A Simple Model for Creating a One Person Online Business From Scratch (Part One)
Ideas and strategies to simplify your entry into the digital economy
Personal note:
The following newsletter is a simple version of the signature solution I have discussed in previous editions. It is geared for a one person enterprise and for those who are starting from scratch. Naturally, all of the principles are applicable across different models and levels of online expertise.
I will cover this model in three issues in order to do it justice. If you resonate with the ideas, my hope is that this map will give you enough clarity to take action and start making an impact using the leverage of the digital economy.
I’m rooting for you! And as always, thank you for your attention.
P.S. I am now sharing daily actionable ideas and strategies from the Impact Generation on X (formerly Twitter). If you are curious, and don’t hate Elon Musk, follow me here => gkarakey.
Introduction
Something interesting is shaping up in the worlds of technology, work and careers.
There are more remote work options now, and both the creator and influencer economies have seen exponential growth. When even dentists, lawyers and real estate professionals are going viral on Tiktok, you know something is afoot.
This is why I think we are in a unique moment in history for individual entrepreneurship. It is time for you to begin rethinking about what is possible in today’s digital economy (unless you are happy where you are).
Here is the complete outline for creating a one person online business from scratch.
Part One (This Week)
Preliminary Ideas to Internalize as You Begin
A Solution-Centric Approach to Niche Selection
Part Two (Next Week)
Getting Your Offer Validated as Well as Making Your First Sale
Your VIP List of Subscribers - Your Most Important Digital Asset
Part Three (In Two Weeks)
Your Strategic Content
Your E-Mail Follow-Up Strategy
Preliminary Ideas to Internalize as You Begin
Here are some important ideas to internalize as you begin. They will ensure that you won’t give up before you build momentum. Also, they will set the proper expectations and context for your online project.
#1 - Dedicate one focused year to your digital venture
Building anything of lasting value and quality takes time. Doctors and lawyers spend decades in school and refining their craft. Leveraging the digital economy doesn’t take nearly as much time.
But it’s not an ATM. You cannot get rich quickly, nor without a committed effort.
So, give yourself at least one year of focused energy working through your business strategy. This means you must work on your plan every, single, day. Nights, weekends, whatever it takes.
Execute, analyze, and iterate on this model for 360 days straight and then decide.
#2 - 80% of success is the inner game
This is one of the core values of our Impact Generation Culture wall, and I cover it from many angles in my other newsletters.
It’s critically important to your success in the digital economy.
When creating a one person business, you will experience difficulties, failed campaigns and expectations, the impostor syndrome, criticism, mockery, discouragement, overwhelm, fear, insecurity, doubt, and anxiety.
Unless you have some emotional resilience, you won’t make it. So prepare for the ups and downs.
That is life and entrepreneurship.
If you want some strategies to improve in this area, check out my post, The least understood variable to your success is you.
#3 - Expertise vs being an expert
Here’s an important maxim:
You do not have to be an expert to participate in the digital economy.
What drives a business of impact are solutions to problems that your audiences experience. This requires expertise on solving those specific problems.
To create a compelling offer, you only need to be 4-6 months ahead of the folks you want to help. More experience is better, but not necessary. In fact, when you are close in experience to your target audience, you can more easily relate to their struggles as a beginner.
They will also perceive your solutions as attainable. This is not true about the marketing expert with the Michael Jackson headset who is delivering a speech to an audience of thousands.
Thus, lean into your newness. Document the problems you are solving for yourself, then share them in a compelling way with your peeps.
#4 - Focus on service and impact
Modern e-commerce is a chaotic mix of good, bad, and hucksterism. But even the good side is driven by a relentless focus on statistics over people.
The term I use is soulless marketing.
By contrast, you want to practice people-based marketing: your focus should be on service and impact.
When you serve with generosity and compassion, and your desire is to make a difference in people’s lives, you won’t have to sell another day in your life.
A Solution-Centric Approach to Niche Selection
Let me now jump into an exercise regarding niche selection. I take a slightly different approach as you’ll see. First, an important observation, then the nitty-gritty work.
Do not stress but adapt instead
One of the biggest stressors for aspiring entrepreneurs is picking a niche for their online adventure. The angst revolves around too many interests, or wondering if they should choose a trending niche or if they chose the wrong one.
Here’s an important principle to reduce your stress:
Focus on solutions first. Your niche will emerge and even evolve when you commit to that principle.
In the exercises that follow, this solution-based approach will become clearer.
The main point is that your niche (or niches) will emerge as you reflect on 1) your personality, history, passions and expertise, and 2) your research into various entrepreneurs and markets.
In addition, your niche(s) may change, grow, or be replaced as you test out different offers. You should maintain openness and flexibility.
Think long-term, and be ready to pivot if needed.
Taking stock of your wonderful life
Here is an exercise for letting your niche(s) emerge. Do this deep work, synthesize the results, then test solutions with real people (Part Two).
Take out five pieces of paper and label them with the categories that follow.
Create two columns labeled MY AWESOMENESS and MY SOLUTIONS for each page.
Fill out the left side first using the prompts. Go crazy with this exercise. Write everything down.
DNA – Your uniqueness as a person
Write down everything about your family life, both ordinary and notable, including:
City of birth and places where you have lived
Birth order and number of siblings
Biological traits - Ethnicity, gender, identity markers
Parents’ marital status and occupations
Hobbies or jobs as a child / teenager
Academic interests in high school
Here’s a portion of what I would write.
I was born in Durango, Mexico, the second oldest of three children. My mother divorced when I was young, traveled to the U.S. for work, and remarried a man who became my stepfather.
At six, I was brought to San Diego where I grew up. Eventually, I understood myself as one of those Dreamer kids that politicians use during election years.
Do you see how that works? Keep writing.
Your eduction
Write everything about the academic programs you completed, your school activities, and your favorite classes, and what you liked / disliked about them.
Another example.
I went to college at Pepperdine University, the first in my family to graduate with an undergrad (in Economics). I earned two Masters and a PhD, also firsts in my family.
As a 19 year old, I spent a year abroad in Heidelberg (West Germany at the time). I traveled to thirteen countries during that time. Forty years later, that exchange group is still very tight. Many are dear friends. Two were groomsmen in my wedding.
OK, I’ll stop giving you examples. But you can see the point. You are building a tapestry of interests, experiences, and stories. Some will become niche ideas, but all will make for unique content (Part Three).
Your passions, interests, hobbies
Write down all your hobbies, passions and interests that you have developed throughout your life.
Think about where you spend your time outside of work or studies? What topic can you talk about for hours without interruption (while other people roll their eyes).
Your skills, gifts and talents (outside of work)
Write down everything you know how to do by nature, or have learned on your own, and that is not connected to your vocation or job.
Your job, vocation or career
Write down all the skills, knowledge, talents, and expertise you have acquired based on past / present jobs or careers.
Taking Stock of Your Solutions to Problems and Goals
Now it’s time to fill out the right column.
First, you should understand there are two prime motivators for consumers: pain and pleasure. In commerce these are commonly referred to as “the carrot or the stick” or “the aspirin vs. the vitamin”.
Your next task is to figure out how your previous inputs map to these motivators.
Grab your sheets and review your entries. Write down the solutions to every problem you have overcome in that area in the right column. Also, write down any goals you have achieved (carrot AND stick).
Each of these solutions to frustrations or goals represents a point of empathy with your people. Your life has been a solution magnet, and you didn’t know it.
Keep writing until you have gone through all the categories and entires for the right column. When you are finished with this entire exercise my hope is that:
You will never, ever, undervalue yourself again because you are damn special (tears forming). Understood?
You will be inspired by the possibilities of serving and impacting others with your immense abilities, knowledge and experiences.
Photo by Niklas Ohlrogge on Unsplash
Reflect upon and synthesize your solutions to problems and goals
Now comes the fun part.
Lay out your pages before you. Sit before them. Read the entries a few times.
Notice where you pause or feel a stir (perhaps a strong memory).
Notice the patterns across all categories, like a topic or interest that just keeps coming back for attention. Many creators, like Disney, Spielberg, and Lucas credit their childhoods or teen years as the inspiration for what they eventually created.
What kinds of problems have you consistently solved? At age 19, I was a young pup in my college’s computer lab. The Mac had made its splash and I was hooked. Using a computer was easy for me but difficult for most. So I showed people what I had learned. That’s when I knew I wanted to become a teacher.
Start a separate page where you synthesize, reconfigure, and connect your entries into 10 to 12 notable groups. These may be categorized by interest, solution, ability, or some other measure.
Now pick the top three buckets that make your heart sing. You will be writing about these categories for a while, so it should be something that has got a hold of your soul and won’t let go until you tell the world.
For the three buckets, list out all of the potential audiences, groups, and markets, that could benefit from your knowledge, expertise, and solutions. Here, you can be inspired by other creators and influencers.
Congratulations! You have just completed work that 98% of your competition will never undertake, much less complete.
These buckets represent your potential and exciting niches. Sit with them for a while, and turn them around in your mind. Begin to imagine what kinds of wisdom you would want to impart to someone in those groups you identified.
This is what we will begin to build upon in the next two issues.
Conclusion
The journey of a thousand…
Oh forget it! No platitudes for you. The fastest path to your online goals is EXECUTION.
No one reflects this hard on their life. So I’m doing you a double favor. I’m giving you the gift of your amazing self AND I’m helping you find those areas of your life that bring you deep satisfaction.
It’s your job to uncover those golden nuggets by researching yourself.
Then we’ll show you how to communicate that value to others.
Til next week.
Here’s to your success!
Gustavo
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