How I would start a business (if I could start over)
Last updated: Jul 30, 2023
The video is about how to start a business from scratch, emphasizing the importance of learning multiple skills and finding a pressing problem to solve rather than just picking a niche and selling a single skill as a service.
This video by Daniel Fazio was published on Aug 7, 2023. Video length: 09:04.
The video is about how to start a business from scratch.
The speaker, who runs a successful consulting and software business, explains that simply learning a high-income skill and selling it as a service is not enough. He emphasizes the importance of having a wide range of skills and knowledge in order to run a successful business. He shares his own experience of starting a web design business that eventually turned into an advertising agency. He also discusses the importance of identifying a pressing problem that people have and finding a niche based on that problem.
The video provides insights and advice on how to approach starting a business effectively.
Learning a variety of skills is crucial for running a successful business.
Having a spider web of different skills is more effective than focusing on just one skill.
Understanding peripheral skills is necessary to sell a high-income skill as a service.
Finding a pressing problem is more important than picking a niche.
Identifying a real and urgent problem allows for the creation of a valuable solution.
The typical advice is to learn a skill and sell it as a service to other businesses.
However, this approach is flawed because if you only focus on one skill, such as building websites, but neglect other important aspects like generating traffic, your website won't be successful.
In order to run a successful business, you need to learn a variety of skills.
Having a pretty website is not enough if you don't know how to write compelling copy, drive traffic, close sales, hire people, create SOPs, and communicate effectively with clients.
Learning multiple skills and understanding how they all work together is crucial for success.
Section 2: The Spider Web Approach
Instead of just focusing on one skill, you need to have a spider web of different skills.
For example, if you start with learning how to build a website, you should also learn about advertising, copywriting, generating traffic, closing sales calls, hiring, creating SOPs, and client communication.
By understanding the interconnectedness of these skills, you can run a successful business.
What may have started as a web design business can evolve into an advertising marketing agency by expanding your skill set.
Learning how to generate traffic organically, such as through organic Instagram marketing, can lead to success.
Section 3: The Importance of Multiple Skills
Having a minimum viable competence in multiple skills is necessary to sell one of those skills as a service.
Simply learning a high-income skill and selling it as a service is not enough.
You need to understand all the peripheral things that are necessary to facilitate your skill, such as building a funnel, accepting credit card payments, creating video sales letters, copywriting, collecting email addresses, and using organic content and cold email outreach.
Neglecting these peripheral skills will prevent you from making your business work.
Having a broad range of skills allows you to adapt and solve various problems for clients.