BUSINESS PODCAST FOR THE LESS EDUCATED - Jack’s Curated Business Idea
1. Preamble
There are different social media platforms with content in different niches. There's apparently a gap in the suggested niche of this presentation. Could this be leveraged?
2. The Idea
The idea is to have a social media channel that educates the less educated on business and related matters. The content shall be in suitable languages of choice. In my native Nigeria, this could be in English, Yoruba, Hausa, Ibo, etc.
3. The Inspiration
I do content creation as well as empowerment activities. Also, I have come across YouTube channels which are in non-English language. This, in my opinion, is good practice which could help empower those who didn't have the opportunity for a proper education.
4. The Business Plan
The business plan is generally referred to as the Bible of every business. It contains strategic information, from marketing plan, monetisation plan, competitor research, product research, client avatar, sales funnel, etc. The business plan needs to be updated periodically or as necessary.
5. Monetisation
How do you make money? You could monetise the social media platforms. You could do affiliate marketing. You could have a membership site. You could do merchandising. You could include adverts. You could have sponsors, etc. You could even offer consultations at appropriate prices; and this could be done online for ease of logistics.
6. Marketing
Some thoughts for consideration are social media marketing, Google adverts, Bing adverts, influencer marketing, WhatsApp marketing, etc; as well as search engine optimisation. Marketing is a continuous activity, and not a one-time activity. It's actually regarded as the soul of every business. You need to have a periodic budget for this.
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7. The Sales Funnel
As part of your marketing strategy, you could leverage a sales funnel. This way, you are able to optimise your efforts and your profits.
8. Research and Development
You need to carry out due diligence. You need to research your target demographics; research the suitable platforms you intend to leverage. You need to research your competitors. You need to research ways and means of making your value proposition profitable and impactful, etc.
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9. Competitor Research
You need to research your competitors; replicate their good practices and avoid their pitfalls.
10. Finance
You need to monitor your financial figures regularly. That way, you could effectively distribute resources as necessary and optimise your budget.
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11. Budgeting, Costing, and Pricing
You need to give thought to your budget, and update this as necessary. You need to cost all relevant elements, from equipment to other resources in use. You need to have a reasonable price for your products and services; this should be competitive and affordable for your target audience. I know the social media platform or podcast may be free to access, but those might just be lead magnets which you use to attract clients. When it comes to your membership site, consultation, and other things, your pricing needs to be competitive and affordable.
12. Funding
How do you fund this business? You could explore options like self-funding, crowdfunding, investor, loans, collaborators, etc.
13. Profit-Sharing Formula
If you are involving stakeholders, you could agree on a profit-sharing formula in advance, or you might want to leverage the Profit Sharing Formula App.
14. The Curriculum
What type of content are you going to be posting? As part of your value proposition, you need to have your curriculum. This could include tips on successful business; expectation management from business; managing success; managing failure; business best practices; business failures; business case studies; how to source products in a cost-effective manner; how to do basic research; how to research trends in the marketplace; content marketing; signposts to digital courses on learning English; effectively managing staff; fraud mitigation and management; basic information technology skills. Also, you can include content on how to effectively market products and services; effective customer services; tips on employing staff; people management; tax-related matters; effective outsourcing; having an entrepreneurial mindset; etc.
15. Required Skills
These include basic information technology skills, communication skills, interpersonal skills, entrepreneurial skills, administration skills, numeracy skills, etc.
16. The Language
You can choose languages of choice depending on your target audience. For example, if you are targeting the majority in a place like Nigeria, you may consider pidgin English. And if it's for the Yoruba-speaking people, you may consider Yoruba language; etc.
17. Collaborators
Collaborators could be engaged, to add value to your business. They could contribute in cash or kind or both. They could complement your deficits in skills, strategy, money, etc.
18. The Requirements
For this business model, the requirements include relevant skills, a positive mindset, relevant human resources, social media platforms, a podcasting platform, digital devices, internet access, funding, entrepreneurial mindset, language skills, relevant equipment, etc.
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19. The Format
The content shall mainly be in audio or video. It shall include discussions on different relevant subject matters. There could either be a sole discussion panel, or you could include industry and business experts, just to add more value and variety to the discussions. Discussions shall be in predetermined language or languages of choice. Like I've said, in my native Nigeria; it might be pidgin English, Yoruba, Ibo, Hausa, etc.
20. Target Demographics
The target demographics are the less educated entrepreneurial minds, who are less able to communicate effectively in English. They wish to do business either as a full-time hustle or a part-time hustle. You could target them in different geographical locations. For example, if you are based in the southwest and you want to target the Yorubas, you can target that demographic, as well as replicate the business model for other demographics.
21. Platforms
This could mainly be on podcast or social media platforms like Facebook, YouTube, etc.
22. The Team
This shall include people with the right skills and mindset. They shall have an understanding of the chosen language. They could either be freelancers or collaborators or both. Freelancers could be paid for the ad hoc work that they've done pro rata. Collaborators could profit share pro rata. The freelancers could also have the option of number one or number two of the options highlighted above, and this would be in relevant proportions.
23. Legalities
These shall include terms and conditions, disclaimers, contracts and agreements, refund policy (as necessary), age demographics (as necessary) - target demographics shall be 18 years and above (adults). And any additional legalities that you may think of.
24. Regulations
You need to be aware of relevant regulations and regulatory bodies; and you need to be compliant with whatever regulations there are.
25. Scaling
You could scale the business by replicating the business model in different languages and for different demographics. You could also have a franchise. With the franchise, you’ll share the winning business template and brand with the franchisees, and profit-share as they monetise.
26. Mindset
In order to be successful in this business venture, you need to have a positive and entrepreneurial mindset. You also need to have a team that believes in the model. Discussions need to be constructive. Those who continually find lapses in the business should be encouraged to suggest viable alternatives. That way, criticisms are constructive and proactive.
27. Benefits and Opportunities
Benefits of this business model include monetisation, job creation, wealth creation, positive social impact, empowerment, etc.
28. Threats and Weaknesses
Your clients might not be able to use information technology gadgets, so you need to educate them on that. Other threats include copycats, competition, intellectual theft, conflict, fraud, language barriers, etc.
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29. Disclaimer
This presentation is basically an idea. Great financial rewards are not guaranteed, although there are potentials for such. You need to carry out due diligence and perfect the idea, to hopefully reap immense financial rewards.
30. Useful Links:
Jack Lookman’s Social Media
Jack’s Curated Business Ideas - Over 110 Curated Business Ideas
Jack’s Mentoring 101
Juwon Ogungbe
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Curated Business Ideas - Blog
Curated Business Ideas - Videos
Book A Chat With Jack Lookman
Business Collaboration With Jack Lookman
Jack Lookman’s Courses
Jack Lookman Limited
Jack Lookman’s Paperbacks
Jack Lookman’s eBooks
Youtube channel
Thank you very much for your time. I hope that you got some value.
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Thank you very much for your time.
This is Olayinka Carew aka Jack Lookman signing off.
Ire o (I wish you blessings)
Ire kabiti (I wish you loads of blessings).
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