60: How to Create a Profitable Business Idea Before You Invest a Dime with Billy Murphy
Summary: Billy Murphy is an ex-professional poker player, entrepreneur, blogger and business coach. He’s the founder of foreverjobless.com, one of the top blogs for online entrepreneurs and startup businesses.<br> In today’s show, Billy shares some brilliant ideas for any author, entrepreneur or artist who wants to create a profitable business and avoid one of the biggest mistakes for a startup: starting a business that has no hope of profitability.<br> Here are some of the golden nuggets of wisdom Billy shares in this interview:<br> <br> * Billy’s unique model for market research that will show you exactly where the opportunities are in any market, and how to take advantage of those opportunities in a way that adds massive value to your customers (and therefore creates a highly profitable business).<br> * How to calculate EV (Expected Value) and predict how much revenue and profit your business idea can bring in before you start, so you can avoid wasting money investing in an unprofitable business idea.<br> * How Billy used his market research and EV models to create one of the top blogs for entrepreneurs at foreverjobless.com (and how he regularly gets hundreds of comments from visitors whenever he posts a new blog post).<br> * What the Forever Jobless Incubator is, and how it can help you start your business and minimize your risk of failure.<br> <br> You’ll also learn about Billy’s four-step process for creating a profitable business:<br> 1) The Idea Phase<br> This is where you come up with your business ideas, do your market research and find the right opportunity that the market actually wants.<br> 2) The Marketing Phase<br> This is where you figure out exactly how you are going to reach your audience and grow your customer base from day 1.<br> 3) Due Diligence<br> This is where you do some serious detailed research on what the competition is doing, how you can do it better, where mistakes are being made, and what core product features and service features you may want to model to make your customers happy. You’ll also find out exactly how much your competitors are earning, and where those profits are coming from so that you can make sure you nave the right distribution strategy for success.<br> 4. Expected Value<br> This is where you calculate the EV of your business now that you have all the data. You’re not trying to get an exact figure here (as all predictions are inherently flawed), but you want to get a range of revenuers and profits on the high end and on the low end, so that if you choose to pursue the idea, you’ll have a good idea of what your profit potential is before working your butt off to make it happen.<br> You can learn more about Billy and connect with him at <a href="http://foreverjobless.com">http://foreverjobless.com</a><br>
