I Have Never Made a Business Plan
Summary
- I've never created a business plan; I focus on costs, potential prices, and if people want to buy what I'm offering.
- Overcomplicating business should be avoided; it essentially involves providing a service or product for a premium.
- To run a successful business, you should offer something that saves customers time or effort and charge for it based on the skill or time they lack.
- For products, understand the cost, buy in bulk to save, set a markup, and sell—that's the essence of business.
Video
How To Take Action
To start a business, you don't need a complicated plan. Here's what to do:
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Find Your Costs: First, figure out how much your product or service will cost to make or provide.
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Set Your Price: Think about how much you can charge for it. Don't sell yourself short—your time and skills are valuable!
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Test the Market: Let people know about your product or service and see if they're interested. If they want to buy, you're on the right track.
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Keep It Simple: Remember, business is about giving something to someone that saves them time or effort. If you can do that, you're golden.
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Buy Smart: If you're selling products, try to buy your materials in bulk to cut costs. Who doesn't love saving money, right?
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Markup for Profit: Decide how much more you'll charge than what it costs you. This is your profit and it's important for your business to succeed.
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Sell Your Heart Out: Finally, get out there and sell! Talk to people, share what you're offering, and show them how it can help them.
Stick to these steps, and you'll have a business that can grow without needing a fancy plan or a lot of cash to start. Just focus on what you're good at and make sure you get paid for it!
Quotes
"I have never made a business plan in my entire life"
– Alex Hormozi
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"This cost this much I think I could charge this much let me see if I can let people know about it and if they want to buy it that's it"
– Alex Hormozi
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"You just sell something to someone and that means you're in business"
– Alex Hormozi
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"A lot of people really over complicate it"
– Alex Hormozi
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"You have a service you do something that saves someone time or effort and you charge them a premium on your time in order to do it"
– Alex Hormozi
