to go through all the different types of products. The first one is a physical product. Physical product is something like a shoe or dumb bell, something that you can physically hold in your hand. That's going to be a physical product. Physical products are great because most people like to buy physical products. Most of the products people buy are physical products. It means that if you make a physical product, you're not trying to get into a new audience, you're trying to get someone to do something strange. You're just getting them to do something that they naturally already do. That's one of the great things about physical products. The only thing about physical products you have to keep in mind though is because you actually have to spend money creating it, you do have a profit margin, typically only around 50 75 to 25%, but you're definitely not going to get a lower margin than a better margin than that, sorry. That's physical products. Then there's digital products. I love digital products. Because digital products, you just make them once and you can sell them forever. You don't have to spend anything on shipping because they can just be sent to somebody's e mail. You don't have to spend anything on producing it. Because once it's produced, it's out there, and you don't have to keep spending money, everything every time somebody buys it, you don't have to spend $10 to give it to them. No no no no. The margins on digital products are almost 100%. That's why digital products are so amazing. And the next one is one off products. One off product is something that you just buy once, so maybe like a backpack. That's something that you just buy once. Again, you might buy from that company again in the future, but mainly you're just buying a product one time off of them. The next type of product is consumable products. This would be like chocolate, coffee, tea, anything like that would be a consumable product. Consumable products are great because it means the customer has to buy from you multiple times because it's not going to last them, so they have to keep replenishing their supply. That's one of the reasons why I really love consumable products. Then the next one is subscription products. Subscription model is where somebody pays you a certain amount every single month and you send them a product. This could be a physical product or a digital product, but somebody pays you a certain amount every month. You have that assured income coming in and you send them something every single month. That's the subscription model, that's all the different types of products, and I'll see you in the next one. 38. Why Products Are Important: How everybody welcome back in this module, we're going to talk about why products are important. The first one is products or how we solve problems. If you have a problem, you're most likely going to solve it with a product. If it's a medical problem, you're going to solve it with a product that's medication. If you're having a problem with how you look, for example, then you have a problem that's how you look, and you can solve that problem with how you dress, by buying clothes or maybe by switching out your outfits. There's a lot of different ways that you can solve problems with products, and that's one of the most important things about a product is that it solves a problem. You don't want to release a product that doesn't solve a problem. The next one is products are used to express yourself. We use products as a way to express ourselves. This shirt that I'm wearing right now, I'm using this to express myself. The only reason that I even have this shirt is because I thought it was good enough for me to wear. I wanted to be seen in this shirt. That's why I got this shirt. You have to know that people express themselves with the products they buy. People won't buy a product if it doesn't match who they are as a person. People only buy products if it matches who they are as a person. The next one is products can innovate. One of the greatest things about products is that they can lead to innovation. This could be with a software, for example, on Instagram or Facebook, maybe with a new feature. Maybe with Chat GPT, they upgrade it with a new model, and maybe some new apps. Then with that, you're able to be able to do more. You have to know that products are able to be innovative. Innovative products are the most important thing for trying to have people get eyeballs onto your business. Because people want to pay attention to innovative businesses. That's this module. I'll see you in the next one. 39. What is an MVP?: Well, everybody, welcome back in this module, we're going to talk about what is a minimum viable product and MVP. The first thing is it's a usable version of your product with the most important features. When you're creating a minimum viable product, you don't want to fill it with every idea that you have for the product. When you're creating a minimum viable product, you fill it with all the most needed features. You don't spend your time doing every single feature. You find what features people like the most, and you only add those features. You just use your minimum viable product, mainly to test and see what works, what people like, what they don't like, and then you can change from there and make your next minimum viable product. The number one thing though is it has to work. There's a big trend now, especially in video games where you don't release a finished product, you release a half baked product and over time, you add to it until it's a full product. This is not okay. Do not release products like this. You have to release a full version of your product. No full isin has all the features, but full isin it works. It actually works. It seems ridiculous for me to even say, you might be listening to me and you're like, Well, of course, my product needs to work. Why would I think it cannot work? But you would be surprised by how many people try to release minimum viable products that hardly work and hardly do any job. So the next one is the product has to be able to test analytics. You have to be able to know how much people are using it, when they're using it, why they're using it. All these different things, you have to get as much data as you can, so you can make your next minimum viable product. The last one is test what features are most used. If you have a feature that's most used that everybody seems to like, keep that feature and expand on it. Then if you have a feature that you find nobody's using or the people who do use it don't enjoy it, then you need to cut that feature. Minimum viable products are all about being lean and only doing what's important. So that's this module, and I'll see you in the next one. T 40. Product Design Principles: However, buddy, welcome back in this module, we're going to talk about product design principles. The first one is that it has to be easy to update. You have to create a product that can easily be updated, so you can easily add new features to it. This is very important because it's going to be a blot easier to sell a product that you're working on continually, always adding new features to than a product that somebody buys once and it never changes. Of course, not every product will be able to bed over time. But especially for online business, chances are you're going to be able to create a park that you can update over time. The next one is it must be able to track analytics. You have to be able to track things like when people are using it, why they're using it, how they're using it, what features they're using. You have to know these things so you know what features to keep and what features to get rid of. The next one is the product must be created with manufacturing and mind. You must create your product thinking, how is the process of creation for this product going to work every single time? Of course, sometimes the manufacturing is like you're creating a course, for instance. For that, the manufacturing is you filming the course, writing the course, uploading the course. That would be the manufacturing for that. But then you also have manufacturing for something like a water bottle where you have to have a factory and machines and things like that to produce it. You have to be able to Track analytics. Not everything is going to be trackable, but with online business, almost everything will be. The next one is, it must solve a problem. You product has to solve a problem. You cannot just create a product and hope, people will buy this. No, no, no, no. You have to have a specific problem in mind that will be solved by people using your product. And you can't use guesswork. You can't think I think this is the problem I'm going to solve. You have to know that that's the problem you're solving. The best way to do that is to one, get a minimum viable product, and two to test as much as you can and find if it's actually solving people's problems and helping them in their lives. That's this module, and I'll see you in the next one. 41. What is Manufacturing: Everybody, and welcome back to this module on what is manufacturing. This is going to be a short one. It's the process by which a product is created. There are many different types of products. There's physical products, or you actually have to have a physical warehouse and produce the items. That means a lot of upfront costs, means you have to have machinery, means you have to have people staffing that machinery. That's manufacturing with physical products. Then you have manufacturing for digital products, and that would be like creating courses or creating e books, or creating audio books. And that manufacturing looks a little bit different because that's more of just your labor, you one on one with a computer. The next one is scale. So manufacturing can be done at very different scales. So you can do manufacturing at a very one to one scale and do it just on an individual level. And that's with three D printing, for example. And then you can do it on a large scale with a big manufacturing facility putting out like hundreds of products every single day. So that's what is manufacturing, and I'll see you in the next so. 42. Why Manufacturing Is Important: Everybody, welcome back. In this module, we're going to talk about why manufacturing is important. So the first one is it's how everything gets made. Everything gets made through manufacturing. There's nothing that gets made, unless it's fruit that comes from the ground, it has to be made by manufacturing. Okay? Anything that we create will be made through manufacturing. And you have to remember that, as I've said in a previous module, you always this is why it's important. You have to create your product with manufacturing in mind. You have to always think, how am I going to manufacture this product? What is the process? How long is it going to take? How hard is it going to be? You have to think about the whole process and think about everything about manufacturing. So when you're getting your manufacturing done, you're not blindsided by random costs or random problems. So that's why manufacturing is important. I'll see you in the next one. 43. Lean Manufacturing Principles: Everybody in this module, we're going to talk about lean manufacturing principles. So the first one is value, and value is the value that your customer is going to get from your product. So value is very important because you don't want to manufacture a product that somebody's not going to find valuable. So before you even do manufacturing, you need to focus on value and think about how is this going to provide value to the customer. The next one is flow, and flow is how your manufacturing goes. So how does your product go through the manufacturing? What's the process like? How long does it take? How much does it take? What materials are needed? That's going to be flow. And of course, this could be for like a physical product or a digital product, but flow is important because it shows how your product is going to be created, and the process by which it comes to fruition. The next one is pull. Do you have to think about what manufacturing are you going to have on your product? So give it a pull, give customers a pull, M customers want to buy. So that's what pull is. It's mainly just how can you pull customers into your product? And the last one is perfection. So once you've figured out your product and you've got to manufacturing and everything, and you're getting feedback, you want to perfect that product as much as possible. You want to make sure that product is as high quality as you can. You want to keep the best features and add to them, and you want to get rid of features that nobody cares about. So, that's lean manufacturing principles, and I'll see you in the next one. 44. Why is Pricing Important?: Hello, everybody. Welcome back. And in this module, we're going to talk about why is pricing important? So the first reason is it's the biggest influence that brings someone to buy. The first thing that people look at most of the time is the price. Even if it's something that's super expensive where people don't really care about the price, like Gucci, it still matters the price because that high price is the reason why it's selling. In most cases, though, you want to have as low of a price as possible while still being able to make a good profit. So you need to it also tells us about the value of your product, the price that you set. If you set your price lower than your competitors, it tells somebody that okay, they're doing something that allows them to do it cheaper. So maybe it's not a high quality, or they're just not making as much profit. Well, if it's more expensive than your competitors, they think, Okay, well, this has to be a premium product. And lastly, you need to keep in mind you need to keep in mind during the whole process so you can make profit. You need to keep pricing in mind because you need to make a profit. You don't want to focus on pricing last. Pricing is one of the first things that you need to focus on, because if you're not able to have a large enough profit margin, then you're not going to be in business very long. So that's this module. I'll see you in the next one. 45. Lean Pricing: Well, everybody, welcome back in this module. We're going to talk about lean pricing. So first of all, the reason why you want to use lean pricing is because you don't want to waste money on features. The price of your product is going to go up the more and more features that you have. So you want to make sure that you're hitting that fine line between cutting features that don't work and adding features that people love. So you need to find that thin line in between, so you can bring your product to the right price. And the last thing is you need to test prices. So you actually need to test and see what prices work. Cause you might find that maybe at a higher price rate, you actually get more sales, or maybe you get less sales, but you make more because you made more money off of each sale. So what's most important is to cut out what's not needed and to only keep what's needed when it comes to making your product. So that's this module, and I'll see you in the next one. 46. Recap of Lean Principles: Hello, everybody. Welcome back in this module. We're going to talk about recap of lean principles. So there's three really main ones. Build, test, and analyze. And if there's anything I want you to leave this orth of us, this course with. It's those three things. Build test, analyze. So you want to make sure you're building your product, a minimum viable product. You want to make sure that you're testing it and seeing what works, what features people love the most. And then you want to analyze and look at that data and see, okay, how are people interacting with our product? What do they love the most? What do they not like? So that's this module. I'll see you in the next one. 47. Recap of Idea Generation: Everybody, in this module, we're going to talk about recap of idea generation. So first of all, I want you to remember, ideas are infinite. Even if you have an idea that doesn't work, you will always be able to find another idea that works just as well or even better. Idas are infinite. You'll never run out of ideas. So if one of them doesn't work out, your next one will be just as good. Next is you want to look at problems. When you're trying to think of ideas, you want to look at problems that people are having, I think, How can I solve that better than anyone else can? And lastly, you want to make sure you're building for scale. So whatever idea you have, you want to make sure that it works at a small scale, as well as at a large scale, because you don't want to keep it as a small operation. And if it's too big of a scale to start with, you're not gonna be able to get there 'cause it takes too much to invest. And with the lean start up, you don't want to invest a ton of money. You want to just find your way through kind of, like, bootstrapping. So, that's this module. And I'll see you in the next one. 48. Recap of Bootstrapping: Everybody welcome back to this module. And this one, we're going to talk about recap of bootstrapping. So, number one, bootstrapping is when you start a business from no resources, and you're only doing it yourself. That's what bootstrapping is. And bootstrapping is extremely important for online business, because when you build your first online business, chances are you're gonna be bootstrapping it. Chances are you're not getting investors and stuff like that. So you want to make sure when you're bootstrapping your business that you're only working on the features that are needed the most. So, that's this module. And I'll see you in the next one. 49. Recap of Marketing: O, everybody. Welcome back. And in this module, we're going to talk about recap of marketing. So first of all, marketing is your brand. You might think your brand is the people you hire, the place you have your office, the products you sell. No, your marketing is your entire brand. How people view you is your brand. You can put in as much work as you want into your business, but if people don't view your business in the way that you want, then you're not going to make any progress. So marketing is extremely important there because that's exactly how people view your business as your marketing. Next, it can be digital or physical. So there's a lot of different ways that you can do marketing. You can do digital, like with meta ads or Pinterest ads, TikTok ads, or you can go physical and do like newspapers and billboards. So there's a lot of different options there. And you have to remember that with marketing, you have to tell people the value you're providing. So you actually have to provide value for people. So for example, you have to create educational content that helps people. And helps them become a smarter person in your niche. So that's this module, and I'll see you in the next one. 50. Recap of Sales: Hell, everybody, welcome back. And this one, we're go to talk about recap of sales. So this is going to be a short one. So it's the last step of the funnel. As I said before, you got a funnel like this. A lot of people at the top, less people in the middle, very few people at the bottom, but the people at the bottom are very interested. And those are the people you want to sell to. You don't want to sell to people at the top of the funnel. That's where you do marketing. Bottom of the funnel is where you want to sell to people. People who are highly interested in buying. Do you have to remember, it's the last step of the funnel. And next is you have to sell to problems. You can't just show somebody your product and hope that they buy it. You actually have to go into the problems that it solves, the features that it has, and the benefits that your customer will get if they buy your product. So that's recap of sales, and I'll see you in the next one. 51. Recap of Application: Everybody, welcome back. And in this module, we're going to talk about recap of applications. So there's three that we talked about. The first one is a web app. So that's one that's in the website, you open it up in your web and you access it through there. The next one is mobile apps. So that's just when you have an app on your phone that you update regularly and that people can interact with through their phone. And the next one is software. So that's something that people download directly onto their computer, and then they interact with your software in that way. So, that's that one. And I'll see you in the next one. 52. Recap of Product: Hello, everybody. Welcome back. And in this module, we're going to talk about recap of products. So there's a lot of different types of products. There's digital and physical. And again, as I said, digital products are really awesome because you have a really high profit margin, and once you make it once, you can sell it forever and you can sell it to anyone in the world. The next one is MVP. You want to build a minimum viable product. So you want to make sure that your product has all the features that it needs to be released, cutting out everything extra that it doesn't really need. So the not bare bones features, but the features that are most needed are the ones that you include in your MVP. And lastly, solve problem. Your product must solve a problem. If your product doesn't solve a problem, nobody's going to want to buy it. Make sure when you're create in your product that you have in mind what problems you want to solve and how everything you do, how it's going to solve those problems. So that's this module. I'll see you in the next one. 53. Recap of Manufacturing: Hello, everybody. Welcome back. In this module, we're going to talk about recap of manufacturing. So, first of all, you have to build for manufacturing. You have to build your product with manufacturing and mind. Think about how are we going to produce this? How are we going to do this at a large scale? How are we gonna do this at a small scale? You have to think about every step of your manufacturing. When you are creating your product, you have to think about how can we mask manufacture this? Don't just think about how you can make a one off product. And the next one is keep what works. Because you have to spend money on features for your products, that means you should only keep what works when you're manufacturing. Do not manufacture features that do not matter. Only manufacture the features that you know we're going to make you money. And lastly, ditch what doesn't work. So if you find something that doesn't work, then just absolutely get rid of it, disregard it, and get it out of your product. So that's this module, and I'll see you in the next one. 54. Recap of Pricing: Everybody, welcome back. In this module, we're going to talk about recap of pricing. So first of all, you have to test multiple prices. You have to see what price point, do people react to your product the best at? Next, price is the biggest factor when somebody buys something. So you have to make sure that your price can be low enough, or you can still make a good profit margin. And lastly, your price displays the value of your product. So people get a lot of information from just the price of the product. If it's more expensive than the competition, they'll think that it's a higher quality product, and if it's cheaper, they might think it's a lower quality product. So that's recap of pricing. And I'll see you in the next one. 55. Conclusion: Every buddy, I would just like to give you a big thank you for watching this course on implementing lean startup principles into your online business. My name is Nour Visofen. If you enjoyed this course, please leave a review. They mean so much to me, and please check out my other courses. So I'll see you in the next one.