What’s up, My Solo hustlers!

This week, we're tackling a topic that might have been staring at you in the face this whole time! Let's explore how to sell your idea or solution in a way that's both simple, smart and most importantly cheap.

Genie or Genius in a bottle

Have you ever thought of this: every product you see is more than just an item; it's a manifestation of information? Take anti-ageing cream, for example. It's not just a jar promising youthful skin for £30. It's the result of extensive research (understanding skin ageing), top-notch ingredients (finding what treats ageing), thorough testing (ensuring safety and effectiveness), and clever marketing (making you aware of the product). It's a team's wisdom, all packed in a bottle for you. Think about it.

The Reality Check...

Now what I just said before sounds great, but here's the not-so-fun part: many people believe that creating anti-ageing cream means launching a successful physical product and so they go out and try it ( just like I did 🙃). But guess what? 80% of new product launches fail! I hear you asking why. Well…

IT IS ACTUALLY REALLY HARD WORK

You have to factor in:

1. High Start-up Costs: You need money for buying in bulk, storing products, marketing, and managing deliveries (logistics).

2. Low-Profit Margins: This means you earn less profit per product, so you need to sell a lot.

3. Time-Consuming: It takes up a lot of your time, almost like it never ends.

4. Risky: Especially if you're dealing with products that can expire or go bad (like food).

But relax, your dream of building your skincare empire (or not) hasn’t stopped here. Remember you are a solo hustler plus you have me… and ChatGpt (Bars)! So buckle up as I give you some game!

My 3-step solution (Prompts included)

📍Step 1: Map Out Your Solution

First, write down your idea using the three main business models: DIY (Do It Yourself), DWY (Done With You), and DFY (Done For You). This is like drawing a map that shows different paths to make money from your idea.

Example:

Let's say you love healthy eating. You could share this passion through a cookbook (DIY), a meal kit service like HelloFresh (DWY), or even opening a restaurant (DFY). Each option represents a different way to share your love for healthy food.

🤖 Prompt Example:

I need your help to brainstorm and outline my idea based on the three main business models: DIY, DWY, and DFY. My passion lies in healthy eating, and I want to explore different avenues to share this passion with others.

DIY (Do It Yourself): For the DIY model, I'm thinking of creating a cookbook. I need assistance in outlining the structure of this cookbook. It should include sections such as breakfast recipes, lunch ideas, dinner options, and healthy snacks. Additionally, I'd like to incorporate tips for sourcing ingredients and maintaining a balanced diet. Please provide a detailed outline or a table of contents for this cookbook, along with a brief description of each section.

DWY (Done With You): As for the DWY model, I'm considering a meal kit service similar to HelloFresh. Here, I need a plan for launching a meal kit service focused on healthy eating. This should include ideas for different types of meal kits, packaging solutions, and a basic marketing strategy to reach my target audience. Please provide a concept overview, including potential meal kit themes (e.g., 'Quick & Healthy', 'Vegan Delights', 'Family Meal Plans'), packaging ideas, and key marketing messages.

DFY (Done For You): Finally, for the DFY model, I'm contemplating opening a restaurant that specializes in healthy cuisine. I need a brief business plan outline for this restaurant. This should cover the restaurant's concept, a sample menu, ideas for the restaurant's ambiance and decor, target customer profiles, and basic operational considerations like location and staff requirements. Please provide an outline of this plan with descriptions for each element.

📊 Step 2: Calculate Costs and Speed

This is where you need to be careful. It's easy to get excited about your favourite idea and forget to think about how much it will cost and how long it will take to start.

🚫 Don't Make This Mistake:

Don't just focus on what you want to do. Look at the costs and how quickly you can start each business model. It's about making a smart choice, not just following your heart.

🤖 Prompt Example:

I'm at a crucial stage in my business planning and need your expertise. I have three business models in mind related to healthy eating: a DIY cookbook, a DWY meal kit service, and a DFY restaurant. For each of these models, I require a detailed analysis of both the startup costs and the time it would take to launch them. This analysis should help me make an informed decision based on practicality rather than just passion.

DIY Cookbook:

Cost Analysis: Please break down the estimated costs involved in creating and publishing a cookbook. This should include costs for recipe development, photography, printing, and any marketing or distribution expenses.
Timeframe: Estimate the time required from the initial concept to the cookbook's publication and release in the market.
DWY Meal Kit Service:

Cost Analysis: Provide a detailed breakdown of the costs involved in setting up a meal kit service. This should cover the costs of ingredient sourcing, packaging, logistics, and initial marketing efforts.
Timeframe: Outline the expected timeline for setting up the meal kit service, from planning and sourcing to the first delivery to customers.
DFY Restaurant:

Cost Analysis: Calculate the estimated costs for opening a restaurant, including rental or purchase of space, kitchen equipment, initial inventory, staffing, and marketing.
Timeframe: Provide an estimated timeline for the process of setting up the restaurant, from securing a location to the grand opening.
Your detailed analysis will help me compare the financial and time investment required for each model, allowing me to choose the most feasible and efficient path to pursue my passion for healthy eating."

✅ Step 3: Choose the Best Option

Now, pick the model that is both fast to start and doesn't cost a lot. This step is about finding a realistic way to begin.

🌟 What This All Means:

You're choosing the easiest and cheapest way to start your business. Often, this means starting with DIY projects, like writing a cookbook or making online cooking videos. The idea is to gather a group of followers first and then grow from there. Once you have your followers just sell the next solution usually the DWY(Your spice mix) to them and then once you have enough capital from that you can fund your DFY solution (open your restaurant). Make sense?

🤖 Prompt Example:

I'm at a pivotal decision-making point in my entrepreneurial journey. Based on the analysis of the three business models related to healthy eating (DIY cookbook, DWY meal kit service, and DFY restaurant), I need your guidance in selecting the most feasible option. This decision should be based on which model is both quick to launch and cost-effective.

Comparative Analysis:

Assessing Pros and Cons: Please provide a comparative summary of each model, highlighting the key advantages and disadvantages in terms of startup speed and cost.
Risk Assessment: Evaluate the risks associated with each model, considering factors such as market saturation, initial investment risk, and operational complexity.
Recommendation:

Best Option for Immediate Start: Based on the provided analyses, which model do you recommend as the best option to start with minimal financial risk and faster execution? Please justify your recommendation with specific points from the comparative analysis.
Long-term Potential: Briefly discuss the long-term growth potential of the recommended model, including how it can help in building an initial customer base or following, which can be leveraged for future business expansion.
Action Plan:

First Steps: Outline the immediate steps I should take to begin with the chosen model. For instance, if the recommendation is a DIY cookbook, what are the first few actions I should prioritize?
Building a Following: Provide strategies or ideas on how to effectively build a following or customer base with the chosen model, which would be essential for sustainable growth and future scaling opportunities.
Your insights will help me make an informed choice on the most viable path to pursue my passion for healthy eating, balancing the excitement of starting a new venture with the practicality of business realities."

So there you have it. It's about being smart, using your resources wisely, and taking small steps towards your big dream. Who knows, your simple idea might just be the next big hit. Until next time!

Keep riding solo,

Liam ✌️