Thoughts expressed by Entrepreneur Contributors are their own.
There are three common reasons why people do not start their own businesses.
JGI / Jamie Grill | Getty Images
Lack of cash.
Lack of clarity.
Lack of confidence.
I think another reason might be that they don’t realize it. But if that is not the case, and you want to start a business, I am going to remove the other barriers in the mentioned entry soon. The best part? You can do this without learning any new skills or setting up a fancy website.
All you have to do is implement one or more parts of my ACTION business idea model.
This is a clear process for you to monetize your knowledge as an entrepreneur or side hostel. You will be surprised to learn how fast you can start a business based on your experience or the experience you can develop in a short period of time.
You should take seven minutes to read this article and you will be ready to generate revenue in at least one week.
Take a self-list
The first step is to self-invent everything you have done in your career. This includes paid roles as well as volunteer opportunities. You may find it useful to review your resume or LinkedIn profile.
Then, write down all the tasks you have done in those roles and assign them to different areas of competence.
- Areas of Disability: You do not perform these tasks well.
- Areas of merit: You can do these things but not enjoy them and other people are good at them.
- Areas of Excellence: You are very good at these tasks and they bring you success. But, you may get bored with them.
- Genius realm: You definitely like to do these things and you are unprecedented in them.
Next, look at the actions in your areas of excellence and talent and decide what you want to offer as a professional service provider.
It’s okay to offer more than one service, but they should be complementary because you will be offering both services to the same audience. For example, leadership products and email marketing go hand in hand. Email marketing and laundry doesn’t work.
From here you need to determine which audience you want to offer these services to. If possible, I suggest you focus on the already familiar industry. This will help you to rely on your past experience and eliminate Impostor Syndrome.
Now, put it all together:
I offer (the services you decide) to (the audience you choose).
For example, “I offer email marketing and lead product services to startups.”
There you go – you’ve already outlined your initial service offer and audience. You are now ready to decide which part (s) of the ACTION model you want to take advantage of and start your own business.
Related: Why self-awareness development is key to managing your time
Audits
Tax audits can be daunting, but business audits can reveal valuable opportunities and opportunities. Offering audits (based on actions you’ve already identified by your talent or area of excellence) is the most hands-on way to generate revenue because you are not responsible for any of the related next steps.
Even if you never write down the process to ensure that the tasks you choose are effectively completed, chances are you already have one in mind. For example, and email marketing experts know that effective leadership products include offering value in exchange for your audience’s email address and knowing that an eye-catching title is needed to grab their attention.
Your audit will cover all relevant best practices and identify areas for improvement.
Work item:
Document the step-by-step process that a company or individual should follow to efficiently perform the tasks outlined in your service offer.
Consultants are often seen as professionals who need help for any business. They provide expert opinions, analysis, and recommendations to organizations or individuals based on their expertise.
Sticking to the same example – an email marketing pro – this expert can advise companies on how to create effective email marketing strategies that align with their overall business goals. It is important to offer more bespoke input and provide industry-specific examples of success, but you can follow the same procedure outlined in your audit to develop a winning campaign plan.
Work item:
Determine how you will provide counseling services, including how you (email, phone, person-to-person) and how often you communicate.
Related: How To Start A Consulting Business: 3 Steps To Booking Your First Sales Call
Although they may seem similar, there is a big difference between training and counseling. Counseling helps companies develop strategies, while training focuses more on helping people develop the skills needed to implement these strategies.
In this example, an email marketing expert can teach company employees various techniques for writing emails. Keep in mind, this can be done through a team workshop or a series of one-on-one training.
Work item:
Do the step-by-step process related to completing the tasks you have trained people to do. To save time, consider creating video tutorials using tools like Loom.
Implementation
Based on what you have learned in the services mentioned earlier, you can conclude that the company does not have the right tools, team or resources to reach its business goals.
Fortunately, you can be invaluable in helping implement and integrate these missing pieces. This can range from hiring new employees to finding the right vendors and partners.
Work item:
Make a list of tools and resources companies or individuals can use to achieve their desired results as it relates to your service offerings. If possible, build affiliates with these third parties so that you can generate additional revenue by suggesting them.
Related: 10 business tools to lift all your weight
Released retainers
With Running Retainer you provide advice and services based on your area of expertise. You don’t have to have pre-determined deliverables but it’s important to be responsive and available when your clients reach you.
Returning to the example of our email marketing expert, it can help an author to quickly review outgoing emails or not fully explore the email subject line.
Work item:
Document examples of specific questions and activities that can help you on an ongoing basis. This should include daily and long-term tasks.
New opportunities
By design, this is the most flexible part of the model. Everything you come up with is based on the organization, their goals and creative ways you can help them reach the desired results.
You will often benefit from this approach Later You have worked with the company to some extent. Because you have already developed trusting relationships and have a clear understanding of their operation.
Examples might include hosting a podcast on their behalf, creating educational content for their audience, or speaking at events as a company representative.
Work item:
Think of something new!
Your turn
You now have a clear plan to take action and monetize your knowledge.
With no startup costs and the ability to leverage your existing skills, this model democratizes access to entrepreneurship by removing previous barriers to entry. And as a head up, you can start or stop anywhere in the process – just get started!
Special request from me
I’m currently working on some exciting new projects to support current and emerging entrepreneurs (stay tuned), and that means the world will hear your thoughts live.
If you have four minutes left, I have created this super short questionnaire and your feedback will help shape my work vision.
And, by completing the survey you will also be entered to win the Lume Cube Edge Light. Featured desk light especially designed to enhance your presence in video calls and live broadcasts.
Thanks in advance for your help!