This is a video interview I did a while ago with my friend Cathy Presland about starting a fulfilling and profitable business fast.
Cathy is an economist turned entrepreneur.
For over twenty years she’s been an economic adviser to governments around the world.
She’s had senior positions in the UK government where she worked closely with politicians and headed up the strategic development of multi-billion-euro economic development funds.
She now writes, speaks, trains and mentors entrepreneurs who are ready to grow their business fast and achieve big goals.
She’s written several great books, and teaches a number of extremely successful online training courses on Udemy.
About the Interview
Starting your own business can be one of the most exciting experiences you’ll ever have but it can soon become overwhelming and a bit scary.
Cathy will show you how to take your desires and your passions and turn them into practical actions that allow you to come up with profitable business ideas.
Let’s listen to Cathy!
Here are some of the most interesting insights that Cathy shared during the interview.
Be Prepared to Change
Talking about her journey as an entrepreneur Cathy explained that over the years she ended up in a place she hadn’t anticipated when she left her job.
There is an evolution, a flow that you as an entrepreneur should be prepared to acknowledge an to listen to.
Once you’ve started you’ll understand what you really like to do, what people you really like to work with, what customers you really like to serve.
Speed of Implementation
Cathy developed a system to teach aspiring entrepreneurs how to start their business in 30 days.
There’s a reason behind this number: things really start to take off when done quickly.
A lot of people tend to wait for the “right moment”.
Or they get caught in the rabbit hole of spending a lot of time just studying, researching, or perfecting their products or services.
The reality is that we learn more by the implementation. Putting your product or service on the market allows you to test it and tweak it based on the feedback you get from your customers.We're never ready, we just have to do it Click To Tweet
Start with Your “Big Why”
Almost every successful entrepreneurs has some kind of inner drive that’s the main reason why he or she is in business, and usually it’s not money (or at least not only that).
Before you get started with your business ask yourself: what is it that I want to accomplish in my life? Do I want a lot of free time to spend with my family? Do I want to become an expert and be invited to speak at conferences? Do I want to travel a lot?
A clear understanding of your motivation will help you make better decision and get that speed of implementation that’s so important.
How to Deal with Fear
Cathy works with a lot of entrepreneurs and professionals to help them package what they know into a book, and a very common challenge for her clients is the fear of judgement, the fear of what people will think, the fear of getting it wrong.
Successful people are not afraid of getting it wrong, they just do it and if it works they continue, if it doesn’t they change something or just let it go.
The more we do the more confident we become, so the key thing to overcome fear is to take small steps and start doing things.Confidence comes only by doing Click To Tweet
How to Find a Profitable Business Idea
It’s important to start with something you love to do, but a business is not a hobby and you need to understand how to make money doing what you love.
The best way to find a good business idea is to ask people what they want and need.
In other words, do some kind of market research.
That doesn’t mean that you have to conduct extensive and expensive surveys and maybe hire an agency.
A good place to start is to reach out to people in your email list – if you have one – or maybe to your Facebook or Twitter connections and ask them if they’re interested in a particular product or service.
Ask questions like “Hey, I thought I’d create a video training about time management. Would you be interested in such a thing?”, and then see what kind of feedback you get.
When you find something that people are interested it’s time to think about the numbers.
What does it take to put that thing out?
How much time and commitment is required?
Is this a sustainable business?
It’s critical to figure out what your numbers are ahead of time to understand not only the profitability but also the sustainability of your business idea, especially for service based businesses.
When you think about the numbers be aware of the fact that there’s a natural tendency to overestimate the income.
Make Money Fast
Being able to bring some money in at an early stage is absolutely critical, for two reasons.
First of all early money means early success, and that is important for your self-confidence. It’s evidence that you actually have something valuable to offer.
In addition to that, it’s the best way to validate your business idea. It’s a strong signal that you’re on the right path.
Discover More About Cathy and Connect with Her
- CathyPresland.com is Cathy’s website, where you can discover more about her work.
- Connect with Cathy on Twitter.