Transcripts
1. What Will I Learn in This Class: How to use this course. This course is designed for those that's looking
to start a business, or those that's looking to
grow an existing business. This course has ten sections, and in each section
there's a lecture and a corresponding
document in which I call the Success Guide
for the student to download and to
record their ideas. At the end of the course, the student will have a
functioning business plan. A functioning easy to follow business model
that will give them the necessary tools and processes to start and
grow their business. There's a lot of trainers
promising to help you design a successful business plan because you want a
different result. I'm going to give you
a different approach, a thing outside of
the box approach in order for you to get
a different result. And my method of training and coaching is simplifying
the methods. Simplifying the
process, reducing the analysis which is
ultimately causing paralysis. Click the link below register. I'll see you in
our first lecture.
2. BTW WinnerCircle Bronze Startup Intro: Are you tired of working
for other people? Are you tired of the layoffs? Are you tired of making
other people rich? You're concerned about the
current economic conditions. Now is the time. Now is the perfect time
to start your business. Economic growth is not
going to happen on its own. It's time for you to take
charge of your finances. It's time to start
pursuing your passion. Everyone else, everything else has been getting
the best version of you. Today is the day you're
putting your dream first. Hi, I'm Steve Compton, creator of a business that wins a training and
coaching program designed for every day
people like you and me to achieve financial freedom
through entrepreneurship. I'm a 30 year serial
entrepreneur, and over that 30 years, I made many mistakes. Around ten years ago, I decided to make a change. I wanted to create success. So I went on this
crusade of learning what makes top performers, top
marketers successful. And then I found it. I found the secret sauce, the magic bullet, and I'm going to give it
to you right now. The secret sauce to success, The magic bullet to being
successful is in you. Every resource. Everything you need to be
successful already exists. No one can make you successful. No one can force you
to be successful. But what a coach can do, what a trainer can do, what a mentor can do is help you unleash that unlimited
potential that exists in you. And what exists in
that potential is your dreams, is your passion. During that journey ten
years ago of trying to find out the magic
bullet to success, I learned the true
meaning of success. Success is simply the pursuit of your passion,
purpose, and plan. When I start implementing
all of the techniques, all of the proven methods
of top marketers, top influencers, I start seeing growth in my business
people's lack of success. It's not because they don't
have enough instruction, it's not because they don't
have enough knowledge. The reason why many
business owners not seeing the level of success that they desire is because they cannot unlock
that potential. Then I dedicated myself to figure out how can I
get my participants, my students, the results
that they deserve? And that's when I invested in becoming a real certified coach. At this moment, I hold two
coaching certifications. A business that wins has three training and
coaching programs. The first program is called
Winner Circle Bronze. The second Winner Circle Silver and third Winner Circle Gold. Our Winner Circle
Bronze program is a training program
that is designed for those interested in
starting a business or those are looking to
grow a small business. And at the end of this course, you'll have a functioning
business plan. A functioning, easy to follow business model
that will give you the methods and
practical processes to start your business, to grow your current business. Now is the time to put yourself first,
invest in yourself. Click the link below. Register for this course. I'll see you in
the first lecture.
3. BTW WinnerCircle Startup What Is A Business: What is a business? Really, the formal definition
of business is a company, LLC, partnership, formed to sell a product or
service for profit. But if you look deeper into the meaning of the
word business, you'll see that the root
word is busy, being busy. If you look into
the root meaning of the word entrepreneur, it's one that is willing
to undertake risk. We understand that a business is someone that is
willing to take risk to offer a product
or service for profit. In this exercise, I
want you to write down your definition
of what a business is. But at the same time, I would like for you to consider
that a business could be something greater than offering a product and
service for profit. Write down your ideas. I'll see you in
the next lecture.
4. BTW WinnerCircle Startup Purpose Of A Business: What is the purpose
of owning a business? In this exercise, I
want you to write down the purpose of
owning a business. What are the benefits
of owning a business? Some people may say the purpose of owning a business is to help others to be
rich, to be famous. I want you to create a list of the purpose of
owning a business. Write your ideas. I'll see you in
the next election.
5. BTW WinnerCircle Startup Your Purpose Of Entrepreneurship revised 06: We discuss what a business is, and then we discuss what the
purpose of a business is. In this lecture, we're
going to discuss why is it important for you
to own the business? I want you to imagine
that a young child came up to you and asked
you this question. Why do you want to
own a business? What will your answer be? How would you be able to explain the importance of you owning
a business to this child? So when this part of
the success guide, we're going to do an
exercise that's going to help you formulate
your thoughts to easily determine why owning a business should be
important to you. I want you to write down five to ten
descriptive words that can express how being a business owner
will make you feel. I'll use myself as an example. The three words that come to
mind when I'm thinking of expressing how being a
business owner makes me feel. Number one, pride,
another word is freedom. And lastly, wealthy,
Write down your ideas in this section of
the success guide and let's discuss them
in the next lecture.
6. BTW WinnerCircle Startup Legacy Revised: I think that the word legacy
has been thrown around in so much that the true meaning of the word legacy
has been lost. I'm going to give you
the Steve Ton definition or idea of what legacy means. Legacy is when your passion, purpose and plants you, when you have a passion or plan a purpose that you've been doing and sharing and
actively involved. And when you transition, that very thing
continues to move on. So let me give you an
example. Henry Ford. All right. To this day, people are
buying Ford vehicles. His vision, his
plan, his mission, his purpose continued on
way after he transitioned. Another good example
would be Ray Crock. Ray Crock and Mcdonald's. His vision, his plan, his passion of creating his
franchise model and creating a system for fast food
restaurants still is going today. In this lecture, I just want you to examine what legacy
you want to leave. Start opening up your mind to
how can it continue, Right? How that long term
vision can go beyond even your existence on Earth. Write down your ideas. I'll see you in
the next lecture.
7. BTW WinnerCircle Startup Resources And Skills Revised: Resources and skills. So far in this process of coming up with our
business model, we already identified
that the foundation of a business itself is finding a solution to a big
one or a big need. But then we have to ask ourselves a very
important question. Do you have those resources
to address those issues? Do you have the resources to solve the big want
or the big need? We also need to ask ourselves, do we have the skill set? Remember in one of the
past lectures I asked you when we were trying to develop what some of
your passions are. I said if you had all
the resources you need, you had access to
everything you need, what big want or big
need would you address? Your mind should have
been spending ideas, should have been coming to you. In that same vein, I want you to think
about what resources and skills that you currently have to address that
big want or big need. What things are in
your possession today? What ta***ts? What skills that you have today that could start
solving these issues? Let me give you an example. When I started my
trucking company many, many years ago, I
believe I was 20. I actually, I didn't
have any money, but my family at the time, my father actually just started his own er,
operating trucking business. He left the guy
that he worked for at this 0.20 some years, and so him and my brother
went out and bought a old truck and started
his own trucking business. And then my brother had
a cleaning business that we can, we cleaned semi. So I was around the
trucking world. My father basically inspired me to create a trucking company, but it was a hot shot
trucking company. The problem was I
didn't have any money. So around this time,
I ended up getting a decent sized tax return. It was like $2,000 But I had this burning desire to create this trucking company to address this need that these companies needed somebody to call
right away to move these smaller
machinery or parts or things of that nature
that might weigh 2000 pounds, 800 pounds. And they didn't want to pay
a tractor trailer to move a 500 pounds piece of equipment
30 miles down the road. I had to have this business. So how can I start
a trucking company with a couple thousand dollar? Now, I'm not the
kind of person that really asked for much knew. My father was invested in this
new trucking business and my brother was part owner and they had a lot
of stuff going on, so I bought a truck
for $1,800 That was my resource was the $2,000 This is what I'm trying
to help you understand. Just look at what's
available to you. Because I didn't think I
was going to be able to find a truck for less than $2,000 but I did and it
was a 1975 U Haul truck. Write down the resources
that you have today. Write down the skills
that you have today. When I started that
trucking company, the skill that I had was
I was a good driver, but I also knew I did not have a commercial
driver's license. So I had two choices, right? To get my commercial
driver's license or to get a vehicle that
did not require it. And so guess what I did. I got a vehicle that did not require a commercial
driver's license. Another obstacle or trick that I see a lot of business
owners, new business owners, small business owners fall, is worry about the resources that they need instead of
focusing on what they have. Let's focus on what
you have to day first. We'll get to the
other stuff later, but that is what you
need to do first, Write down your ideas. I'll see you in
the next lecture. Write down your ideas. I'll see you in
the next lecture.
8. BTW WinnerCircle Bronze Startup Logo: In this lecture, we're going to discuss the logo
for your business. Just like the name
of your business, your logo is vital
for your success. Your logo is the first image that the consumer will
see about your business. Your logo will be
the image that will be attached to your business. It is important to
take time to determine what logo is going to be effective in the success
of your business. There's a lot of information
about creating logos. I'm not going to spend
a lot of time on the technical aspect on
how to create a logo, but what I am going
to do is help you think outside the box and concepts that you
need to incorporate while thinking of designing
the perfect logo. The first concept I want
you to grasp is that your logo needs to complement
your business name. The image of your business needs to be attached and needs to add value to the name
that you select to represent your
product or service. The next concept I
want you to understand is that your logo must be clear. When the prospective
consumer sees the image, they must clearly
understand the message you're trying to convey
about your business. Your logo being
clear and concise is more important than being
cluttered when creative. When creating a logo, I want you to understand
that your logo can further explain the message that your business name cannot. For example, the name of my coaching program is
a business that wins. I also wanted to
further that message, so I created a logo where there's a box and
a light bulb coming out of the box to represent
thinking outside the box. My logo continues
the message for the consumer that my business, a business that wins, helps, or does that by helping
people think outside the box, your logo can be a continuation of the message because you probably can't convey everything through your business name. A method that I used
to help students determine if their
logo it's conveying a clear message is by imagining
your logo on merchandise. Your logo should be able to sell a product or convey a message without the words or
without you explaining. If you look in the exercise of this section in
your success guide, you'll see three images. And so I want you to imagine the image of your
logo on a book cover, the image of your
logo on apparel, and the image of your
logo on merchandise. Ask yourself, one of
my fans with one of my ideal clients wear
this merchandise in support of me and so if
the image is not clear, it's not sellable
on merchandise, then it probably
wouldn't be clear to the general consumer
write down your ideas. I'll see you in
the next lecture.
9. _New BTW WinnerCircle Bronze Startup Ideal Client: Your ideal client, who is the perfect client
for your business? If you were to ask me that
question 20 years ago, 25 years ago, the
answer would have been, anybody that bought from me, that mentality is not efficient in the process of
building your business model. You have to know who
your client truly is. There's a famous movie
that came out many, many years ago that
the mantra was, if you build it, they will come. You have a good product, you have a good service. When you open the doors, when you posted on social media, when you hit the send button
to your e mail blast, they're going to come, they're going to be
knocking at your door, flooding your e mail. That is far from the truth. A lot of marketers
that you probably are following used the
term target market. And I want to propose to
you to reverse engineer the concept of
looking what's out in the market and trying to
find the perfect client. Instead, create
the perfect client and specifically go after them. If you look at the
term target market, the first word target. Now for those of
you that like to shoot firearms at a range
or you're into archery, you understand that you are
trying to hit a target. Hitting the target anywhere on the target does not make
you a sharpshooter. We're hitting the bull's eye. The.in the middle is what
makes you a good shooter. A lot of people that teach marketing teach the participant, the student, to gather a lot
of analytics, demographics. And to pull the best prospect
from their research. The chal***ge with that style
of marketing is a outsider. The demographics, the
geographics is what is determining who is the perfect client
for your business. But what we're really
trying to do is find the perfect match
for the business. Not trying to match
your business to what's perfect
for the market. In order to move forward, you have to realize and conceptualize who's
perfect for your business. Just imagine someone trying to date someone interested
in being married. If a matchmaker
or outside person was telling them who is
the perfect mate for them, that will be considered
an arranged relationship. But the person that is seeking to be in a marriage or a
long term relationship, those two people
have to determine if the other party is
ideal for them. This exercise is truly about
us as the entrepreneur, sitting back and
looking at our business from a third view
perspective and allowing the business to communicate
who is the ideal client? Now let's build
the ideal client. Now we're not going to go into a laboratory to
build out somebody, but what we are going
to do is imagine exactly who is the perfect
person to do business with. If you look in your success guy, you'll see an image of a person with boxes
all around them. The boxes are the places that
we're going to write down the characteristics
and the thing that makes this person perfect
for your business. While you are
imagining the story, I'm going to ask you a
series of questions. I want you to pause the video and write down the first things that
is coming to your mind. Don't allow critical
thinking and rationale to disrupt what
your imagination is creating. Let's get started. Just imagine you're
getting the call. You're getting the e mail, someone messaging
on social media. The person is excited about
doing business with you. They did all the research
and they believe that you can help them solve
their big need or big want. The same client contacts you and you begin to go
over your presentation. They're reading the men, they're looking over the
pamphlet and they're asking all the right questions. And you guys are
developing a report. And you know that
this is going to be a perfect client
for you right now. I want you to write down
how this person looks. First thought that
comes to your mind. Write down how they look. It could be their skin color, could be their hair,
their clothing. How tall they are,
short they are. Write down the things that you are seeing about the client. Now imagine that the client
decides to move forward. They want it. They're going
to purchase the product. They're going to
use your service. Now let's imagine the client
actually using your service. The clients actually
wearing your product, using your product,
eating the food. Imagine them having
a great experience. Everything that you said
that the service would do. Everything that
you promised that your business was going to do. The customer is experiencing it. Imagine the smile on the customer's face right now. I want you to write
down how your client is feeling about the
experience they're having using your
product or service. The next day, you
start getting a, a bunch of notifications
on social media, your e mail, that somebody
has made a five star review. And when you open up your
laptop or your cell phone, you see a bunch of reviews on
social media and on Google, and it's the client,
the same client. They gave you a
five star review. In that review, they
gave a long testimony. They stated on how they had this big need or big
want and they found you. You answered all of
their questions. Your product answered all of their needs,
answered their wants. And it was a great
experience right now, I want you to pause
this video and write down what this client
is saying about you. How are they saying it? Are they excited?
Monotone. Pause the video. The first thing
that comes to mind, what is this client
saying about you? We're almost finished with
the ideal client exercise. The last part of this exercise, I want you to look over the descriptions that you
wrote about the ideal client. Imagine if the image of that ideal client
replaced this silhouette. And I want you to spend time looking at all the
details associated with this client and
begin to fill in these boxes around
that client's image. The goal here is not to
only target your market, but to specifically
to this ideal client. And design your
marketing plan and your experience on addressing
that person's need, that person's want, and giving them the experience
that they deserve. The more detail that you get, the closer you get
to that bull's eye. And everybody that is
outside of that bull's eye, that's outside of
that ideal client, still has the level of customer experience
that the ideal client. So it's a win when the business
gets the perfect client. And those that might not meet the criteria
or might not meet the characteristics
of the ideal client still enjoys the
same experience. Look over everything that
you've written down. I'll see you in
the next lecture.
10. BTW WinnerCircle Bronze Startup Vision: In this lecture, we're
going to discuss the vision for your business. Many years ago when I first got into the
insurance business, the company that I
was representing hosted a business
training seminar. And one of the
segments was called Creating a Vision and
Mission Statement. Myself and about two
dozen other agents spent three or 4 hours developing a vision
and mission statement. And at the end of that segment, we created an ineffective vision and an ineffective mission. But we did a great job creating a summary of what we
believed our business was. Let's be honest,
most people do not read the vision or mission
statement of a business. So creating a vision or mission statement that is
attractive and pleasing to the consumer is
not the reason why you create a vision
and mission statement. You create a vision for
yourself and your team members. Your vision is what keeps you accountable for the reason
you created the business. The word vision has been misused and diluted
over the years. Vision simply means the business
owner, the entrepreneur, envisioning the ideal
client receiving the results and benefits of the product or service
that they provide. Your vision is not about
you changing the world. Your vision is about making that impact
for the ideal client, delivering the end
result that you promise the consumer your product
and service can deliver. And the exercise
of this lecture, we're going to create your
vision on your success guide. You'll see a box
that says vision. What you will do is
write down a list of ten to 20 benefits and or results that the
ideal client will get from using your
product or service. Once you create that list
of results and benefits, go back to the section of the success guide where we discuss the big
need or big want. Take those ideas from
those three questions. Combine it with these
benefits and results. Pull away the best
concepts and ideas that you have from
these two exercises, and begin to write
drafts of your vision. So I'll use myself
as an example. When I created the vision
for a business that wins, I came up with a list of
results and benefits that the student will receive
from taking this course. Some of those benefits were,
creating financial freedom, creating success, starting
their first business, expanding their first business. And then I looked at those ideas from the
big want exercise. And then when I
combine both ideas, I can begin to see what the vision for my
business truly is. As a result, the vision of
a business that wins is to help every day people achieve financial freedom
through entrepreneurship. Write down your ideals. I'll see you in
the next lecture.
11. BTW WinnerCircle Bronze Startup Mission 2: In this lecture, we're going to discuss your mission statement. Let me define what a
mission statement truly is. A mission statement is simply the method on how your
product or service is going to achieve Your
vision is the roadmap, the playbook, how your product
or service is going to get your ideal client
the benefits and results that you
promise to deliver. In this part of the exercise, we're going to create
your mission statement. The first step of developing
a mission statement is identifying what the features are of your product or service. What are features? Features are the things that most business owners
love to brag about. It's simply the things
that most people love to mention when they're explaining what their business can do. In this exercise, I
want you to come up with a list of 15
to 20 features. Things that you
love to brag about, things that you can easily explain what your
business can do. And then go back to the previous
exercise where we talked about how your
product and service can address the consumers need. Look at those three questions, how, when, and where. Gather the best ideas from that exercise and combine them with this list of features. And then start creating drafts
of your mission statement. Write down your ideas. I'll see you in
the next lecture.
12. BTW WinnerCircle Bronze Startup Personal Expenses: In this lecture, we're
going to discuss finances. Now at this point,
you realize that I like to teach
in a simple form. Because I realized that information and
instruction is not the reason was holding back people from starting
their business. And I also realized that people
have all the information, all the instruction are
still a statistic of the amount of failing
business on a annual basis. And so my goal is
to help you become successful by
thinking outside of the box to get a
different result. So in this exercise, we are going to rethink, reverse engineer the idea surrounding finances
and your business. Before we can talk about gross profit net creating
this million dollar business, we have to determine if your business can
even pay your bills. In this exercise, I
want you to write down your monthly
personal expenses, your mortgage, your rent, your utilities, your cell
phone bill, your insurance. Write down all of your
expenses for the month. Let's discuss it in
the next lecture.
13. BTW WinnerCircle Bronze Startup Business Expenses: In this lecture, we're
going to discuss your monthly business expenses. Just like your
personal expenses, we have to determine if the business can
even pay for itself. So in this exercise, you're going to write
down the expenses associated to your business. I know that some of you are considering starting a business, so you might not know what
the monthly expenses are. So you're going to have to do your research to find
that information. Some of the best places to research the data that you'll
need to get a estimate on what it's going
to cost to run a business on a
monthly basis would be the Small Business Administration
Trade Associations is a good resource to get specific data concerning
any industry. Examples of the data
that you want to collect would be the
rent, the lease, the cost to rent the equipment, the average salary
of one employee, two employees, the average cost of the stock you're
going to need. The cost of hosting websites
and servers and phones, whatever is needed to run a
business similar to yours. Write down the information
that you collect, Let's discuss it in
the next lecture.
14. BTW WinnerCircle Bronze Startup Required Income: In this lecture, we're
going to discuss what I call required income. At this point, you should
have a list of what it cost on a monthly basis to
cover your personal expenses. And you also should
have a list of estimated monthly expenses
to run the business. Now we're going to determine if this business can take care of the expenses for
the business itself, plus your personal expenses. Like I always say, I like to think
outside of the box. And the intent of this lecture is not to tell you how
rich you're going to be, how successful
you're going to be like some other marketers, to be honest with you. The intent of this portion
of the training is to make you consider or reconsider if being an entrepreneur
is for you. So at the end of this exercise, you will see exactly
what is going to cost on a daily basis for the
business and you to survive. If you're willing
to accept that, then you can move on. But if that number
frightens you, if that daily amount
of money that you need to make concerns you, then you may need to reconsider
being an entrepreneur. So if you look in this section
of your success guide, you'll see required
income in several boxes. At the top left hand corner, you see total personal expenses. You would take the total number of the personal
expenses that you have and then you'll take the total number of monthly business
expenses that you have. And when you combine
both of those together, you'll come up with
the total expenses of your personal and business. Write that number on the left hand side next to
total monthly expenses. Then you'll take that number
and divide it by four. And this will give
you a estimate on how much money you must have
to make on a weekly basis. And you take that number
and divide it by seven. This will give you the
required income that you must make on a daily
basis to even survive. I'm not promoting that. The goal or your focus is to make enough
money to only survive. But anyone that is promoting success,
promoting being rich, but they haven't spent
time helping this student see what is required to even survive is
selling you a dream. Let's go over an
example so you can see the gist of how
this exercise works. Let's say someone has
monthly personal expenses of 3,000 That person will write 3,000 next to total
personal expenses. Let's say that that
person's business idea, after they do all the research, comes up to a monthly
business expense of 3,000 So that person's
total monthly expenses, personal and business combined, would be 6,000 That person would take that number 6,000
and divide it by four. This gives them an idea on how much money they
need to make on a weekly basis to survive. Then that person would
take that number of 1,500 and divide it by seven. This would give that
person an estimate on what they need to
make on a daily basis. A person that has $3,000 of personal expenses
and $3,000 of business expenses on
a monthly basis needs to understand that they
have to make at least, that's the key
word, at least $215 Let's really think about this. Here's a person with a business that is engrossing less
than $100,000 a year. And in order for them
to even survive, they have to make at
least $215 per day before you pay somebody to
give you a bunch of analytics and a bunch of details
on how to be successful. And they're cramming down a bunch of numbers
down your throat. If you can't grasp what it takes to make it
on a daily basis, you're wasting your time. Write down your ideals. I'll see you in
the next lecture.
15. BTW WinnerCircle Bronze Startup Required Sales: In this lecture, we're going to discuss what I call
required sales. In the previous lecture, we determine what
daily income is required for you and your
business to survive. In order to determine
the amount of sales that you must
do on a daily basis, we have to take your
daily required income and divide it by the price of
your product or service. First, you need to
determine what is the average price of
your product or surface. If you look at the bottom
of the success guide, you'll see three boxes, price one, price two,
and price three. This is where you're
going to write down your lowest priced
product or service, your middle priced
product or service, and your highest priced
product or service. Then you'll combine
the prices of those three products
and divide it by three. This will give you
an average price for your product or
service and you will write that number under your
average price per sale. This will give you the
required daily amount of sales that you must do in order to
achieve the required income. Now that we know how many sales you must have
on a daily basis, we need to figure out where are you going to get
those sales from? Early in my insurance career, one of my supervisors used to bring in top sales producers from different
industries to have a sales training with his staff. In one of the sales
training seminars, the gentleman who was a successful
pharmaceutical salesperson was asked a question by
one of my associates. His question was,
how many people must I contact in
order to get a see? My associate understood
that he had to speak to a certain number of potential customers in
order to get a sale. His response was,
you need to have at least one And
we all chuckled, but I understood what he
was trying to convey. In order to get a sale, you must have a prospect. Before we move forward, I need you to understand
this concept. There's two types of
people in the marketplace. First, there's a
prospect or a shopper. This is an individual
that has a big need or big want that is actively
pursuing to address that issue. And then there's an individual that has a big need
or big want that is not seeking to address that
issue at this very moment. So unlike most
entrepreneurs that is so focused on the required
sales that they need, we're going to think
outside the box, rethink business, and
focus on the prospect. Because we know in
order to have a sale, you must have prospect. So how many prospects must you have in order to get a sale? The equation to
determine the number of prospects needed to get a sale is called a
conversion rate. You'll take the number
of sales divided by that conversion
rate percentage and that number will give you
the amount of prospects you must target in order to
reach your daily sales. We understand that in
order to have a sale, you must have a prospect. Furthermore, in order
to have a prospect, you have to have a suspect. Somebody that has
a need has a want, but they're not necessarily looking to address
it at the moment. So how do we convert a
suspect to a prospect? Someone that is looking to address their need to determine the amount of suspects you need in order to get a prospect. You'll take the
number of prospects divided by that conversion
rate percentage and that will give you the amount of suspects
needed in order to get the required number
of prospects in order to get the required
number of sales. Where do you get this
conversion rate? That number is
either gained from marketing plans that
you instituted or from the research that
you gathered from similar businesses that does
similar marketing plans. So let's go over an
example so you can completely understand
how this exercise works. We're going to use the
business owner from our previous example,
our example. Understands that they must make at least $215 a day
in order to survive. Now that business owner
wants to determine how many sales
they need to do on a daily basis in order
to reach that number. So that business owner
will write $215 next to required daily income
that business owner is in the T shirt business. They have three levels of pricing in their
T shirt business. The first price is $10 The
medium price T shirt is 20. And the highest price, T shirt is 30. That business owner will
add those three prices, which will give them 60
and divide by three. This will give that business
owner the average price per sale for their T
shirts in order to determine the amount of T shirts that they
need to sell on a daily basis in order to reach that minimum
required income of 215. The person will divide that
daily required income by the average price
of their T shirts and that will get them an
average amount of sales, 10.75 When you're
calculating sales, you always round up. It's better to over estimate
than under estimate. So in this example, the business owner
will round up to 11. Now that business owner
understands that they must sell at least 11 T shirts in
order to make $215 a day. So to determine
how many prospects they need in order
to make 11 sales, they're going to use the
conversion rate equation. And because our example
is new to business, did some research
and found out that the conversion rate for
this industry is around 4% They're going to take
11 sales divided by 0.04 and that equals 275. This business owner needs 275 prospects individuals
with a big want of purchasing a T shirt
in order to find out how many suspects are needed
to convert into prospects. This business owner
will take the number of prospects and divided by
the conversion percentage, and this will give them
the number of suspects. After doing research,
they found out that the conversion
rate of suspects to prospects is 1% So this business owner would
take the number of prospects, 275 and divided by 0.01
and this will give them 27,500 In order to sell 11 T shirts
on a daily basis, they need at least 27,500 suspects on a daily basis that has a want of owning T shirts. But how do we convert
suspects into prospects? How do we convert
prospects into customers? That process of conversion
is what we call marketing. Write down your ideas of this lecture in
your success guide. I'll see you in
the next lecture.
16. BTW WinnerCircle Bronze Startup SMART: In the previous lecture, we discuss marketing plans. Now you should have at
least nine tactics that you are considering using
in your marketing plan. In this lecture, we're
going to discuss a concept called
smart marketing. Smart marketing is a process to quantify your marketing plan, to determine its effective. Smart is an acronym
for strategic, measurable, achievable,
relevant, and time bound. In this exercise,
you're going to take each one of the tactics in your potential marketing
plan and you're going to answer these
five questions. And at the end of this lecture, you'll have a better
understanding if this marketing plan
will work for you. The first question you
want to ask yourself about your potential
marketing plan is, what is the strategy
of this plan? Your marketing plan should be able to answer this question. What does this plan actually do? The next question is, how will you be able to know if your marketing plan
is actually working? What tools or resources will you use to collect
the data to determine how many suspects
or prospects you are actually converting
into clients? The next question that
you want to ask is, is this marketing
plan achievable? Can this marketing plan get
me the necessary conversion to meet my required sales so me and my business
can survive? The fourth question is, is this marketing plan relevant? Would this marketing plan be attractive to my ideal client? And the last question
you need to ask about your potential
marketing plan is, is it time bound? I want to give you an
example of each one of these questions in the
smart marketing concept. Number one, strategic. Let's say I'm doing a
direct mail campaign. I should be able to describe each step in that
direct mail campaign. For example,
designing a postcard. Number two, coming up
with a list of prospects. Number three, the
form of delivery, whether I'm using UPS, United States Postal Service. Number four, what
will be the copy? The information printed
on the postcard. Measurable. When determining if your marketing plan works, you need to have a tool
that's helping you collect the information
and process the data. For example, if you are doing a e mail marketing campaign, the e mail software
has an area that should give you the information about how many e mails are sent, how many of those E
mails were opened, and how many of those
E mails actually converted over to
customers achievable. When you look at the
number of prospects in the conversion rate
needed in order for those prospects
to become customers, You have to determine if it's
mathematically possible. For example, let's
say that that example of the T shirt
business that needs the 11 sales per
day and also needs at least 275 prospects per day. Let's say that T
shirt company is only targeting the individuals
in their town. And let's say that the
population in that town is only 5,000 This
business owner needs to determine if it's even
possible to get that number based on the population of
their town being relevant. Let's say someone is starting a virtual assistant company. Would it make sense for
that business owner to hire someone to put on a clown
suit and dance on the street? Asking people to give them a call if they
need an assistant, it probably wouldn't make sense. Lastly, time bound,
determining if you can use this marketing
tactic for a specific time. Let me use myself as an example. When I do direct marketing
for my insurance agency, there's usually a 60
to 90 day response from individuals that
receive my postcards. If I'm trying to hit my required sales
on any given month, I have to realize
that I need to start marketing at least 90
days before that date. Now, I would like
for you to print a copy of this exercise for each one of the
marketing plans you're considering implementing
in your business. At the end of this exercise, you should be able
to determine if your potential marketing plan is able to answer these
five questions. If they cannot answer
these five questions, you want to eliminate
them from your options. Write down your ideas
in this exercise. I'll see you in
the next lecture.
17. BTW WinnerCircle Startup Customer Exp Value: This lecture, we're going to
discuss customer experience. Just like a lot of
the other words, customer experience is also misunderstood and
defined incorrectly. Customer experience simply
means your customer's journey. And the customer's journey is the time that they went
from suspect to prospect. From prospect to your customer actually using your
product and service. Then the follow up, the referral and the review that is truly your
customer's experience. When we all decided to pursue our passion to start a business that addressed
our burning desire, we wanted to do better
than what's out there. The problem with that
way of thinking, we're determining what's
better for the consumer from our own point of view and not the point of view
of the consumer. So the first concept I want to discuss on determining
what the customer is expecting is ideal that I like to call
industry standard. There's three levels of
customer experience. What a consumer
is willing to pay is the baseline of a
customer experience. But if the benefit and result that the consumer
is expecting to receive is below
their expectation that customer
experience is poor. But when the consumer receives the benefits and results
that they expect, that is what we call
the industry standard. And the vast majority of businesses in the
marketplace are delivering exactly
what the consumer is expecting in the last level, the level that we all inspired to achieve
in the beginning, and that is delivering
a benefit and result greater than what
the consumer expected. In the first part
of this exercise, we're going to identify what
the industry standard is. And once we determine
what benefits and results that the vast majority of
the consumer is expecting, we will target that first, and then we'll look to
exceed their expectation. In your success guide, you'll see a box under
Industry Standard. This is where you're going to
list 15 to 20 benefits and results that the vast majority of consumers is getting today. Once you create that list, come back to the lecture and
we're going to discuss how we're going to exceed the
customer's expectation. And the perception
that you exceeded the consumer's expectation
is what we call value. And I'm going to share
with you a concept that I believe creates that
perception of value, I like to call it plus three. Once you determine what
the industry standard is, all you have to do is add
three additional benefits and results that the
consumer is going to receive by using your
product or service. And from my experience, adding three additional
benefits and results gives the consumer enough
perception that you are over delivering what
everyone else is doing. And that is what's
creating value. If you look at the
second part of the exercise, in this lecture, you'll see a scale under the word value on the
left side of the scale. This is where you will write the three additional
benefits and results the consumer is going
to get by using your product or service
over your competitor. Write down your three benefits and results and your ideas. I'll see you in
the next lecture.
18. BTW WinnerCircle Startup Reviews: Now we understand that
the customer experience is nothing more than
the customer's journey. We understand that the
industry standard is the customer's expectation based on what they're willing to pay. And if we exceed that expectation,
we're creating value. Before we go any further and you begin the research
and development of your product and service to address these needs or wants, I want to go a little
deeper and help you research what the customer
is truly expecting. The best place to find
out what the consumer is expecting in your industry is the reviews of
your competitor. Customer reviews tell you
everything that the customer liked and dislike with
that product or service. By analyzing the reviews
of your competitors, you find out exactly what
the consumer is expecting. In a good review, the consumer tells
you what they liked. So in this part of the exercise, I want you to look
at the reviews of five to ten of
your competitors. Then you will write
ten to 15 benefits and results that are discussed
in the 5.4 star reviews. Then I would like for
you to write down ten to 15 complaints that are discussed in the
two star reviews. So at the end of this exercise, you'll have a better
understanding of potential benefits and results that you need to include in your
product or service. And you also have a better
understanding on benefits and results that the consumer is expecting to receive that
your competitors aren't. And you can take advantage of that opportunity by
meeting expectation. And then plus three to create that value,
write your ideas. I'll see you in
the next lecture.
19. BTW WinnerCircle Startup Competitors: There's another concept
we need to discuss when we're looking at creating
a customer experience, the concept of Swat analysis. Swat is an acronym for strength, weaknesses, opportunities,
and threats. It's designed to help the
entrepreneur identify things that can help their business or
impede their business. So I'm going to speed through this Swat concept and get
to what I really want to. What are your strengths? Your passion and interest is stronger than any
technical resource. What are your weaknesses? I believe that every
resource that you need to succeed already exists, so there's no need to focus
on what you don't have. What I want to do is help you recognize what you have today. What are the opportunities? There's endless
opportunities. And lastly, what are your threats? The biggest threat I see in my 30 years of being an
entrepreneur is the mind, the thought that something else, someone else has the power to stop you from pursuing your
dream of entrepreneurship. But the concept that I
wanted to focus on in this lecture is the competitor, most everyday entrepreneurs
like me and you, they are concerned about the
competitor because these are the businesses that we use and interact with on
a regular basis. But this is what I want
to propose to you. Your competitor is
your biggest alliance. The larger the competitor, the more beneficial
it is for you. Your largest competitors
did all the research, all the marketing analysis, all the demographic analysis, all the research
and development. And all you have to do
is learn from them. Don't look at your
competitors as a threat, look at them as a resource. One of the best competitors that we can have is a franchise. The franchise or has to create this complex business
plan in order to entice a franchisee
to make the investment. So a lot of that data is
available and all we have to do is copy what's working
and avoid what's not. Let me give you some examples. If you look in your
success guide, you'll see four images. Mcdonalds is the largest
fast food restaurant in the world. At one point in time, they used to write how many
billions of customers served. And if I wanted to create a successful fast food
chain like Mcdonald's, all I will have to do is mimic what's working
and avoid what's not. And then all I
will have to do is open up my restaurant
across the street. Burger King realized
that if they get a fraction of those billions serve, they're still winning. And in that case, Burger King's
biggest competitors is doing all the
market research. Then you'll see Starbucks, the largest cafe restaurant
chain in the country. And if I wanted to be a successful coffee or a
cafe restaurant chain, I'll just copy what works for them and what
doesn't work for them. And I'll just put my
restaurant down the street. And that is what
Dunkin Donuts does. Pay attention every time
you visit a Starbucks. I'm willing to bet there's
a Dunkin Donuts close by. And in this exercise, I want you to look at some
of the large competitors in your industry and
also look at some of the franchises
in your industry. And in most cases, the franchises includes
a lot of information on their website to entice
possible franchisees. So do your research, write down your ideas
in the success guide. I'll see you in
the next lecture.
20. BTW WinnerCircle Startup Location: There's three types
of locations that you will offer your
product or service. The first location
is what we like to call brick and mortar. A brick and mortar location
is a physical property where your customers come in to
get your product or service. Here are some of the pros of
a brick and mortar location. It establishes a physical
presence in your community. It also allows a face
to face interaction to personalize the experience
for your customer. A brick and mortar location, it's perfect for walk
in traffic or drive by traffic and it is a
perfect situation for pulse buyers here. As some of the cons of a
brick and mortar location, there's usually a higher
upfront cost for your rent, mortgage, and your utilities. You have limited geographical
reach because you are limited to a
community customer base. Another of a brick
and mortar location, you're probably going to need more staff to manage
a physical location. There's also potential limiting operation hours and access. The second type of
location we're going to discuss is a mobile location. Here are some of the pros of
having a mobile location. The business owner has
the flexibility to reach different customers
in various locations. There's also lower upfront costs compared to a brick
and mortar location. Now let's go over some of the cons with having
a mobile business. With a mobile business, you have limited space for your equipment, stock,
and merchandise. In addition, the weather
can be an issue. It's also more difficult for the business owner to
establish a brand. The last business
location we're going to discuss is a virtual location. A virtual location is a
business that primarily operates online and not
in a physical location. Now let's go over some of the
pros of a virtual location. The business has a
global reach and access to a much
larger customer base. There's usually a very
low overhead costs compared to a physical
or mobile location. The virtual business owner
can practically work anywhere as long as there
is Internet connection. Another great pro of
a virtual office, the entrepreneur can
automate and streamline their operations much
easier than the other two. Now let's go over some of the
cons of a virtual business. There's a lot of competition
in the online marketplace. It's also more difficult
to build trust and credibility without having
a physical location. Another con of a
virtual location, the business owner is
heavily dependent on technology infrastructure and
stable Internet connection. And the last con I want
to discuss with you is the concern of
security and privacy. In this part of
your success guide, I want you to imagine
your business operating in each one of
these location types. Then I want you to consider
the pros and cons. Write down your ideals. I'll see you in
the next lecture.
21. BTW WinnerCircle Startup Customer Journey: In this lecture, we're
going to discuss the presentation of the
customer experience, what I like to call the
customer's journey. In this exercise,
you're going to imagine your ideal client's
experience and interactions in each
one of the six phases. In those six phases of the customer's journey is
the suspect, the prospect, the customer, the follow up, the referral, and the review. So write down your thoughts from the ideal client's
point of view, what they are seeing, hearing, and feeling in each
one of these phases. Look over your ideas. I'll see you in
the next lecture.
22. BTW WinnerCircle Startup Conclusion: So we are now in the
conclusion of this course. In this part of
your success guide, you're going to do a
summary and action plan using all the information that you learned during this course. In this part of
your success guide, I would like for
you to write down three action items that you can do to start your business or to grow your
existing business. From those three action items, which one will be
your first step, and when will you
complete that first step, the second step,
and the third step? And lastly, I would like
for you to write down how you'll celebrate completing
those three steps. Write down your ideals. I'll see you in
the next lecture.
Steven Compton, Certified Business Coach & Hypnotist
