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AnswerwrittenEntrepreneurshipThu

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Whataresomepotentiallowcostbusinessesthatcanbestarted
andoperatedbyateenager?

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JustinMares,Founder,Kettle&Fire.CoauthorofTractionBook.Formerly
growth@Exceptional

TechnologyStartups

16.2kViews

Smartphones
ScientificResearch
BusinessModels
Mathematics

Ifdonecorrectly,anecommercebusinessisanideallowcostbusinessthatcanbe
donebyateenager.Thebestpart?Youcanstartthebusinesswithlessthan$1000.
Ididitwithmyonlinebusiness,youjustneedtovalidatethebusinessbeforeyou
putmoremoneyintoit.

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IllgooverhowIvalidatedmyBoneBrothecommercebusinesswithjust$100and
2weeks.

Tovalidateyourbusiness,youllneedtoanswerthesetwoquestions:
1.Howmanypeoplewantyourproduct?
2.Willtheyspendenoughontheproductthatyoucanstarta
meaningfulbusiness?
Thesetwoquestionsarecritical!Beforeyouputtoomuchtime/moneyintoyour
business,youmusthaverealanswerstothesetwoquestions.
Thebestformofvalidationiswhenaprospectactuallyhastopullouttheircredit
card,putintheinformation,andgiveyoumoney.Ivalidatedmybusinessbygetting
preorderstoaproductIdidntevenhaveyet.
TofindoutHowManyPeopleWantMyProduct
IputthekeywordbonebrothintoGoogleTrends:

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Rightaway,thatcaughtmyinterestandgavemeenoughinformationtocontinue
digging.SothenextstepwaslookingonGooglesKeywordPlanner forthesame
bonebrothkeyword.

Awesome!Thatsanothergoodsign!
Ithenscouredforums/redditpostsandcommentstoseewhattypeofquestions
peoplearewondering.Aftermakingnotesofalltherelevanttopics,Istartedtoseea
trendofpeopleaskingforbonebrothrecipesorwheretobuyit.
Bingo!Peopleinsuperfood/vegantypecommunitieswereactuallyASKINGwhere
theycouldbuybonebroth.
Thatsthefirstquestionanswered,severalthousandpeoplewereactivelylookingfora
productlikethis!
NowIhadtofindoutifpeopleareactuallywillingtopayenoughforthis
producttomakeitameaningfulbusiness.Toanswerthis,Isetupasupersimple
landingpageandhookedituptomypersonalPayPalaccount.
IusedUnbouncetosetupaverysimplelandingpage,andpaidsomeoneonFiverrto
designthelogo.Hereswhatmyfirstversionofmysitelookedlike.

Keepinmindyoudontneedtobeanamazingwebdeveloperorgraphicdesigner.But
thereareplentyofdraganddropwebsitebuildersyoucanusetomakeasomewhat
professionallookingwebsite.Whatmattersthemostiswritinganeffectiveheadline,
andhavingwellwrittencopytocommunicateyourvalueproposition.
Oncemywebsitewasdesigned,IconnectedtheOrderBoneBrothNow!button
directedtomypersonalpaypalaccountsopeoplecouldsendmemoney(Ididnt
needtosetupSSLcertificateorintegrateStripe)

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Youreprobablythinking,isntthissuperghetto?
Wellyes,youreright.Itisbutitworks!Remember,thisisan80/20approachand
your#1goalistovalidateyourbusiness,nottooptimizeyourconversions.
OnceIhadthewebsitesetup,themainthingtodowastodrivetraffictothewebsite.I
didthisusing
BingAds.
Beforeyoustartlaughingatme,bingadsareveryeffectiveintestingideasbecauseits
waycheaperthanGoogleAdwords.
Ionlyhadspend$50onafewadsanditresultedin7814visitors.
Thebestthing?
30%ofthemwouldactuallyclicktheOrderNowbutton.

NowsincethePayPalcheckoutwassoghetto,onlyasmallpercentageofthosepeople
whoclickedtheordernowbuttonactuallyendedupgivingmemoney.
Butitwasenoughtovalidatetheidea.Overthecourseoftwoweeks,Imadereceived
over20preordersandmademorethan$500frompreorders.
Iansweredthequestionandconfirmedthatpeoplearewillingtopaymemoney.Once
Ihadalistofpreorders,Isentanemaillettingpeopleknowthattheproductwasnt
ready.

Thegoodthingaboutthis,isthattherearenodownsidestothisapproach.
IfforsomereasonIwasntabletofullfilltheorders,allIhadtodowasgiveafull
refund.
ButIachievedmymaingoalofvalidatingmybusiness.Igotpeopletoactuallypayme
money,eventhoughIdidntevenhaveaproductready.IdidntevenknowwhereI
wasgoingtosourcemyproduct!
OnlyonceIvalidatedhisbusiness,didIstarttoputinmoretimeandmoneytobuild
alegitimatelandingpage,createwelldesignedcheckoutprocess(insteadofpaypal)
andafullfledgeuseracquisitionstrategy.
TheFinalResults?
Ivalidatedmybusinessand5monthslater,itsalreadymade6figuresinrevenue.
Notbadforjusttwoweeksand$100tovalidatethewholebusiness!
JusttwothingsbeforeIend:
1.Checkoutmybonebrothbusinessbygoingtomywebsite:KettleandFire
2.AndifyouwantamoredetailedexplanationofhowIvalidatedmybusiness,you
cancheckitouthere:80/20Validation:TheCheapandFastWaytoProvea
Business
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