Guide The Foundation Effect (Building Businesses That Run Themselves Book 1)

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Other members of our community are killing it with app development, e-commerce, theme design and so much more. I chose the 10 above because I think they represent a good combination of interesting, marketable, and attainable. I think web design and web development have the potential to be two totally different things, but they dont have to be.

For this site, I had one person design it, and another code it. Well in my case I do web design, but I love to help bloggers, so im thinking about creating a small design studio online. I work on Genesis so I know how to code, design, hook, copywrite and help people to become awesome online! My ideal situation would be to find a few steady clients that need my services.

So I wouldnt totally write it off. For instance, SEO, social media, app development etc. Often those people are looking for development and design work and wont be too crowded with other people with the same background as you. Have any good info on working with Odesk and Freelancer? Like, ways to get ahead of the countless others on there? What I love about these businesses is that they all can overlap with each other.

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I started out messing around with blogging. As I figured out how to get more traffic that led to an understanding of SEO. I then transitioned into SEO writing to make some extra money. This led to not only a lucrative Copywriting gig, but also a freelance SEO client. Learning one skill has direct applications to other parts of the business — and as you go on and acquire more skills, the business grows because of it.

Great list here Sean: This is definitely a good resource for people who want to get started provided they follow through with the action needed to get going. Would you say that some of these can be done together? Like say having a blog that documents learning one of these and providing the services via a different page? Absolutely they can be.

17 Businesses You Can Run from Anywhere on Earth (And Start Today)

I think no matter which one of these you choose, starting a blog is a good idea. It gives you a way to apply some of these skills SEO, copywriting etc , gives you the potential to build an audience and connect with new people, and can be a great source of leads for the business as well. Definitely good advice to focus on one step at a time. Thank you for your quality information. Hey Sean great info, i really liked your location rebel guides. I am looking at working freelance and travelling however i work in financial services and much of what i do is data sensitive.

How feasible is it to work from public wifi spots and still have sufficient security or should i look more towards long term leases with wifi or coworking spaces? Great post, just what I needed to read today. David Malan also gives an amazing introduction to programming in general. That course are available here. I would also add elearning as an option in there as well. We all have a skill or talent we can share. Providing services by means of online classes and webinars are an easy to get up and running option.

Sean is basically talking about exactly this in 5 Info-Product Creation. This is why Sean recommends freelancing first. Guys like Noah Kagan and Ramit Sethi typically recommend the same thing. And maybe website admin. Will be sharing this with my peeps. I think one of the toughest things for people making the move to solopreneurship or at least starting a business on the side first , is finding the path of least resistance. Sean, I tried looking up your first post on Location , but, was unable to click on the oldest post listed.

I am wondering if you would mind sharing the link to it here? I am curious as to what your thoughts were at that time in writing that post and the direction of this blog and how it has changed course. I think it would be helpful to me. Found his first post here: In the end you give them a report on all issues found so that the people that hired you can fix their issues before they become liabilities.

The learning curve is high as it could take a year or more to learn the techniques needed depending on motivation and prior knowledge of web technologies. The time investment depends on the tester and the quality of the service they want to offer thorough manual testing, point-and-click automated scanning, etc. One huge downside is managing legal liabilities and getting the paperwork right. Interesting how the majority of these are related. Are there any of your members doing day trading? I have contact with a few traders that trade the markets location independent.

This is exactly what I needed to read. Thanks so much for the info and the honest and friendly tone! Great post as always and timely for me. That said, do you have any insight or wisdom to offer in regards to registering a freelance business as an LLC vs. Had to share it on our own site. Liked the one about blogging because of the lifestyle it allows as you are living proof of it. This is a great low down of what you can do. You have to consider your own abilities as well. For example, podcasting is never for me.

I love to watch people who are doing it successfully but I cannot imagine doing it myself. Another example is that some people are great with words and others love to speak with codes. You need to decide which one you are first. Are you good at creative work or are you good ad writing? This brings us to the next point. If you are good at one part of your business you can concentrate on that area and employ or contract others to do the other part. For example, I know coding but terrible at designs. So, whenever I need a website I contract it out to someone who is a lot more imaginative than me.

It may take a while to find your thing but it is a process you need to go through first before you fully commit to earning a living online. My question is, if I am someone who is looking to start a freelance SEO and Copywriting business, how long would you say it would take before seeing a good income from this? I have always felt my writing skills were above average History and Literature major , and since joining The Foundation my knowledge of internet marketing, copywriting, and SEO have sky rocketed.

Just curious on your thoughts on how long this might take to get up and running? It totally depends on how much time you have to devote to it. Great list complete with great resources.

What is a Business Strategy?

Working on this part of the online market can really introduce you to a lot of the possibilities out there. You can do a lot more than just SEO, but it s a good starting point! Thanks for this great list.

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A lot of options to create and make money off of those creations. I think the main key is choosing one to start and sticking with it. Patience is always key. Your rating system is genius- it gives you a quick insight. I can tell I will be referring back to this post.

Keep up the great work! All I had to do was befriend people within the travel space over the course of 2 years, offering to help them in any way I could. I am investigating extra business activities right now, and the other 9 you list Sean offer a starting point … thanks man! All of this sounds really awesome! Regardless, if you are just starting out as an entrepreneur or ready to scale into new markets, our global network of entrepreneurs supports you along all stages of your venture life-cycle. Partner with us to gain access and insight into social innovation by co-creating locally rooted, globally connected programs and events.

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Impact Report - Scaling Impact. Business strategy is the firm's working plan for achieving its vision, prioritizing objectives, competing successfully, and optimizing financial performance with its business model. The choice of objectives is the heart of the strategy, but a complete approach also describes concretely how the firm plans to meet these objectives.

As a result, the strategy explains in practical terms how the firm differentiates itself from competitors, how it earns revenues, and where it earns margins. Many different strategies and business models are possible, even for companies in the same industry selling similar products or services. Southwest Airlines in the US and Ryan Air in Europe , for instance, have strategies based on providing low-cost transportation. In competitive industries, each firm formulates a strategy it believes it can exploit. In business, the strategy begins with a focus on the highest level objective in private industry: For most companies, in fact, that is the firm's reason for being.

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In practical terms, however, firms achieve this objective only by earning profits. For most firms, therefore, the highest goal can be stated by referring to "profits. Strategy discussions are sometimes confusing because most firms, in fact, have many strategies, not just a single "business strategy. And, a firm's financial strategy is something different from its pricing strategy , or operational strategy.

How To Run A Creative Business: In-depth breakdown w/ Melinda Livsey

The firm's many strategic plans interact, but they have different objectives and different action plans. The subject business strategy is easier to understand—to make coherent—by viewing each one as part of a strategic framework. The strategic framework is a hierarchy. At the top sits the firm's overall or generic business strategy. Here, the aim is the highest-level business objective: Some may immediately ask: Exactly how does the firm achieve it's profit objectives?

Firms in competitive industries answer the "how" question by explaining how the firm competes. For these firms, therefore, the overall business strategy is rightly called competitive strategy. A "competitive strategy" explains in general terms how the firm differentiates itself from the competition, defines its market, and creates customer demand. However, detailed and concrete answers to the "how" question lie in lower level strategies, such as the marketing strategy, operational strategy, or financial strategy, The marketing strategy, for instance, might aim to "Achieve leading market share.

Indeed, most firms develop and use a rich and complex strategic framework. As a result, business strategy formulations are more explicit when they focus on these points:. Sections below further explain and illustrate business strategy in the context of related terms and concepts. Visit the Master Case Builder Shop. Business strategies succeed when they lead to business growth, strong competitive position, and strong financial performance.

Many different approaches are possible, but all are meant to bring improvements in these areas. Interest is especially keen immediately after the company changes or adjusts plans. In , for instance, managers and owners of Domino's Pizza, Inc. The firm was, in particular, losing market share to two significant competitors, Papa John's and Pizza Hut. Many people call this industry, unkindly, the "Fast Food" business.

The firm competes not only with other Pizza restaurants, but also with restaurants with different menus such as Subway, McDonald's, and Chick-Fil-A.

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This segment of the Restaurant industry defines itself not by menus, but instead by the words "Fast" and "Quick. Nevertheless, in , the strategy seemed to be failing. In late , therefore, the firm's new CEO chose to "re-center" strategy on pizza quality. Market research showed that customers rated Domino's pizza taste as very poor "like cardboard". As a result, by the end of , the firm had substantially improved the pizza recipe and launched a marketing program to bring this news to the market.

The question on January 1, , was: Will the new strategy work? Anxious for an answer, the firm began in Q4 detailed tracking of the growth, competitive, and financial metrics that appear in the next section. By the end of Q1 , the first results were "in. Domino's took this as confirmation the new strategy was succeeding. Now in , the firm continues to research and improve the pizza recipe, while adjusting its marketing strategy at the same time. For this, the firm relies on its 8-year tracking history with these metrics.

A new strategy or a strategic change is successful when the strategic plan itself is undoubtedly responsible for one or more of the following measurable, tangible results:. Notice that analysts measure the impact on financial performance with metrics that focus on the firm's core line of business. Domino's, for instance, prefers to measure strategic impact with EBITDA—Earnings before interest, taxes, depreciation, and amortization.

The firm's strategy drives performance in the core line of business, after all, and that is what strategic planners need to measure. These factors tend to "muddy the waters" when the analyst tries to use Net Income to measure the impact of strategy changes. Strategy builders can find practical guidance in this definition. Notice that the definition names four kinds of actions.

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With just a little imagination you can probably see that these actions point rather directly to steps in a strategy building process:. Formulating a generic competitive strategy in five steps. This strategy building process is rational, straightforward, and likely to succeed—if the strategy builder takes these steps in order.

Note that businesspeople rightly speak of strategy building as strategy formulation , instead of "writing a strategy. Successful strategies build on the founder's vision for the business. For some firms, the founders write a formal vision statement. Others list the core ideas that give the business substance, shape, and direction. Either way, the vision pictures the essential nature of the business: Strategy formulation Step 1 lays a foundation for the strategy.

Here, the strategy builder re-states several ideas from the founder's vision for the business. The business strategy builds directly on the firm's offerings and its value proposition. In this way, the value proposition shows how the firm creates customer demand and differentiates itself from competitors. Naming the firm's industry sector help's identify the firm's competitors. And from that, the strategy builder learns which strategies the firm must compete against in the marketplace.

The strategy builder's task is to understand which approaches work well in the industry and which do not. That means its competitors are restaurants of various kinds that:. Note that a single firm can operate in several industries.

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Apple, for instance, operates in at least five industry sectors: Computer hardware, Computer software, Consumer electronics, Digital distribution, and Silicon Design. Apple faces a different set of competitors in each of these industries. There are, incidentally, quite a few industry classification schemes , or taxonomies, in use, worldwide. However, for strategy builders, all that matters is that the firm refers to a system that identifies the firm's competitors accurately. Identify first the firm's customers as either consumers or businesses.

This distinction is essential for strategy builders because consumers and business firms buy for different reasons. They have different criteria for deciding what and when to purchase.