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What do you have to know before starting your own business? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Answer by Hunter Ray Barker, Co-Founder at Bullfrog Creative Agency, on Quora:
Before starting a business, learn how to craft and market an “Irresistible Offer.”
- An Irresistible Offer is a very clear, laser-focused, single offering that your audience should have an extremely difficult time saying “NO” to.
If executed correctly, just one Irresistible Offer could turn a cluttered and confusing business into a highly profitable powerhouse overnight.
An Example of a Business Without An Irresistible Offer
Let’s use the example of someone wanting to start a Dog Training business.
Without an Irresistible Offer, the hopeful Dog Trainer might build a website listing…
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- 15 different types of training
- 3 different payment plans for each training
- A variety of 20 different perks for each breed of dog
And so on and so on. The business owner will design their business thinking that this type of structure gives someone a little bit of everything…
When in reality, it leaves the prospective customer very confused — and a confused customer will never buy.
You see this type of marketing everywhere in all kinds of industries: business owners creating large lists of service offerings that don’t compel us to take any action now.
An Example of a Business With An Irresistible Offer
Let’s keep with the Dog Trainer.
With an Irresistible Offer, the Dog Trainer might publish an offer like this instead:
- “I will train your dog to STOP barking within 24 hours. After just one session, if your dog barks unless being instructed to, you will receive your money back, a free bag of dog food, and $100 for wasting your time. Please book an appointment today — I can only take on 5 new clients right now.”
Do you see the difference here?
- An offer like this pinpoints a massive pain point the prospective client might be struggling with: a loud and uncontrollably barking dog.
- It gives a clear vision of what the result will be: no more barking.
- It offers a definitive timeline in which the client will see the result: 24 hours.
- It gives a very creative, relevant, and ridiculously confident guarantee: money back, free dog food, AND $100.
- It demands a response now by making it clear that only a few clients can be booked at the time of the offer.
Granted that this imaginary Dog Trainer could actually fulfill their promises, this is the type of offer that would never leave them hungry for new business.
And it’s an offer that could be sold at a very high price given the value, premium, and guarantee all made clear in the offer.
Do you see how this type of offer could start and grow a business?
This person could go on to then sell their new clients on other services that make sense, depending on their wants and needs, in a very clear, well-constructed sales funnel that all began with a no-brainer Irresistible Offer.
Extra Points To Think About…
- Is the market you intend to pursue a hot market? Or wide-open enough to carve a name for yourself?
- Are you presenting a new opportunity to the market you’re considering?
- How many other business owners are doing what you want to do?
- Are you bringing a clear, hyper-optimized sales process to the market?
- Can you sell your service/product at a high price?
- Are you able to service a specific niche or defined pain point within the market?
This question originally appeared on Quora – the place to gain and share knowledge, empowering people to learn from others and better understand the world.
