If you were going to open a new store in town, how would you do it?
Want to listen? There's an audio version below
Let's assume for a second that you already had a business plan, start-up capital, and an excellent idea. If you did, your next moves might look something like the following.
First, you'd scope a few locations and choose one that's the right size, and that will get some decent foot traffic. Second, once you decided where to set up shop, you would begin to design the floor space to attract business. Third, you'd buy inventory, develop a marketing plan, and begin the process of hiring staff.
Since your business is online, you don't need those things – things like real estate, shelves, inventory, etc.
Well, actually you do.
You might already have their digital equivalent already without even knowing it.
You bought your domain (location) and signed up with a host (the right size). Now, you're designing the layout (the floor space) of your site to get subscribers, build trust, and let them know you've got something to sell.
To get going and start building momentum, a physical store can open their doors and start offering samples. But as online entrepreneurs, we can't do that.
Or can we?
How to Build Momentum with Your Beginner Business
Momentum in your business isn't built with one product launch that amazes people so much they become loyal buyers for life.
You build momentum every time you talk to someone who fits the profile of your ideal client. You build momentum every time you share your message with someone who needs to hear it. You build momentum with every blog post you publish, YouTube video you upload or podcast you produce that solves a problem people are having.
Ok, blogging and talking to people are great, but I want to make money!
After you've refined your message and started narrowing your focus, you can really take your blog to the next level. You can now see the transformation you've been looking for!
When you're trying to build your online business, releasing a $10 product is one of the best things you can do to build momentum.
Content marketing is a great way to start, but $10 products do four things that build momentum in your business – four things content marketing alone can't provide.
4 Reasons to Create an Entry-Level Product:
- Tell the world who you are.
- Create a stepping stone.
- Provide a quick win/win.
- Generate momentum.
These four things are important because they're what bridge the gap between blogger and entrepreneur, hobbyist and business owner. Not all bloggers are businesses. And, that's ok. But, if you've made it this far, you're pretty focused on transforming your blog into a business.
Let's take a closer look at each of these four benefits of releasing at $10 product
#1 Your product tells the world who you are.
When you publish your first blog post no one knows you. Like every other business, you face this universal business challenge. Visitors may stumble upon your blog because one of our friends shared a link on Facebook, but they still don't know who you are, what you stand for, or even the quality of your work.
Since you don't have a physical store, visitors can't browse or try on new clothes, and you can't hand out taste samples.
Customers who are on the fence about spending money with you will likely want to test before diving in.
Providing samples and sharing your beliefs with the world builds momentum for your business.
#2 Your product is a stepping stone.
More people buy a copy of Exit Strategy than apply for my mastermind program. And, more people enroll in a mastermind than hire me as their coach.
A $10 product serves to whet an appetite for more.
Let me give you another example.
If you were scoping out a new restaurant to cater your next dinner party, you'd likely not pick one without tasting it before your big day. In all likelihood, you'd try a sample (if they offered you one), go for lunch, then bring a friend who could provide their opinion.
Then and only then, assuming you liked the sample, enjoyed your meal, and also got positive feedback from your friend, would you decide to place the failure or success of your party on the food of the new restaurant.
A small sale leads to a bigger sale, and that will build momentum in your business.
#3 Your product is a quick win/win.
If you can solve someone's problem, you have an obligation to share your solution with them. No, you don't have to give away the solution for free.
If someone is bored and you've built a game or written some fun music, you solve their problem of boredom by offering your product. If someone has a flat tire and is in need of some help, you can alleviate their frustration by offering your service.
Entrepreneurs see the needs people have, and they find a way to meet them.
Not only is that statement the basis of all entrepreneurship, but it helps you determine your first product. If you see a need, meet it.
Problem solved = win for the customer.
Getting paid = win for the entrepreneur.
In other words, solving a problem gets you paid, getting paid means you can stay in business, and staying in business means you can keep solving problems.
And, obviously, that builds great momentum for your business.
#4 Your product builds much-needed momentum.
After you sell your first product or sign your first client, it's all down hill from there.
You can't sign your second client until you've signed the first one. You can't make your 100th dollar until you've made your first ten.
As I wrote here, when you're first starting, you need quick wins. You need to prove to yourself that achieving your dreams is possible. After you've proven it to yourself, you can start to prove it to other people. One thing leads to another, and every bit of progress you make early builds.
Whatever business you're in, think about what you can do to lower the barrier between someone thinking about hiring you and hiring you. Think about what you can do to get them into your ecosystem, and have them experience what you're all about.