Are you a high school student thinking about how to start a business? Here are the seven steps that you can take to start a business in high school. These steps were exactly the same steps that I use back in the day.
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0:00 – Introduction to How to Start a Business in High School
0:15 – Step #1: Take a step back
Try to think about two or three things that your friends or your family are always telling you you’re really good at. Maybe for example, you’re really good with your hands or you’re really good at teaching people new things about certain topics. Whatever it is, the important thing is that you identify what a few of those particular skills are.
1:16 – Step #2: Ask yourself this question
Think about is what sort of offer can you test to a particular set of customers.
In my situation, I knew that I was pretty good at creating study guides for myself. And I could probably package something that would be valuable to my classmates as well.
So my test offer was a few pages of a study guide that would essentially go over all the key people, events, and potential questions that our history teacher might ask us in school.
1:58 – Step #3: How to pitch your offer
At this point in time, it’s all about using your sales skills.
From here, what you’re going to want to think about is how can I potentially make this an appealing offer to the people that I want to buy my particular product or service?
2:53 – Step #4: Listen to feedback
So at this point, you have all these different prospects that you’re trying to sell your offer to. And what you want to think about is what are people actually telling you?
In my case, for example, I priced my first study guide at about $10. And what I noticed was that it was selling really well. I was getting 10, 15, 20 customers at that point in time.
And so what I knew as well was that this was probably going to be a problem if I had too much distribution. And so what I needed to do was I need to make sure that I was getting the right customer.
So what I learned in my early testing is that the $10 offer was too low of a price compared to raising that price up to $20 per study guide which led to a natural decrease in the number of classmates of mine that were buying the study guide, but it still led to comparable if not more overall revenue or overall money that I was making from each study guide.
4:12 – Step #5: Know when to do this
So at this point in time, you should have some sort of offer service in place and you should be getting some feedback about that.
And this is the point in which you know whether or not you’re on the right track because in the case where you’re on the right track, you would have already had your first customer agreed to want your offer or service. But in the case where you haven’t yet, then you’re going to want to adjust that and then go back to an earlier step in time.
5:06 – Step #6: How to deliver on your offer
So, in my case, when I was creating study guides, I had to actually print out those study guides make them nicely formatted and also have those little side binders that you can make so that it looked a little bit more polished and then give it to my classmates.
When you’re delivering on your offer, I want you to get into a habit of over-delivering on what you actually promise.
6:34 – Step #7: Make sure you are doing this
If you’re making your customers happy, then they should be more than happy to leave you a review somewhere or to speak well about your product or service. And from here, what you want to think about is how you can activate your happy customers to help you find your next customers.
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What business are you hoping to start?
Grow with Will is all about helping you grow your business, get more customers, and hone your business acumen. I teach you the real-world business skills you didn’t learn in school to help take you from zero to self-starter.
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Disclaimer: Grow with Will does not provide tax, legal, or accounting advice. This video, and the ideas presented in it, are for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.