Nishanth Shetty, is my cousin from the city of Bengaluru, India. He is interested in starting his own business. He is at a position where most of us are when we start on our own
- No capital (money) to invest.
- No Business expereince.
- No concrete Business idea/plan
This is most common start everyone has, they think about what they DON’T have. Rather than thinking about what they do have. Let’s look at what Nishanth has
- He is an amauter photograher (Camera worth 20K + OnePlus 7 phone)
- He is a rider (KTM Duke bike)
- He knows how to posts on Instagram
Now let’s create a back of the envolope business plan for him.
So what he has to do?
- He has to research if the KTM dealership has an Instagram account
- If it has he has to ride his KTM bike to the dealership.
- He as to ask who takes care of thier instagram account.
- He explains them that he will take 14 pictures per week. Thus increasing the engagement level on social media.
- If they seems interested than at last tell them that he will take 700 rupees for 14 pictures
- Tell them they have pay after each assignment.
Some metric target to aim for?
- He should atleast go to all dealers that sell KTM bikes
- He should keep trying for a month before quiting
- If he finishes before a month he should write down what he learn an pivoit
Some objection he will face
- No one will show interest and ask him to get out (Sales Rejection)
- They will be interested but won’t pay him money.
- They will bargain and ask for reduced price.
How to negotiate the objection (rookie way)?
- He should mention that he will research and shoot to make the photo better each time.
- The objective her to make the photo more likable and enaging.
- The end objective is to increase the follower count and popularity. But currently I am not guaranteeing it but if I could guarantee I would have charged 3 times.
- He should explain that he also has to make profit form this work.
- He should tell that he has to pay petrol price to reach the place.
How to work with discounts?
- Firslty don’t answer any one right on spot, get the phone number and tell them you will get back to them in few days.
- He has to set a monthly target first. Say for example he wants 20,000 per month.
- So if 7 are ready to pay and 3 ask for discount. Say no to the one who are asking for discount.
- If 3 are ready to pay and 3 are asking for discount. They he can take the discount.
- If there is only 1 or 2 asking for discount. Offer free work for 1st week.
- If no one is ready to pay at all. Work for free for 2 weeks i.e. 2 visits and 28 photos. To build your portfolio of work
So the bottom line is economics is demand and supply.
So Nishanth wish you all the best. See if this simple business plan works for you. Let me remind you its simple but it may not be easy. You may face a completely diffrent challange on the ground. Keep your focus on your learning business.