Entrepreneurial Success

Module #2 – Exploring industries and niches
Episode #3 – Restaurants

Welcome back to the entrepreneurial success video training.

This is the module #2, and in this module, we are going to put theory into practice.

We already discussed what an entrepreneur really is. How they discover opportunities, how they network, what they do during an economic crisis.

Now it’s time to take what we learned in the previous module, and apply this knowledge to identify opportunities, ideas, solutions, to create new products
and services that the market really needs, right now.

And today, we are going to focus on a specific niche of the market.

The restaurants:

Let’s say you run a restaurant and your business and the industry as a whole got hit hard.
And that is exactly what happened with restaurants, during the lockdowns.
Are you going to close the restaurant or will you try to discover new opportunities?

1) adding a delivery service
a big percentage of people can’t cook at home, there are people who want to order food at home, and not every family can cook every day.
There is an untapped opportunity here.

2) re-examine your menu and identify certain items that do not sell
As we said, there are times for re-evaluation, re-consideration.

3) create new meals by introducing new flavors, a new sauce, new ingredients, create something different that does not exist

4) coupons, early bird prices, special prices for certain hours, for specific dates, for holidays…

5) target specific group people, and create new meals and advertise them as special treats for for students, new couples, elderly people, former military

6) special Fridays, special weekends, for certain groups of people, for bikers, tennis lovers, sports cars fans…

7) Partnerships with related companies: fast food, ice cream shops, jucie stores, bakeries, pastry shops…

8) last but not least, this is not time to cut-opff advertising. You don’t have to spend extra money but you should evaluate free channels, social media, local directories,
Google my business, start blogging, create eBooks, quizzes, surveys, enhance your online presence.
If you are active online, you will attract not only customers, but also sponsors, advertisers, other companies that may want to partner with you

9) now let’s say you are not a restaurant owner and you don’t want to invest money, you don’t have the capital, you don’t want to get a loan, you don’t want to find an investor,
is there anything you can do? can you create a business related to restaurants online? yes, you can. By becoming a marketing publisher.
You will be targeting people interested in restaurants, information, reviews, catalogs, suggestions.
What do you need to become a successful marketing publisher? You need a website, a web presence. And you need traffic. To attract the right people, interested in restaurants.
Once you have traffic, you can monetize it in various different ways. Affiliate programs, advertising speace, sponsorships, and more.
Your job as a marketing publisher is to connect consumers with brands. It’s a very lucrative business model, and it’s very easy to get started.
You don’t need capital, you don’t need to worry about inventory, or employees, or customer service.

In the next episode, we’ll be focusing on another niche of the market.

Module #2 – Exploring industries and niches
Episode #4 – Helping a local bookstore

Welcome back to the entrepreneurial success video training.

This is the module #2, exploring niches and industries. This is the episode #4, how we helped a bookstore increase their sales by 65% in 3 months.

This bookstore is located in the city center, on a small alley. It’s spacious, clean, and with a large sidewalk outside. The pedestrian movement is considered moderate.

They wanted to increase their sales and they were tight n budget. I inspected the space, I asked a lot of questions, and returned in 2 days with these suggestions:

Suggestion #1:

3 tables and a big couch placed in the back of the store, with 9 chairs, and 3 extra lights on the tables exclusively for reading books instore. Service available only to members.

Suggestion #2:

A member’s card with these privileges: 10 euros discount for the name holder every 250 euros purchases, the right to use the reading space instore, plus 20% discounts on orders (items that are not available at the store). We could revisit the card at a later time after some tests. Also, members shared their email addresses and the bookstore follows up with email campaigns, flash sales, and bundled offers.

Suggestion #3:

Reading events 3-4 hours long at the pavement outside. 5 euros charge per person, 3 euros charge for members. Plus there were drinks and food on a charge.

The bookstore applied all 3 suggestions in their business.

And here are their results:

12% of the customers who purchased at least one book, became members. And members referred their friends. The reading events worked out really well, and now the bookstore is launching email campaigns on top of that.

They have never used emails or the internet. They were just selling books to people passing by.

What can you do today to add another income stream to your business?

What can you do to provide a new service that the market really wants, right now?

I almost forgot. I kept a part of our campaign hidden, on purpose. It’s one little detail that helped us achieve these amazing results. More details will be announced soon.

In the next episode, we are going to explore another niche of the market. So stay tuned.