079: Building and Selling a $20k Business in 1 Year
Nov 22, 2023
Discover the inspiring journey of Bernard M. Baruch and his innovative puzzle subscription box business. Uncover how testing demand can save resources and boost success. Learn the importance of having a clear customer acquisition plan, particularly through effective SEO strategies. Bernard emphasizes starting with minimal investment and leveraging lean startup principles. This tale is packed with practical tips for any aspiring entrepreneur looking to make their mark in the business world.
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question_answer ANECDOTE
Bernard's Startup Journey
Bernard started his puzzle subscription box business during the 2020 lockdown with limited work hours.
He used SEO skills learned from a Coursera course and focused on organic growth, eventually selling the business after a year.
insights INSIGHT
Value of Community Support
Building a supportive community aids idea exchange and collaboration.
Community support is key for overcoming challenges in indie hacking and entrepreneurship.
volunteer_activism ADVICE
Test Demand Early
Test your market demand before investing lots of time and money.
Use surveys, pilot programs, or minimal viable products to gauge interest first.
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Today's episode is a deep dive into the riveting story of Bernard M. Baruch, the mastermind behind a 20 grand puzzle subscription box business. We'll uncover the principles that turned this side hustle into a successful venture in just one year. Bernard's journey isn't just about puzzles; it's a roadmap for any aspiring business owner. In the next few minutes, we'll unravel the tested principles that fueled his success—testing demand before investing, having a crystal-clear acquisition plan, and starting with minimal investment.
Introduction
Welcome back to Startup Gems, where we unpack the fascinating journey of Bernard M. Baruch and his $20,000 puzzle subscription box business.
Principle 1: Test Demand Before Investing Significantly
Bernard's approach to cautiously testing demand before committing substantial resources.
Practical tip: Conduct surveys, run pilot programs, or create minimal viable products to gauge market interest before a full launch.
Principle 2: Have an Intended Acquisition Channel Before Starting a Business
Bernard's clear vision of his acquisition channel, focusing on SEO for organic growth.
Practical tip: Identify your primary acquisition channels early on, whether it's social media, influencers, or content marketing.
Principle 3: Start with Minimal Investment
The importance of starting with a capped budget and being resourceful in building the business.
Practical tip: Embrace lean startup principles, prioritize essential expenses, and explore cost-effective tools and platforms.
Universal Takeaways for Entrepreneurs
Recap of the universal principles: testing demand, having a clear acquisition plan, and starting with minimal investment.
How these principles can be applied to any business, regardless of industry.
Conclusion
Wrapping up the episode with a reminder of the valuable insights gained from Bernard's journey.
Encouragement for listeners to apply these principles to their entrepreneurial endeavors.
The Koerner Office - Business Ideas and Small Business Deep Dives with Entrepreneurs