This blogpost discusses ‘how do you build a business when what you are selling is your skills, domain knowledge and expertise’. This is an important question for Ireland Inc, which has for many years been reliant on the Services sector as evidenced by a CSO report which found (page 22) that new service enterprises accounted for 56.9% of the 10,500 new jobs created in Ireland by new enterprises in 2010. It is also an important question within the context of a growing proportion of people in their fifties and sixties who instead of retiring or looking for a new job are looking for customers.
When I am talking to someone who is embarking on a startup journey, I often ask them to think about how their skills, domain knowledge and life /business experience fits the story taht they are going to tell the world. I also suggest that they should read ‘The Boomerpreneur Revolution’ as it supplies a framework to think about how to establish a business that sells expertise based information products.
Related: My evergreen blogpost for Tweak Your Biz discusses my answer to the question, ‘What do you think of my business idea?’ . To summarise, I always respond that it is your customers (the market) that are the final arbitrator of whether you have a business.
While I am the generation after the Baby Boomers as per the title of Richard’s book (more likely one of the Pope’s children as per David McWilliams book of the same name), I can relate to the Boomerpreneur Revolution. The author confidently declares that is you can talk about whatever it is your are passionate about and teach it, then you can develop and sell information products. Mr Grehalva has published a neat video explaining why you should buy his book.
Here is a quick summary of The 5 Knowledge Business Activators – as taken from page 18 of the book.
#.1 Know Yourself
Your success begins and ends with you. Discover your specific motivation triggers to accelerate your performance on a daily basis.
#.2 Know your message
To establish your positioning strategy in your market niche.
#.3 Know your Market
Your product blueprint is created by applying the formula Problem plus Result equals a Solution.
4. Know your Business
Developing your business model with what you will offer that is unique and valuable.
#5. Know your Movement
Creating your Magnetic Marketing Movement Strategy. To position yourself as an expert with your online visibility strategy including videoes, eBooks, webinars and more. You will become the trusted source in your market niche.
Richard identifies that what baby boomers have that is valuable is knowledge. He has put into 5 steps what works and what you need to know to build your information products, that will take what you know, monetize it, and successfully launch your business.
Related: As a solo business consultant for over 10 years, I have a very specific approach to marketing and winning business as outlined in this post ‘Role of SEO in marketing your freelance business‘. The major element of the formula is winning repeat business which results from excellent service delivery.
Is there a good age to start a business?
In principle, you are never too young or too old to start a business particularly if you approach it with the right mindset. There are a few prequisites to success in this regard:
- being at the forefront in terms of technology and solutions (collate domain knowledge by talking to potential customers about their problems and meet with Key Opinion Leaders to understand trends and opportunities in your niche)
- Building a team of like-minded and passionate people
- Be willing and focused on learning, and
- Being open to leverage the knowledge of mentors and other advisors, to embrace the knowledge gained by business people over the years (take their views into consideration as opposed to being unduly swayed as ultimately the market decides).
Conclusion (for the moment):
I am going to leave the final word to Richard Grehalva:
We need the elderly to become Elders and share their stories and for young people to seek them out.
As always, I hope you find this blogpost of interest, I welcome all readers to leave comments to stimulate some discussion. Shares on social media welcome.
regards
donncha
