Former startup executive Justin Welsh shares his journey of building successful startups and now his one-person knowledge business. He discusses the steps to mastering growth online, turning skills into income, finding an audience, creating relevant content, and the launch of the Creator MBA course.
Identifying your skill and tidying up your social media profiles are crucial first steps in building a successful online business.
Consistently creating valuable content and engaging directly with your audience are key strategies for attracting and retaining customers.
Creating a lead magnet and refining your unique value proposition based on audience feedback are effective ways to enhance your business and drive growth.
Deep dives
Identifying the Skill and Tidying Up Profiles
The first step in building a successful online business is identifying your skill or expertise. This can be something you have knowledge or experience in, or an area you are passionate about. Once you have identified your skill, the next step is to tidy up your profiles on social media platforms. This includes having a professional headshot, a clear description of what you do, and a well-crafted about section.
Teaching and Creating Helpful Content
After tidying up your profiles, the next important step is to start teaching and creating helpful content. This involves sharing practical and tactical tips related to your skill on a consistent basis. By providing value through your content, you can attract and engage potential customers who are interested in your expertise. Consistency in creating content is key, whether it's 90, 120, 180, or 365 days of helpful content.
Networking Online and Talking to Your Audience
Networking online is crucial for building connections and finding support in your journey. Look for like-minded individuals in your niche or industry and join communities where you can learn from and collaborate with others. Additionally, it's essential to talk directly to your audience. Engage in conversations, ask clarifying questions, and listen to the challenges and needs of your potential customers. This will help you understand their pain points and tailor your offerings to their specific requirements.
Building a Lead Magnet and Refining Your Unique Value Proposition
To further enhance your business, you can create a lead magnet, such as an ebook, a guide, or a webinar, that addresses a specific challenge your audience faces. This lead magnet serves as a valuable asset that captures potential customers' contact information and allows you to learn more about their needs. Through conversations with your audience and data collected from the lead magnet, you can refine your unique value proposition. Use the language and insights gained from your audience to clearly define who you serve, what problems you solve, and the desired outcomes your customers can expect.
Scaling Your Business and Reviewing Your Strategies
Once you have established your business and offerings, the path to growth involves scaling and constant review. You can scale by expanding your offers, exploring different price points and higher price options, increasing your traffic through targeted content and advertisements, optimizing conversion rates, enhancing customer retention through a top-notch customer experience, and maximizing the average revenue per user. By analyzing and improving these aspects, you can grow your business and adapt to the evolving needs of your audience.
Today’s guest is Justin Welsh. Justin is a former startup executive who helped build two startups to valuations of $1B, teams of 150+ people, and raise over $300M in venture capital. Now he’s building his one-person knowledge business toward $3M in annual profit.
