Here is a list of the lessons in this course and a brief description of what you'll learn in each lesson.
- Introducing the Five Steps to Business Success
An introduction to the Five Steps to Building a Successful Business.
- The Business of Business
Successful Owners realize (sooner or later) that when they start to offer their product or service for sale, they have embarked on an entirely new career – The Business of Business. Like all new careers, the Business of Business has its definition of success and skill set required to achieve it!
- Defining Business Success
How do you achieve a goal if you don’t know what it is? What is a successful business? How does one measure their progress? In this lesson, we define our Goal – Building a Successful Business!
- Who is a Successful Business Owner?
Building a successful business requires a specific set of skills. Skills you can acquire if you commit to learning the five steps.
- Success Tips / Traits
This lesson provides helpful pointers to help you develop a business success mind-set as you delve into the next four steps!
- The Customer Experience
Successful business owners understand a fundamental fact about their business. Customers have many choices to satisfy the same need or want as their product or service. They also know that the reason customers choose their company over all these choices IS what their customers purchase! Their product or service only gets their foot in the customer’s proverbial door.
- Creating the Customer Experience
In this lesson, we introduce the value statement, the first step in creating your customer experience. We also start the journey to find the individual for whom you produce this experience, your customer!
- Finding Your Decision Maker
Finding your customer is not as simple as it may seem. Your customer is a decision-maker in a profitable market who needs your product and can afford your product. In this lesson, we’ll share an example of how one business owner found their customer.
- Your Value Statement
Once you find your customer, the next step in experience creation is to complete your value statement. We want to determine what your product or service does for that customer – Why they should choose your business over all other options!
- Examples and Notes
Your value statement is the cornerstone of experience creations. In Lesson Five, we’ll share more examples of the customer experience created by different businesses. We’ll also reveal some essential tips to keep in mind as you develop your customer experience.
- Make a Profit
Sure, your business needs to make a profit! But what does that mean? There is GAAP Profit, Bookkeeping Profit, Accrual Profit, Cash Profit, and Taxable Profit. The problem? None measure what you need to grow your business! Lesson one clears the clutter and introduces the type of profit you must generate to achieve success. Our goal, however, is your success - not to teach tax & accounting!
- Profit and Personal Bills
Your business cannot achieve success until it pays all of its bills and your personal expenses - including an item many owners overlook. The lesson also introduces the various costs you must understand to measure success.
- Debt and Overhead
If your business has debt, it must generate enough revenue to make the payments. It must also pay another type of expense called overhead or fixed costs. Businesses must pay for debt and overhead, even when not producing a product or providing a service.
- Direct Expenses
Direct expenses (also called Variable Costs) are expenses required to produce your product or service. When you are not creating or supplying your product, you do not have these costs. It is essential that you understand these costs, primarily if your business sells a physical product.
- Your Business Imperative
This lesson is the capstone of classes one through four - completing your business imperative. A business imperative reveals the amount of product a business must sell at a particular price to generate profit.
- Break Even Price
This lesson continues creating the business imperative by introducing production constraints. All businesses have production constraints that limit the number of units they can produce or customers they can serve. This fact means that most owners cannot compete on price. They must compete using their customer experience.
- Manage Systems, Lead People
Don’t be afraid of the word “systems.” You already have them, and they are vital to business. Our goal is to help you recognize your “habit systems” and turn them into “success systems.”
- The Importance of Systems
Successful businesses are a collection of systems that profitably and consistently deliver the same experience to a growing number of customers. It does this by making the best use of its most valuable asset. What’s your most valuable asset? You’ll learn in this lesson.
- Creating Systems
Let’s start creating systems by introducing an essential business concept - the Golden Rule of Business! Then we examine core business functions and make sure they follow the Golden Rule as we start to transform habits into systems.
- Formalize Processes Into Systems
This lesson creates steps and procedures to ensure that crucial business functions achieve their goal efficiently and effectively. We transform these steps and processes into systems.
- Creating Product / Service & Employee Tips
Systems create your product or service. They also deliver your customer experience and form a platform for scalable growth. They are a prerequisite to hiring employees and effective leadership. Systems allow business owners to become leaders (coaches) instead of micromanaging herders of cats.
- Own a Business (Not a Job)
Only a successful business can grow beyond you; a JOB cannot. If things fall apart in your absence, you do not own a business; you own a JOB. Except for a well-planned practice, possessing a JOB can be very dangerous and lead to an all to common trap, Survivor Mode.
- Working on your Business
Building a successful business requires working on your business, not just in it. To help you achieve this end, we introduce a compelling concept called the MVP, Minimum Viable Product.
- Congratulations! You're an Entrepreneur
Now that you have finished the Five Steps to Building a Successful Business, congratulations! You’re an entrepreneur! It is important to remember that each step of growth pull an owner further and further from their customers and requires new skills. So, if your goal is continual growth, devote yourself to continued learning in your business career!