“If you don’t make sales you are a charity!“
– Ebong Eka
If you’ve ever crafted a business plan you know how time consuming the process is. Have you presented your plan to someone for funding, only to discover they didn’t read past the Executive Summary? That’s what happened to our guest, Ebong Eka.
He spent countless hours creating business plans in the late 90s while seeking funding for various ideas. And all of the VCs he presented to didn’t read past the Executive Summary and only cared about four main areas. He outlines those areas on this episode and in his latest book called Start Me Up! The No Business Plan Business Plan.
Today on this edition of Grow My Revenue, we’ll talk about those four areas, the major mistakes businesses make when crafting business plans, as well as how to approach your pricing model. He also shares what his EKAnomics offerings are all about. You’re going to learn a ton from Ebong Eka!
Listen to this episode and discover:
- Why you don’t have to be the next Uber to be successful.
- People spend money for what two reasons?
- Why charging based on time is a cardinal sin.
- You can’t sell something for more than what?
- What is the biggest pricing trap most entrepreneurs and business owners fall into?
- And so much more!
There are four main areas to focus on when crafting your no-business business plan, according to Ebong. They are the four s’s: structure, strategy, scale and sales.
The main point in structure is solving a problem for a customer. If you can solve a customer’s problem you will get backing and funding. Solving a problem is one of the two reasons people spend money, it’s either that or to get a desired result. So in your business planning include structure by tailoring your idea to who wants their problems solved. That leads to the second s: strategy.
What Ebong means by strategy is pricing, that’s the simple version of strategy. Your price should relate to the value you are bringing to your potential client, not the amount of time you are going to spend on solving the problem nor your level of experience. Strategy and pricing are about the solution you offer.
Systems to scale.
The third s is scale. This is about creating systems and finding resources so you can scale. This can be anything from finding an assistant (remote or online), automating lead capture on your web site, etc. Be sure your business plan outlines how you will scale.
Last but certainly not least is sales. As Ebong says on this show: if you don’t make sales you are a charity! So tap into whatever outlets you have to sell your product and/or services. You must tap into your network, leverage your network and leverage social media to find, connect and ultimately sell to your audience.
In addition to these four areas Ebong shares the biggest mistakes entrepreneurs and business owners make during their business planning. There are two primary mistakes people make here: He falling in love with an idea and believing whatever an idea has to be revolutionary and unique to be successful.
Don’t fall so deeply in love with your idea that you overlook the execution and the solution it offers. Ideas don’t matter as much as execution does, according to Ebong. And an idea doesn’t matter unless it offers a solution. Think of garbage removal services: they aren’t unique nor revolutionary, but many are generating six and seven figures a year because they provide a quality service that offers a valuable solution.
Also on this show, Ebong and I talk about the biggest trap people fall into when setting their pricing, and how you can avoid it. That is one powerful discussion you won’t want to miss – along with how Ebong became a collegiate and professional basketball player. His stories and his knowledge will make a difference in how you approach your next business plan, and more!
Also Sponsored By:
Checkout John Ruhlin’s new book Giftology. John is a brilliant guy, and his book is sure to be an instant bestseller.
If you enjoyed this session with Ebong Eka let him know by clicking on the link below to send him a quick message on LinkedIn or Twitter:
What’s On Your Mind
As always, this episode provides inspiration, entertainment, and especially an actionable message that can drive remarkable results – and if you have any questions for a future episode, contact me.