1. The Right Mindset

• Don't overcomplicate the business idea: The most common mistake is trying to come up with a completely unique idea. Instead, focus on identifying a problem that people are already paying to solve.

• Look for an insatiable market: Choose a market with a "starving" demand, where the need is so great that it can support many businesses.

• Passion is key. Select a business you are passionate about to be able to work long hours and stay engaged. It is impossible to compete with someone passionate about their business.

• Resourcefulness over resources: Lack of resources isn't the reason for failure; it's a lack of resourcefulness. There's always a way to get things done, even with limited funds.

• Don't wait for the perfect time: There is no perfect time to start a business, so start now and gain momentum.

• Focus on what matters: Avoid spending too much time on things that don't directly impact sales, like logos, branding, and domain names.

2. Finding Your Market and Offer

• Start with your interests: Look at how you spend your time and where you are already allocating your energy. What problems related to your interests are people already paying to solve?.

• Analyze the competition:

  • Identify 5 proven products in your market by looking at reviews, social media followers, and online chatter.

  • Read 2, 3, and 4-star reviews to find out what people love and hate about those products to find shortcomings to improve on.

  • Create a competitor matrix with landing pages, ads, prices, offers, and guarantees.

• Create a painkiller solution: Your offer should solve an urgent problem that keeps people up at night. A vitamin is a nice-to-have, but a painkiller provides an immediate fix.

• Develop a "Godfather" Offer: This is an offer so good it's hard to refuse.

  • First, determine the most desirable offer possible without worrying about logistics or legal implications.

  • Then, scale it back to something you can deliver.

  • An irresistible offer is key, and a sign of a bad offer is that it's easy for people to say no.

• Prioritize your offer: Nothing is more important than getting your offer right. You can have an average ad, an average funnel, and a compelling offer and still have a wildly profitable business.

3. Setting Up Your Business

• Keep it simple initially: Start with basic set-up like an ABN or contract in order to transact. Don't overcomplicate the structure at the beginning.

• Basic transaction system: Use Stripe, PayPal, or a business bank account.

4. Getting Your First Customers

• Master sales: Being good at sales is key. You don't have a business until you can get customers and make more money than your operating costs.

• Free traffic via organic content: Use platforms like TikTok to create viral content.

  • Identify "Coliseum keywords" that people use to find solutions in your market.

  • Create content that addresses these keywords.

  • Look at the content that does well, and iterate on your content using feedback.

  • Focus on the first few seconds of your video and the call to action.

• Cold outreach: If selling a service, use cold outreach via email or other methods to find leads.

• Follow-up is key. The fortune is in the follow-up, so consistently provide value.

  • Don't just follow up on proposals; follow up on the problem.

  • Provide value to your marketplace before they become customers.

5. Fulfillment and Customer Retention

• Balance product and marketing: You need a good product and a good marketing strategy.

• Over-deliver: Don't just fulfill on your promises; over-deliver to keep customers and get repeat business. You want customers to stay with you long-term to increase their lifetime value.

• Create a remarkable service: Provide a service that makes your customers remark positively to others.

• Systems: Create checklists and SOPs for every function and service to improve consistency.

6. Scaling Your Business

• Shift to marketing: Once you have the sales process dialed in, it is time to shift to marketing and to create ads.

• Leverage: By marketing, you can reach many more people than you could via cold calling or other one-on-one methods.

• Team: Marketing helps you unlock the free cash flow to hire people and build a team.

• Scale: Build a business that delivers on solving problems at scale to become a millionaire.

In conclusion, building a successful business requires a combination of strategic thinking, consistent effort, and a focus on providing value to your customers. By following the steps outlined above, you can go from zero to a million-dollar business.