EPISODE E1.002 The Basics of How to Open

Introduction

New week, same perspective with greater conviction.

After being attentive to the weekend news about the continued arbitrary government response to COVID19, there is only one course for the business owner - ignore their word salad of concern and work around it. 

Being passive and waiting for the right decision will put you out of business. There are only two ‘people’ who have that right - you and the customer.

IBGR is committed to your success and our programming is for legal aggression (OK, I’ll make it nicer - assertiveness) to open, stay open, and be profitable.

Unlike the rest of society - we have your back.

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Show Objectives
Since the E Track is all about working ON the business, your startup plan is a collection of many topics and methods. Below we have listed everything IBGR has covered since its inception that covers the task.

When you bring everything together it is rather simple: build the simplest product or service possible that you can sell, look for a market niche you can dominate, get it into customer's hands and further develop from there, own the market, get to break even as fast a possible.

Key Issues - ​
Owner Perspective: 

1. Finalizing what we are going to sell,
2. Building a minimal version for immediate sale,
3. Determine the market, niche, and customer,
4. Everything agile & lean - agilean

What You Need to Know
Background

• EPISODE A.006 STRATEGY STARTS HERE
• EPISODE B2.002: THE AGILE STARTUP - OPERATIONS
• EPISODE A.038 BUSINESS MODELS AND DESIGN
• EPISODE A.035 LEADING YOUR MARKET BY BEING AGILE
• EPISODE A.007 DEFINING YOUR MARKET - HOW TO PICK THE MARKET FOR INVESTMENT
• EPISODE A.008 BUILDING YOUR OFFER BY MARKET

Principle of a Fast & Successful Opening

• EPISODE E1.001 PRE-STARTUP FAILURE POINTS
• EPISODE B4.002: INTEGRATING AGILE AND LEAN - AGILEAN TECHNIQUES FOR GROWTH

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What You Need to Do
I am going to do this backwards, everybody knows you need some sort of plan and it will be last on my list. By thinking through and executing the following steps you will have written enough of the plan to start.

1. Since you have the idea for a product or service, let's start here instead of searching for opportunities.
2. What is the product or service you believe will sell and create initial success. You can think about an entire suite of products and services as the long game - right now what is the one thing you can develop quickly and sell?
3. Create the specifications for the minimal product or service - (1) what results to does it produce, (2) under what conditions will it be used, (3) who are the target customers.
4. Create a timeline for development and budget. Break the project into very small steps and make the deadlines non-negotiable.
5. If possible facilitate the project teams and not get into the details - you are needed elsewhere.
6. What Markets, Companies, or Individuals will be the prime candidates for your product or service?
7. How big is the market and what is its growth rate over the last 4 years?
8. How many competitors are there? How much competition will you experience?
9. How easy will it be to segment the market into little slices and become the dominant player?
10. Select your market and niche, determine price range of current products or services.
11. How do you intend to sell to the selected niche?
12. Given your starting price, how long will it take you to break even?
13. Create a budget for creating the product or service, marketing to your selected niche to gain awareness, and actual selling the offer.

Shows

• Previous: EPISODE E1.001 WORKING ON THE BUSINESS - STAGE I
• Next: E1.003 Creating a long term Vision for the business