A lifestyle business is kept small to provide freedom, flexibility, and fun for the founder, while a performance business aims to become big and valuable, with a high valuation, many employees, and potential for investment. The founder of a performance business is willing to take on investors, debt, and risks to build something valuable.
OMV stands for Origin, Mission, and Vision. It is a personal story that drives a person's interest in certain topics and is crucial in choosing a business idea that the founder is passionate about. An OMV can help a founder avoid burning out and increase the chances of success.
A simple brainstorming session can help come up with business ideas that fit your OMV. The founder should think of problems they can solve and provide value to people who can pay for those problems. It is essential to not overthink the ideas and choose the best three that fit the founder's skills, interests, and OMV.
Targeting the right customers is crucial for a business to succeed. It is better to target people with money who are willing to pay for solutions to their problems. Testing the concept with the target audience and checking if they are interested in buying the product or service is an essential step in validating the business idea.
A WhatsApp group can be used to pre-validate the interest of potential customers for a productivity app. If enough people sign up for the group and engage with the content, it suggests that there may be a market for the app.
Daniel Priestley suggests that to reach 10K a month, you need to charge $2,000 per package and make five sales a month.
According to Daniel Priestley, charging $2,000 for a package ensures that the business is solving a significant problem for the customer, and it also simplifies the sales process as it reduces the number of sales required to reach a certain revenue target.
The laps sales process explained by Daniel Priestley consists of four steps: leads, appointments, presentations, and sales. The goal is to build a rhythm of weekly laps to consistently generate sales.
To learn himself and for others to learn with him through his Master Class.