In this course serial author and professional marketer Seth Godin runs through everything you need to know about finding a market for your business and creating a viable business plan.
Link: New Business Toolbox
PRICE: Skillshare Premium Course (£12.95 a month)
Duration: 1hour 4min
A great course on designing a workable business model covering a variety of topics all in just over an hour. Packed with insights, the content goes way beyond the usual common sense advice you would expect in an introductory course. The topics covered range from cash flow and pricing to hiring employees, essentially everything you need to get up and running. Seth manages to keep a balance between remaining concise and relevant while also explaining concepts in enough detail to be easily understood. Seth’s charismatic style make this one of the better resources on Skillshare.
The bulk of the course is aimed at helping you developing a business model that can lead to sustainable profits. In 12 videos lasting around five minutes each he tackles one of the major aspects of running a small business. To start off he clarifies the difference between entrepreneurship and freelancing so you can decide which one best suits your circumstances. He discusses some of the common pitfalls around both focusing on how to avoid becoming an employee in your company rather than the owner. To avoid this he emphasises the importance of delegating all tasks but those where you can add the most value.
Business works when every transaction is a win win for both parties.You have to produce something that your customer is happy to buy at more than the price it costs you because of the value it provides them.
He offers realistic advice to prepare you for amount of work required to start business a success instead of selling the idea of overnight success. He highlights the importance of building your audience before launching your product or service. Contrary to popular belief the most successful products on Kick Starter are often a result of the years the creator has spent connecting with potential clients.
Another key factor is Cash flow. The ideal business model is one where you are paid in advance by your customers and you only pay your suppliers later on. Amazon utilises this approach when purchasing books which they sell immediately but then don’t pay have to pay their supplier for until 30 days later. That way their cash reserve is always growing.
Overall this short course is one that can be revisited time and again so you can fully absorb the information. It is a thought provoking course that forces you to spend time thinking about how to apply the principles to your own situation. If you are struggling with a specific topic you may want to look at a more specialised course.
Avoid the Noise Key Takeaways
- Cash flow is the life blood of your business
- You need to differentiate your product from the rest of your market
- A business relies on a scalable model that offers value