Simplifying Business Planning for Success in Wealth Building

Key Takeaways:

1. Identify market biases and question why certain practices are still prevalent.
2. Simplify the business planning process by focusing on what doesn't make sense in the market.
3. Find a business idea that solves a problem and offers a unique solution.
4. Consider low-cost marketing strategies, such as starting a podcast or speaking at schools.
5. Build a business in a way that aligns with your passion and allows for flexibility and enjoyment.

 

Chapters:

Timestamp Summary

[0:00:05] Introduction and disclaimer about investment advice

[0:01:11]   Introduction to the topic of business planning

[0:02:42] Importance of identifying market biases in business ideas

[0:05:38] Using the question “What doesn’t make sense to you?” to generate business ideas

[0:09:04] Example of a business idea: Helping students find unused scholarships

[0:10:54] Justifying the price point for the business idea

[0:11:52] Comparing the cost of the business idea to other options

[0:12:15] Conclusion of the discussion on the business idea

[0:12:08] Options for paying for college: saving, borrowing, or hiring help

[0:13:17] Low-cost marketing strategy: start a podcast as a go-to resource

[0:14:40] Subtract service and marketing costs from income to determine profit

[0:15:36] Build a business plan around a problem that needs solving

[0:16:26] Find a passion and build a business in a fun way

[0:17:16] Use additional time to earn money while building the business

[0:18:13] Product market fit and cost understanding are crucial for success

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.