Target Market & Ideal Customer Profile (ICP)

• Target Market is the broad group of people most likely to buy your product or service.

• Ideal Customer Profile (ICP) is a detailed version of your target market, typically used in B2B, focusing on the specific characteristics of your best-fit customer.
  💡 Think of your Target Market as the big picture and your ICP as zooming in on your absolute best customers.
   

Business Formation & Legal Compliance

• Business Formation is choosing your legal structure (LLC, sole proprietorship, corporation).

• Legal Compliance includes registering your business, getting required permits, and protecting your brand with trademarks.
  💡 Your business isn’t "real" until it’s legal. Skipping this step can cause big problems later.
   

Brand Identity & Brand Positioning

• Brand Identity = The visual and messaging elements that make up your brand (logo, colors, fonts, tone).

• Brand Positioning = How you stand out in the market—are you luxury, affordable, fast, sustainable?
  💡 Brand Identity is how you look; Brand Positioning is how you're remembered.

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Planning Your Business

Business Plan & Go-To-Market (GTM) Plan

• Business Plan is your big-picture roadmap, covering strategy, operations, and financials.

• Go-To-Market (GTM) Plan is a focused strategy detailing how you will launch and sell your product.
  💡 Your GTM Plan is a slice of your Business Plan that focuses only on getting customers.

Financial Projections & Budgeting

• Financial Projections estimate future revenue, expenses, and profits—this helps you understand if your business idea is viable.

• Budgeting is about controlling your spending and making sure you have enough cash to cover expenses.
  💡 Projections help you dream big; budgeting keeps you from going broke.

 

Understanding Business Expenses

Cost of Goods Sold (COGS) & Fixed vs. Variable Costs

• COGS (Cost of Goods Sold) = The direct costs of making your product (materials, labor, packaging).

• Fixed Costs = Expenses that stay the same no matter how much you sell (rent, salaries, software).

• Variable Costs = Expenses that change depending on sales (materials, shipping).
  💡 Understanding these costs helps you price your product for profit.

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Growing Your Small Business

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Sales Funnel & Customer Journey

• Sales Funnel is the structured process that turns leads into paying customers.

• Customer Journey is the entire experience someone has with your business—from first contact to long-term loyalty.
  💡 Your Sales Funnel is about conversion; your Customer Journey is about relationships.

Customer Acquisition Cost (CAC) & Lifetime Value (LTV)

• CAC (Customer Acquisition Cost) is how much it costs to gain a new customer (ads, marketing, promotions).

• LTV (Lifetime Value) is how much revenue that customer will generate over time.
  💡 A high LTV and a low CAC = a profitable, scalable business.

SEO, Content Marketing & Paid Advertising

• SEO (Search Engine Optimization) = Getting your website to rank higher for free on Google.

• Content Marketing = Creating blogs, videos, and other content to attract and engage your audience.

• Paid Advertising = Using Google Ads, Facebook Ads, or other paid methods to drive sales.
  💡 SEO and content marketing are slow but free; paid ads are fast but costly. Smart businesses use both.

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Financials for Small Business Owners

Profit & Loss (P&L) Statement, Balance Sheet & Cash Flow

• P&L Statement = A report showing your revenue, expenses, and profits over time.

• Balance Sheet = A snapshot of your business’s assets and liabilities at any given moment.

• Cash Flow = The money moving in and out of your business.
  💡 Your P&L shows profit; your Balance Sheet shows worth; your Cash Flow shows if you can pay the bills.

 

Pricing Strategy & Revenue Streams

• Pricing Strategy = How you set prices based on costs, competition, and perceived value.

• Revenue Streams = The different ways your business makes money (products, services, memberships, licensing).
  💡 A smart business has multiple revenue streams so it's never dependent on one thing.