Problems Of Your Target Market
1. Chose an Industry: Ex. Business, Health, Money, Productivity, etc
2. What are some of their (your target market’s) key frustrations around this Industry?
3. What would they love to have just go away (what problem do they want to disappear)?
4. What have they struggled with for a long time and not been able to figure out?
5. Where is the highest money, time or value at stake for them in this Industry?
Solutions For Your Target Market
1. Choose service or product to start – what do you prefer?
2. How do they want this product or service delivered to them?
3. Do they want individual or can we leverage into group delivery of solutions?
4. Can we break their big problem down into smaller problems and solve each little problem with different solutions at different price points?
5. What’s the most important parts of the solution for the customer? Speed? Cost? Etc?
Your Expertise
1. Are you an expert in: Producing Results? Sourcing Resources? or Leading Others?
2. Where have your past customers/clients achieved their greatest results? Any patterns?
3. What specifically do your friends or family ask you for advice about?
4. What are you passionate about learning about? Attend seminars in? Read books on?
5. If we interviewed your customers, clients or friends on your expertise – what would they say?
Your Mission & Message
1. What’s your “why”? What get’s you up in the morning? Why are you in this business?
2. What are you looking to change or contribute in your community or world through this business?
3. What is the personal message you want to share with your customers/clients through your work?
You can be/do/have X!
4. How do you want to be remembered by people in your industry? How will you leave a legacy?
5. What’s your dream of what you will create or how you will impact people?
Viability
1. How big is the potential market?
2. Are their a lot of competitors already doing the exact same thing? If, so – what’s my new angle?
3. How much will it cost me to develop (manufacture) my product or service, and what’s the hard cost to delivery of it (to the customer)?
4. What are my marketing channels (just a quick assessment)? Who would me key Joint Venture/ Marketing Partners be?
5. What major “barriers to entry” can I see? Costs? Relationships? Etc?
Revenue Model Build Out Monthly/Annually
1. How many customers would be reasonable (per month) for each of your products/ services?
2. Multiply by your product price
3. Repeat with all other products and upsells
4. Factor some rough costs
5. Build out a rough monthly Profit & Loss statement… Then an annual one.
Threats
1. What do you hate doing or find is just consistently annoying to you around your day?
2. What are you particularly not that good at, but currently you manage?
3. What is very time consuming that you would be better off delegating?
4. Who has bad energy that sucks up your time or your positive outlook?
5. What behaviours around success and/or money do you notice sabotage you?
Mitigating Risks
1. What are your assumption about this business, market and/or buying behaviours of customers that have to be true to make this work?
2. What if those assumptions are not true – how will you mitigate risk?
3. What small steps can you take to test each of these beliefs?
4. Who can you engage that has been there before you (mentor)?
5. Assuming wonderful success, how will you prepare to go through possible rough spots?
