3. Designing your business.
- Your first decision is “who is my group for?” Many overcomplicate this, but it’s simple. Just pick people with a shared interest, goal, or problem with you. Our best advice is to make a group you selfishly wish existed - scratch your own itch. Spend max 48 hours on this decision.
- You no longer need to be an expert to make money online. If you are an expert, great. If you’re not, crowdsource knowledge from your group. Find people similar to you, then make progress together. And you can also bring experts into your community.
- Your group can be free or paid. If you’re just starting out, make it free. Find out what people want, then later make it paid. The audience you build for free will happily pay you money. If you’re confident you can provide value, make it paid. This is an irreversible decision, so don’t sweat it much. Spend max 24 hours on this decision.
- To make your group valuable, you can add a course, posts, meetups, and calls (with you and other experts). Help people get what they want, faster, and with less effort. Do this by thinking “what will my group find valuable?”, then planning to add that.
- You don’t need a complete course before you launch. Make a welcome post explaining who the group is for, and how it will be valuable. Then continuously improve the group over time, with your founding members.
Video Notes.
- What do you put inside of your community?
- Community gets access to you.
- Q and A with me
- or a Q and A with someone with status who they can now get access to because they will share their time with a community rather than each of these people individually.
- Community can get exclusive content.
- Community can get access to exclusive events.
- Be creative with what value you can provide for your community.
- Start by asking “what do I think would be epic?”
- Or just simply ask your community what they think would be great, that’s just another benefit of having a community.
- What makes a community valuable?
- Value Equation:
- Simply ask how can I make a certain outcome less risky, faster and easier for my audience.
(Outcome x Low Risk)/ (Time Delay x Effort)