How Can Entrepreneurs Turn Business Idea Into Business Opportunities

How can entrepreneurs turn a business idea into a business opportunity? In this video, I'm going to talk to you not only about how to make an idea an opportunity, how to monetize it. There's so many people and a lot of you women out there, you're connectors and you have all these ideas, but nothing's making money. At the end of this video, I'm going to share with you a multi-million dollar tip. In fact, I call them my trillion dollar tips of exactly a few things you have to do to make seven and eight figures. So stay tuned all the way to the end. It's amazing stuff. All right, let's get to it. So how do you make a business idea into a business opportunity? So the four things I'm going to talk about are really assessing quickly the viability of the idea into a business. Number two, the cost that it really requires you to get started. How can you use funding? And then my favorite is what does a revenue producing day look like? How should you be spending your days if you're a serious entrepreneur? So get a pen and paper and let's begin. So how do you find the viability of an idea to an opportunity? So the viability is from an idea to an opportunity is I look at the end, you know, I back into the result. Is there an a way that this idea through the opportunity is going to get to my bank account? How many people walk around and say, oh, I have this opportunity. I mean, I'm in the middle, I get them all the time. I want you to join venture. I want to use your name. I want to do da, da, da. And I say, where's the bookkeeping? How am I going to be paid? How does the company get paid? Where's the logic, right? This is where, you know, you've got to have the logic side. And if you don't have that, this is where you have to have a mentor and a coach who's been there, done it. And you back into it and say, what's the logic of it? How is it going to monetize? Who's going to pay who? Which bank account does it go into? So I back into where you want the result, which is the money. And how is it going to transact? Because there's a lot of fluffy ideas out there, but you don't know the technology that it's going to take or require to get to the finish line. So it's really, is there a possibility of what I call connect the dots? It's a funny little game I play with a lot of my beginning entrepreneurs. They have these fascinating ideas. And then you look at the opportunity, which is going to cost a lot. And then there's no real sales and marketing plan to get to the monetization. So it's not difficult. It's different. And you do have to have a trained eye to see the viability of monetizing ideas. So many people waste their time. I would say almost waste their life. Les Brown says, you know, most ideas die in a cemetery. It's because they never got to even opportunity and they never got to monetization. I don't know how many books or products are sitting in people's garages because they never got the idea into a true business, a business plan to monetization. And I have an amazing business plan process that I will share with you at the end. It'll take you less than four hours to find out is your idea an opportunity that can get monetized. So stay tuned for that in just a moment. So let's go on to the cost. I think so many people have this illusion and it drives me crazy when, and you can comment right now and tell me if you're that person, I won't hold it account. I won't hold you, you know, accountable to it. If you say I got to have money to make money, the reason I haven't done this is I got to have money to make money. No, you don't. I have started eight figure companies from nothing from scratch, completely bootstrapped it. And you say, well, how do you do it? Well, you take massive action, massive action. So when I started my first eight figure business, which is this coaching and speaking, I decided I was going to take it all over the world. And I've been everywhere about Antarctica and teaching this. So I know it works. I just to start do what everyone tells you not to do is sell your time. So I started coaching and mentoring and I put a time block on my time and I got paid a lot of money to do it. And yes, it's trading your time for money like over time. And the only thing about idea. Yes. But to get started, it's fast. It's simple. You need nothing. You need this, right? And you need probably a cell phone or some way that you're going to connect to the person and a way to take their money into your bank account. Complete bootstrapped my first, as I began all this. And then from there, uh, as people paid me more and more tuition, I would then get them all together and I would take them on a bus tour and I'd take them out and I'd show my real estate properties in the Midwest. We went to Oklahoma, went to Arkansas. So along the way we went, so money helps you grow. It is not necessary to start. Write that down. That's one of my other trillion dollar tips. Money helps you grow. It is not necessary to start. You can start by pre-selling even if you had a product, even if you want to sell, you know, these glasses, or you want to sell this glass case, or you wanted to sell these pens. You don't need any of this stuff manufactured. What you need is at minimum a prototype, or you need just even a graphic design of what is it going to do? And you start getting pre-sells and you started getting deposits. And then you use that money to go get the manufacturing done. So I can tell there's not probably an idea that most of you have that I cannot figure out a way to bootstrap the beginning and get you into revenue because with revenue and then spent right for growth, you're on your way. So the cost to start can be zero. So according to the SBA, their statistics says it costs about $3,000 to start an entrepreneurial venture. So where I can get around that. And with that would be yes, because you need to get incorporated. You need to get your banking set up, right? You need to get your corporate credit, right? So you need to get your infrastructure, right? And your ability to take the money. You do not need any of that money to generate the money and the new income. You need your ability to market your ability to sell and your ability to produce. And there's not one of you that I can't put some educational content, whether it's from selling an air purifier to a car to camera, doesn't matter what it is. There's something about the content. Actually, I'm going to use this as an example, because I hear financial services, insurance, people, lawyers, people with licenses say, you know, I can't do what you're saying, Laurel. It doesn't work for me. It does work because if you're a lawyer, you say you're a tax lawyer. This is an exact example. I have a tax lawyer in Los Angeles. He can sell education about the tax structure all day long. So he and his wife, other friends have, they put together actually a cool business on just the education of tax. And then that actually becomes a feeder for his tax law business to very different companies, different ownership, completely different structure. He does not need to prequalify you or to do a background check as a lawyer, if he's just going to educate you. So a lot of you have industries norms that are also blocking you and causing cost to get in the way, or honestly, I'm gonna call them excuses. Again, all of you can take an idea to an opportunity to monetize. There's a whole business plan structure to do it. The cost is minimal, if at all, to start. In fact, the first money in, you'd get the company. You don't have to have all your licenses and all your entity and all that stuff set up. You use your first money to get that stuff set up. But as long as it's done within the tax year, you're still going to be fine. All right, on to number three. So let's talk about funding. For those of you who are absolutely stuck on, I got to have money to make money. So funding comes in many, many forms. So we have a funding credit card process where you get 0% financing as a small fee to get it. And a lot of our business owners are getting a hundred, $150,000. That's plenty of money. In fact, I'd almost caution you to not get it because if you don't know how to spend that money, you're going to do what most people do, live on a big paycheck, pay off old debt, buy stuff you thought you needed. Very specifically, I will coach your client through how to get that money and then how to spend it to grow a company. No other spending is allowed. Not under my mentoring, not going to happen. Other things that I just want to go through. Cabbage, backed by American Express, can give small business loans. Fundbox gives you access to money, help you manage cashflow. And again, I don't call credit cards. If you're using them to grow, I call them investment cards because you are investing in your company. You just have to manage your spending. And then, you know, worst case, you can always go out and get OPM, friends and family money, which is what a lot of people have advised people to do. Now there is one other big, big source that's available now because of the pandemic. It's an EIDL loan. Now you have to be incorporated. Everything I just talked about, you have to be incorporated. You're going to have to have your P&Ls and balance sheets. You're going to have to have a business plan. You're going to have to have everything I talked about put in order, but you could apply for the EIDL through the SBA. And right now that just got increased to over $2 million per company. Enormous money is available. So you can't say I don't have any money. I've just taught you ways to go make money without it. You got to start making some cash today. Make it like a revenue producing day muscle. So let's go to the final, you know, point. A revenue producing day is just that. What is your behavior, your tasks, and not just yours, your company's, which means your team. And what do they have to do every day to produce revenue? So you want to get in this model and this framework of every day money has to come in the door. It is one of the first activities I give all my students. And in the beginning, I even let a lot of my clients, just what I say, abandon your funnel, meaning don't even sell what's easy for you, right? If you are a, I'll use Mel as an example. She's a declutter expert. And she was just having a hard time getting people in her funnel and doing her pre-orders. What she really loved to do and used to do is dog sit, wash dogs, take dogs on walk. And I said, just go do that. Just go make some money. I want you in the mindset of every morning you get up, you have to make at least $50 a day in sales. And so that's for some people, if that's a freak out, do $10 a day. It's not the amount, it's the muscle conditioning that I want you at. I want you getting up and saying, what do I have to do today to make a sale? Now, as we get more sophisticated, we're going for six and seven figures. It has to be in your funnel. It's got to be the thing that you're a business around. It just can't be a bunch of random things you're selling. Unless you want to be a concierge to personal people. I don't know what that would be, but in the beginning, just go make money. Then we're going to get it into your funnel and you'll be starting to make money. To make $8,333.33 a month, which is a hundred thousand dollars a year. It's $416 a day. So then you divide that and you break that down and say, what do I have to do to make $416 a day? What is it I have to sell? What are my offers? And guess where you're going to find this out? This amazing place called the internet. You're going to do surveys. You're going to ask people. I have a Facebook group. I ask people for all the time. I ask people on TikTok, ask people on LinkedIn. I ask you here on YouTube, put in the comments, what do you want me to talk about? What's important to you? What's concerning to you? So survey people. If you're in health and wellness, what is it that you could serve them? What could you help them with? And then develop some products and services around it. Guess what? If you can't do it, you hire it. You've got to start building a team. Six, seven, eight figure producers have teams and systems and they're consistent all the time. They don't break the rules and consistency is absolutely key in a revenue producing day. Okay. So that trillion dollar tip that I promised, that trillion dollar tip is hire. And I cannot tell you to hire fast enough. You've got to hire people who can grow your company. Typically that's in the marketing sales area and never give equity to what you can hire. The faster you put in teams and systems, the faster you blow past six figures to seven figures. Let me help you. Here's what I want to do. I want to send you to an application to see if you qualify. Do you want to be a six or seven figure entrepreneur? And I would love to mentor you into it. So you're going to go to the description and click on a link. It's going to pop up. It's going to say a hundred K application. Now, if you're already making a hundred thousand or more as an entrepreneur, not in a job, and just add a zero or another zero, just cross it out, put in the amount of money that you want to make, and let's set a plan and a process for you to have the life you want because you deserve it.