What’s Your Number?
Lesson 9 from: FAST CLASS: Turn Your Talent Into a Business in 12 StepsBeate Chelette
What’s Your Number?
Lesson 9 from: FAST CLASS: Turn Your Talent Into a Business in 12 StepsBeate Chelette
Lessons
Class Introduction - Turn Your Talent in to Business
06:45 2Creating your Vision Statement
02:58 3Creating Your Mission Statement
02:44 4Types of Businesses
04:29 5What To Do with Your Idea
01:20 6Test Your Awesome Idea
09:31 7Competitive Research & Testing
06:21 8Creating Revenue Streams
02:17What’s Your Number?
06:23 10Funding Your Business
06:14 11Creating Customer Profiles
01:54 12Human Capital
02:17 13Organizational Structure
01:09 14Financial Responsibilities
02:32 15Legal Responsibilities
00:59 16Long-Term Growth Strategies
05:39 17Using Automation
01:28 18Your Creative Business Plan
01:47 19The Power of Your Story
01:20 20How To Make Money
01:43 21Marketing Strategies
00:25 22The Non-Sleazy Elevator Pitch
02:51 23Marketing Tips You Need To Know
03:43 24Thinking in the Long-Term
04:46 25Capturing Clients & Where To Start
03:13Lesson Info
What’s Your Number?
so squirm time. What's a little and what's a lot? So I have put on page number 16 in the workbook. If you don't have the workbook, make sure you get the workbook because we will continue to use it throughout. What's a very comfortable number for you? Why do you think I ask you about what's your number? Because you like to know numbers. A. Could answer off course. I like to know numbers, but it's more than that. It's about you need to know what your number is. And I learned this when a friend of mine who sold this business before mine and he made $70 million in his cell of this company. And when we were at the rooftop in Lisbon at this fabulous party and he looked at me, he says, You, my dear, he says, Your business this next I'm like I would buy this company and I was next and he said to me on that rooftop, Well, never forget that. He says. You just have to know what's your number? I'm like, What do you mean? The number means if someone would give you that amount right now and you'd wa...
lk away from whatever you created, what would that number be? And that's important to know the number because it's a satisfaction number. We always have to know that number because if I don't know, a 50,000 or $35,000 like we just heard or 100, or half a 1,000,000 A 1,000,020 million? Whatever makes you happy. Whatever you're aiming for, you got to know what makes you happy. What makes you comfortable and what makes you uber ultra happy. So I want you to keep these numbers in mind because that's what we aiming for. And the reason we need to know this is because we have to figure out how much money we need. Right? So this is the part where the workbook becomes absolutely crucial. Let's just take our workbooks and go through this really quickly. Um, I have actually created for you the startup expends worksheet, and we are going to and I'm going to see where this is in the workbook. It is on day two in segment number three. Just go there right now with me on page number 38 I'm going to show this to our audience life out there. So this is really the crucial part. This is why you must get the workbook. It's all done for you. So, um so this is the way we going to talk about this. So we take a number that is outside of our comfort zone, because again, when we build it, build it. So we have to reach because we don't have to reach what's the point? All right, then you add all the expenses on this on the start of expense worksheet. You calculate all these expenses, Like, how much you gonna spend on advertising? How much you gonna spend on, um, signing, sprinting, travel, entertainment, trade shows? Because you're gonna have to go places you have to meet people. You gonna have to exhibit. Gonna have to print promotional materials. You have to do hand out. You have to build websites. You have to pay programs. You have to pay copywriters advertisers, and you're gonna have to you know this some Brent involved. Even if it's out of your home, there's, you know, the portion of it that goes toward rent. There's utilities, fixtures, equipment, furniture. There is other people's salaries. You know freelances people that you hired to do certain services. So I literally want you to go all through all of this and create a scenario you know, a business scenario, and then you take all of your expenses and you add that to the number you want to make. And that's your starting point for how much money you need for a year for your business. And when we looking for funding or money, we now need to figure out how much port How much of this portion can we generate in cash so that we can cover 2030 40 50 60 70% off what we're spending and how much of it is doing it to get from outside funding to fill the gap easy, right? Mm, in a little bit of calculation involved, best friends to calculate is why, like number so much because we don't want it to be this. This thing is somewhere out in space, where you're not sure as to what it is that you're doing. What I want you to do is be really clear and say, You know what? I'm going to start with one revenue stream and in six months, I'm going to set up the second revenue stream and then I'm going to set up this revenue stream, and this is how I'm gonna grow my business. That's the requirement for you to actually get money from anybody because they say they asking you how you gonna grow your business and Onley when you know how you grow your business. Can you ask somebody to give you any money for it? Because just because you're set so is just not a really good argument. And this is the part about building the business that really fires me up. And that gets me so excited is it's not that difficult. It's always just knowing what it is. Putting it together, understanding it, giving you permission to fail it it to go back, revise the numbers to say this wasn't enough. This was more this was too much. Maybe I can start with six revenue streams that I'm making a $1,000,000 each. Maybe I need to start with one that makes 50 and then build it up. That's how you build business and it takes time. It takes time. And when you don't hit the number, this is what you say? I didn't hit it yet. Like it's not that I didn't hit it, read myself up. I didn't hit it yet. Why do I need to do to go back and tweak that? You know, where am I missing? And then we look at the numbers again and the data and we do the analysis. And we said, Oh, I get it. I was missing it. This is really the opportunity because so many people responded to this, which I didn't like us much, and I like this one much better, but not a lot of people responded to that.
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