Undercover Billionaire is a reality show starring “Glenn Stearns”. He is an American Businessman who tried to prove that the American dream is alive. This show has been on the air since 26th August 2019. He takes on the challenge to leave his money, contacts and his people and go someplace alone with $100 in the pocket and an old truck to build a million-dollar business in 90 days. Quite a Challenge. Now I want to share some of the things I learned from the show.
1) Focus on the Buyer First
Find out what is in demand. Check out what people need. The big mistake a lot of people make is that they create a product or learn a service first and later start searching for the buyer. Now that’s a huge mistake. You need a product or a service which has a lot of demand and at the same time very little supply. There is a saying,
"Put your mind into something before putting your money."
So, do the research before you start a business.
2) Vision
Vision is the direction you want to go in. Building a business my friend takes years. So, you need a strong vision and a great plan to pull it off. Make a plan on what you are going to do next month to the next 3 years maybe 5 years with the business. With a great vision, you become a great pilot. And now you need a great crew to support your vision.
3) Find the right people
You cant build a business empire on your own, you need a team. That team should be great at what they do. Moreover, your crew must buy-in with the same vision as yours. They say “Birds of a feather, flock together.” That’s true, you need to find like-minded people who are going to help you achieve your dream.
4) Raise Capital
Money makes many things, you need money for everything. You can raise money by doing a job for maybe 2-3 years and saving the money or you can find an investor, and there are many other ways to do that, find the one which suits you and your team. Some people raise capital first and then go on to find the team, this also works. Whatever may be the order you go the first two steps must be done first.
You can either take a loan or find an investor, or else put your own money in the business.
5) Right Location
Location is the game-changer. With the right location, everything falls into place. Choose the location where maximum people are eligible to become your potential customers. Pick the location where your product has demand and less or no supply. If your business is online, then focus on making your website awesome. Learn about UI/UX design. Create a well-structured website and get started.
6) Marketing
Take advantage of the events and fests coming up. People love fests. A fest is the best place to take off your business. If there is an event or a fest coming up which is in some way related to your business, don’t miss it. Make the most of it. Give away samples of your product, post some videos on social media. Use everything you can to get into people’s eyes. “Money follows Attention.”
Conclusion
There is no perfect way or the perfect time to start a business. Find your strengths and weaknesses. Focus on how to make a business out of your strengths. Glenn Stearns did it at the age of 55, started with just $100 cash in just 90 days. You don’t need to go that extreme, start small, make mistakes, learn from them and never give up.