creating a launch plan

7 Lessons Learned From My First “Failed” “Business”

So the first thing you’re probably wondering is why the words “failed” and “business” are in quotes. And no, I don’t have a second and third failed business 😛

We’ll get to that but first, a back-story.

My first business, in retrospect, wasn’t so much a business but a hobby.

Some background

A bit more about the business: it started out of the idea that once we leave school it becomes harder to meet people our age, not just relationship-wise but friends who share common interests, as well.

My friend and I started this venture together, after voicing similar concerns and seeing that existing groups that we were part of weren’t serving our exact needs as well as through discussion with other people.

What we did right:

1-  Identify A Need

We didn’t do everything wrong- we saw a need and for a large part, were ‘scratching our own itch’.

We began by identifying what was missing from the existing groups that we were a part of and started listing out our requirements.

2-  Don’t Reinvent The Wheel

We  found a relatively low-cost web platform that we could use to host our eventual site and the network we were going to build. Win! We weren’t reinventing the wheel (my first semester programming prof would be so proud).

Identifying existing resources you can use is really important, rather than having to build everything from the ground up and helps keep costs low. In our case, we used Ning, which lets you create a white-label social network/group.

But we were (and are) getting ahead of ourselves.

We started creating a product before we had:

3-  A  clear vision/problem statement

While we did identify that we were creating a local social network for women we didn’t get very specific about the exact need we were solving beyond socializing and making friends.  Would we focus solely on social activities or would we also do educational/business events?

4-  A clear target market

What age and phase of life were they in? Were they single, married?  Were they willing to pay for events?

We ended up having a mash-up of interests and age groups because we didn’t focus. Consequently, we had people asking for many different things and a range of age groups to satisfy.

5-  A plan for money (this is HUGE!)

Now, don’ get me wrong, this site wasn’t a complete dud.

In its time of glory, we had gotten over 2000 members to join the site, all using “free” methods like social media (but we all know social media isn’t free, right?)

We had many active members, and friendships blossomed.

The site did serve its purpose however what was our bigger purpose with the site?

I was proud of creating something useful for my local community and knowing that on some level I was having a positive impact on people’s lives (finding a BFF is huge!)

We had some ideas of how we could make money but it all depending on certain things:

  • Would we charge members?
  • Would we ask venues for sponsorship?
  • Would we seek advertising?

These were some of the hard questions we should have asked ourselves in the beginning if we were serious about turning this into a real business and not just keeping it as a side-hustle that earned money on occasion.

The “Business”

In retrospect, it wasn’t really a business because if your business isn’t making any money, is it really a business?

It sure can’t stay in business for long!  (Unless you have plans to seek outside investment).

And as for “failed”

I don’t see it as failure at all but a really good learning experience that helped me do things much differently this time around. Not to mention, everything in our past shapes who we are today: both the successes and failures!

6- A plan

This was more of a side-thing while I was in a regular 9-5 job, though I did have the occasional vision of grandeur but the problem was not having a clear plan on how to get there. If this was going to turn into something I could use to supplement my income (and maybe even one day replace it), how much did I need to make every week, every month? How many sponsorships would I have to get?

In your case, this may be signing on more clients which means getting more exposure to your target market. This may come in the form of doing more outreach, regular guest posting and so on. It all boils down to having a plan and then working that plan!

7-  Knowing when to ‘exit’

Looking back things are always clearer and the could’ve and should haves are glaringly obvious.

But when things are no longer working and you have invested time and effort in it you have to decide whether to keep it as a hobby or move on.

As my friend Benny Hsu put so well, “hope is not a strategy”.

You can’t rely on hope alone to make your business a success but have to take active steps to make it a reality.

If that product launch didn’t go so well, don’t abandon it but learn from it and see what can be improved for the next time.

Back in my software developer days, at the end of every project or software release, we would get the key stakeholders in the room and go over our ‘lessons learned’. What did we learn from the outcome? It was an opportunity to highlight both the positives and negatives in an attempt to capture them and incorporate them into the next project.

Lessons Learned

While you can’t know everything before you start, it’s important to have an idea of where you are hoping to go and how you plan on getting there.

Figure out what problem you will solve, who you’re solving the problem for and then start building the product and the supporting infrastructure.

Whether it’s your teleclass, ebook or program- don’t just create it and hope that “they” (the money, the peeps, whatever your “they” is) will come.

Your turn

1-      Did any of these lessons resonate with you? Leave me a comment below!

2-      Know someone who could benefit from this post? I would appreciate if you would forward it to one person. Thanks!

Need help brainstorming your next product idea or figuring out your ideal customer? Schedule a complimentary 30 minute coaching session and we’ll get you moving from idea to action!

How Do You Manage Your To-Do List?

Last week I posted this question on my Facebook page as I was curious to see what other people use to manage their to-do list on a daily basis as well as when it comes to a product launch.

The responses varied and included several which I am currently using and others that I plan on checking out.

Erica Lee from EngineerYourLife uses TeuxDeux to manage her to-do list. Teux-Deux is a no-nonsense web-based browser app that lets you create and manage your to-do list. There is also an iPhone app so you can sync your updates.

Luz Garcia-Pennock of LovelyGalPosh uses her Google Calendar to track and manage her daily to-do items. I use this method as well and like blocking off specific times to work on things.

Angela Horn from Balance and Life has gone back to using the good old-fashoned paper and pen method and finds crossing items off very gratifiying. I totally get that and sometimes have found myself adding items to the list that weren’t there just so I could cross them off 😛

What do I use?

I started using Action Method recently and like the fact that I can organize tasks by project and have a visual overview of what needs to get done. I also use a paper to do list and post-it notes because there is something about the tangible-ness that I can’t seem to shake. I have a wall in my office where I post the projects and their respective to-dos because it’s always in front of me where I can see it.

Clearly there is no one-size fits all method but the key is to find what works for you that allows you to get things done!

Whether we’re in the middle of a product launch or just keeping up with the day-to-day, we need a way to keep track of everything that needs to get done. Let me know in the comments what you use to stay organized and on top of the always growing to-do list!

Get Your Tweet On: Getting Started With Twitter Chats

Getting started on Twitter can be a lonely and awkward experience. All these conversations are happening around you, and yet it can feel like you are tweeting all by your lonesome.

You know you should get in there and engage and chat with people but aren’t the type to just walk up to a stranger and tap them on the shoulder and say, “Hey..so you like stuff?” #awkwardmoment.

Enter Twitter Chats.

Now for the unfamiliar, Twitter chats are chats that happen using the hashtag functionality. This massive Google doc has a list and description of the different chats and you can find a chat related to every topic under the sun.

On Twitter, when you click on a particular hashtag, you will see all the tweets related to it and people who are talking about it.

What Are The Chats About?

You can find chats about pretty much everything from books, entrepreneurship to blogging advice.

Why Should I Participate?

While tweeting content regularly is great, Twitter chats let you maximize your time on Twitter and participate in existing conversations. Instead of tweeting 1-1 you are now engaged in a conversation with many people around a particular topic. Your tweets can be seen by hundreds as well as those who are lurking :P.

Think about it: your peeps are right there, gathered around discussing a topic related to your niche/industry/expertise. You don’t have to go searching for them..they are all there!

Not to mention all the knowledge sharing that goes on!

How Much Time Do I Have To Invest?

Most Twitter chats are one hour long and happen on a specific time and day of the week or on a bi-monthly basis.  You can pop in and see if the topic that week is relevant to you and decide to participate or not. A lot of these chats have regulars so it’s a great way to build strong connections that can help your business. Like anything, what you put in is what you get out!

How Can I Get Started?

  1. Find Your Chats: Check out the Google doc listing the various Twitter chats and identify a few that may interest you. Mark them in your calendar so you don’t forget.
  2. Research: If you use a tool like Hootsuite (or Tweetdeck) add a column and filter by the hashtag for the chat(s) that you are interested in. This way you can start to observe and see how people interact in the chat, what type of crowd it attracts and so on.
  3. Game Day: Once you’re ready to participate in a chat, I would highly recommend using a site like TweetChat so that you can focus on the chat and block out all the other Twitter noise. Most chats follow a Q&A format where the host will ask a question e.g Q1: Which Twitter chats do you recommend? and people will respond with a1)#yfechat, #shenowchat, #blogchat…  and so on. Note: many spin-off conversations start as well-don’t be afraid to jump-in!
  4. Post-Chat: Connect with people you’ve chatted with and keep the conversations going!
why you should participate in twitter chats to grow your business

Tweet Chat: An Easy Way To Follow And Participate in Twitter Chats

Recommended Chats

If you’re looking to connect with other entrepreneurial women who are starting their business (and further along), I would recommend:

#yfechat: Hosted by  Young Female Entrepreneurs that occurs every two weeks where entrepreneurial women in their 20s/30s go to discuss topics related to owning a business as a young female.

#shenowchat Led by She Now Org these chats happen on a weekly basis serving a community of women that believes in pursuing their careers and dreams, having adventures, and living their own lives first!

and the soon to be launched

#bootstrapchat by the lovely ladies over at Kicksart Kitchen on Wednesday October 17th at 6pm PST/9PM EST where they will discuss getting the resources you need to build a thriving business on a shoestring budget.

Save the Date

October 9th: I’ll be the hostess on the upcoming #yfechat where we will be chatting about “Perfecting the Pitch”. I’ll be there to welcome people to the chat, and helping with the Q&A. Hope to see you there.

November 5th: I’ll be asking the questions over at #SheNowChat. Topic to come shortly..hope to see you there!

So ready to take the plunge? Which Twitter chats will you explore? Already chatting? What are some of your faves?

Be Inspired. Take Action. What Will YOU Launch With $100 Change?

As of this writing, there are exactly 104 days left until 2013.

Have you been procrastinating on that project you thought of way back in January? Or are you just a little stuck on how to turn your big idea into a reality?

Why not end the year off with a bang and get that project out the door that you have been putting off all year?!

Now you can.

Okay, let me back up a bit and tell you where I’m coming from..

My friend, Natalie Sisson, founder of the Suitcase Entrepreneur (who you’ve probably seen around here on the blog) was recently handed $100 at the World Domination Summit and `told to have fun with it, surprise someone or start something special‘, she decided she needed to do much more than that.

And if you follow Natalie, you know that when she says much more..she means it (she biked across Africa earlier this year and raised over $10K for charity!).

She believed that this $100 change could potentially change lives. So she set about starting a movement that not only gives you a blueprint for creating change, but a framework of motivation, mentoring and a community to get it done.

She has just launched $100 Change, and I think you need to know about it, because it’s a really cool initiative.

I also had the pleasure of watching this project unfold when Natalie was visiting Montreal back in July.. so to see it launched (and so quickly) is amazing! And a testament to what can be done in a short amount of time when you focus, get support and are clear on what you want to do.

$100 Change is a program empowering you to start your dream project or business in 100 days for $100.

Natalie has pulled together 100 change makers from around the world, to share and impart their wisdom and advice over 100 days for $100.


Imagine if $100 could change your life

In Natalie’s words,

But $100 Change is so much more than a program designed to get you to take action and start something special.

It is also is a not-for-profit initiative that is driven by you, me and a community of people who want to create change and turn their dreams into reality.

The really unique part of this initiative, is that virtually all the money received from people who buy the $100 Change program (minus associated costs in putting it together) during the 100 program will be redistributed back into ten scholarships.

Not only do you get to learn and be inspired from change-makers from around the world..you also have the potential to receive a scholarship as well as mentorship and a business framework. So much win!

Stop waiting for tomorrow. Stop watching others do it.

Get the support you need. The daily dose of ‘kick in the pants’ and get it done!

 

Get Unstuck. Be Inspired. Launch Your Dream Project..Finally!

So what are you waiting for?

4 Ways Highly Commented Blogs Can Help You Grow Your Audience Online

The other day I was out for a walk in my neighborhood and noticed a man busking on the street corner. He had his guitar out and his case open, ready to accept money from passers-by.

My first reaction was: why is he sitting there? Of all the street corners in the city, he chose the most off the beaten path that got barely any foot-traffic except for the people living on that particular street.

It was quite evident from the $3 in his case that maybe his strategy wasn’t working out for him so well.

This is all going somewhere.. 🙂

It got me thinking about the early-days of setting up your blog, online presence or launching a product.

Whether your website, blog or product launch is 6 weeks or 6 months out, apart from a product and content you also need traffic and an audience.

Sure you can spend time SEO’ing your site (and highly recommended) but you can’t just sit back and wait for the traffic and audience to come, especially in the early days.

You want to play your music and be heard, dammit!

I hear you!

Go Where The Conversations Are Already Happening

While it is great to produce massive amounts of content (just like I’m sure the busker was playing good music), without an audience and engagement it can feel a little lonely.

Agreed, you need awesome content for people to read when they visit your site but there is also significant value in spending time where people you can help already are.

Tons of conversations are happening all over the social web and here’s why you need to:

Hang Out On Popular Blogs

These sites attract comments like bees to honey. They are well-established and as soon as post goes up the audience is ready to engage and share their thoughts.

What you can gain from spending time on these blogs:

  • Observe: See what types of problems other people in your niche are having and how they are talking about them
  • Share your expertise by replying and offering value
  • Connect: and build relationships with other bloggers and find new blogs
  • Attract: Show up often enough with your quality comments and you will attract people to your site
  • Ideas: Comments are an idea gold-mine..a lot of people ask questions about how to do something/advice and chances there are other people with the same problems and questions.

Bonus: Get on the radar of the actual blogger (although this probably would take longer on a highly visited site) but not impossible if you do it right.

Note, you don’t have to do this on hundreds of blogs and spread yourself too thin. Choose a few that are well-known in your niche and make it a point to visit and engage regularly.

I spent some time in the comment gold that is Marie Forleo’s site, just reading and replying to comments when I had something valuable to contribute.

I connected with new people, discovered new blogs and got ideas for future posts where I could address some of the questions that people were asking.

And by leaving insightful comments, I must’ve piqued some people’s curiosity because I got traffic and signups to my newsletter! #win

Don’t be that lonely busker who is open for business but still waiting for visitors..go where the action is!

Woud love to hear your thoughts! Leave me a comment!