#1164 - CLASSROOM: The MVP of Minimum Viable Products
This episode is brought to you by the new podcast. Go and see hosted by Malcolm Lad. Well it's a six part series focused on Lexus and their philosophy of Jin chie-jen Bhutto which means go and see for yourself find out how Japanese tea ceremony influence the engineering car window. How the sound of an engine is tuned like a musical composition to elicit emotions how Understanding Samurai warriors is led to a suspension innovation. Gladwin learns that no detail is left behind and the car company can learn more about cars by studying people follow. Guo on his journey starting march fifth wherever you like to listen in visit. Lexus DOT com slash curiosity for more stories? Like these. What's up? Hello and welcome decided to school. This is your host crisco kicking off a new week with the classroom episode. We'RE GONNA call it the. Mvp of minimum viable products. Well am I using startup language? I'm afraid I am but don't hold it against me. I'll explain as we go along an recent classroom episodes. We have looked at all kinds of topics how to decide between competing ideas the three elements of every compelling offer which might come up again today and then last week. We examined the difference between what people say they want. And what they really want over here in my world. It has twenty days until the money tree comes out. This is my new book. The money tree finding the fortune in your own backyard very excited about it. I'M GONNA go on the road to forty cities. I look forward to meeting many listeners and readers and as a quick reminder you can preorder the book now it actually helps authors when you do that preordered the book from your local bookstore. Just go in and tell them you want to order it in advance or any online retailer including of course Amazon Dot Com. All right so essentially. What's happening here in this classroom series? We are going from thinking about ideas to designing real offers. Concrete offers actual products and services. And I want to borrow this terminology this concept from the start up world which I almost never do. Try not to use buzzwords or you know trendy words or start up your words but I like this concept of minimum viable product. Mvp which is essentially if you've never heard the phrase before is basically a version of a product with just enough features to satisfy early customers and give you feedback for future product development. Okay so we're thinking about something that's really basic. The idea is to get to market quickly. You might have an idea. Let's say to launch a series of books. I did that long ago. I had a business called unconventional guides. And when I first started thinking about unconventional guides I was like. Wow what is my series of e-books but then. I realized I shouldn't try to think about what are the eight e books going to be. I should just have one. Let's start with that. Don't worry about your series of e books. Don't worry about the ten products are going to have. Don't worry about your entire service line. Break it down and find a way to start with one of those things so what is your MVP. What do you need to make that happen if you already know? That's great if not you might be inspired by one of these examples. What examples talking about going to give you three examples of minimum viable products number one little shoutout to one of our listeners. Who mentioned this at some point? The skype your dog service a service to call your dog up and have a conversation or maybe a video chat while you're at work then number two. Yoga Mat private label. So it's all about importing yoga mats with some kind of design or tax store some form of customization and at number three improve your tick Tock Profile. So this is also a service. Notice that two of these services the skype your dog and the Improve Your Tick Tock profile and one is a physical product. All right and with that improve your take talk profile. It's probably a one off service. You just do it once. You know you're GONNA help somebody you know what six seconds or less make better videos whereas the skype your dog service is more like a dog walker or somebody who's providing an ongoing service pay monthly. And there's GonNa be. I don't know three video calls during that month. So remember the lesson of thinking about offers. What is the promise pitch in price of each of them? How would it change? Someone's life what should they buy now? And how much does it cost? Last ones kind of a two part thing. Is it cost. How can they make a purchase so in a moment? I'll break down each of these examples. Talk about what needs to happen to get them to market quickly within thirty to sixty days. And then I'll give you your assignment. I I have a shutout jar sponsor. Want to thank them for making all this series completely free to you so a message on their behalf and then it breaking it down further say a big thank you to our longtime sponsorship station. Listen these guys have been with us from the beginning and have helped out a lot of our listeners. When you're selling online getting your orders out can be a real pain. How do you keep track of who gets which shipping carriers should use an? Are you getting the best rates? That's why you need ship station. Dot Com the fastest easiest and most affordable way to manage and ship. Your orders right now. Our listeners can try ship station free for sixty days when you use the opera coat hustle. There's absolutely no risk. You can start free trial without even entering your credit card info. Just go to ship station DOT COM. Click the microphone at the top of the homepage and type in hustle. That's ship station. Dot Com offer coat hustle. Ship station ship happen all right. We're back so number one skype your dog service. This is all about helping dog owners feel less guilty for leaving their dogs at home while they're off at work all day so it's about dogs but your target market is not dogs themselves It is dog owners. So what are the? Mvp needs minimum. Viable product needs to get this going by the way. I should just clarify this. Mvp minimum viable products can also apply to a service. Okay so products in this phrase at least in concept just refers to anything at all that you're offering so you might already know that but just to be clear. Mvp can be product or service. So what do you need well? It's pretty basic. You're GONNA need a computer with Internet access it. That's what you need to actually provide that service. You might need the ability to talk with dogs you know. How do you have the video chat with the ducks? You need a website or some way for people to sign up. Like how do people say? Yeah that sounds like a cool service. I want to pay for that. And then because they need to pay for it you need a payment processor or invoicing system. Now that is pretty much it that is all you need to actually launch the service which you could probably do tomorrow doesn't mean you're going to have one hundred sales tomorrow but technically to provide this service. That is really all you need a computer with Internet access the ability to talk with dogs which may or may not be acquired through the process Some way for people to sign up and then that payment processor which could be pay pal dot com it could be square and or an invoicing system which could be quickbooks or fresh books or there's numerous other brands software etc out there. But somehow you need a way to get people's money okay now that's it number two Yoga Mat private label so here you're selling a physical product so you actually need to get the inventory in some fashion. You need to get the YOGA MATS IMPORTED. You need to have whatever customization done. And then they're either going to come to your house. Or maybe you have arranged for fulfillment center or something but again minimum viable product really basic. Let's say the need to come to your house. Okay you need a physical product. Then you need some way to ship that product to customers I would recommend ship. Station are longtime three or sponsor but there are other options as well. Of course you could Just take them all to the post office. The point is you need some way to get your Yoga Mat to people who buy them then. You need a website most likely or you could sell them. Perhaps on some platform like Ebay or or any other third party platform but assuming you're selling online in some fashion. Which is the assumption. I'm GonNa make you need some way for people to see the mets and say yeah. That looks really cool. I want to get one of that was and then just like with skype. Your dog you need a payment processor. In this case I wouldn't recommend invoicing system because it's a physical product. You want people to pay for the product before you ship it. Lastly the Improve Your Tick Tock profile service. This is all about helping someone get more views or more popular on what I believe is now the world's largest social network which is incredible. I don't think I'd heard of it until like a year or two ago. But anyway if you don't know talk all about these short videos so you're like okay. I am. I happen to be an expert in this so I'm GONNA improve. Somebody's profile and helped him be more popular. What are you need? You need a sales page or a basic website or somewhere online where you explain this service where you make this promise and say here's why you should trust me. Here's why you should hire me because I'm going to help you be more popular get more followers etc. Whatever the benefit is then you need a payment processor or invoicing system and then you know if you're GonNa do this in a consultation format. Let's say that you need a scheduling calendar of some kind and he could just go back and forth with people by email but it might be a lot easier to have an online calendar. There are many different options for that where people can go and pick a time based on the available times that you select an advance. Okay so you need a sales page your basic website payment processor or an invoicing system and scheduling calendar. That's really yet now. Obviously to actually provide that service you're going to need to have some expertise in Tik Tok in social media but in terms of the technical parts of the only three things. You need all right so guiding principle here is really keeping it simple. Mvp What is the most basic or is that official definition official definition is a version of a product with just enough features to satisfy early customers and provide feedback for future development. I would also add something about keeping it simple for you. The minimum viable product isn't only about your customer. It's also about you helping you overcome those obstacles and roadblocks to getting something out in the world dealing with that issue of not having enough time to work on your hustle. We're going to talk about soon. And otherwise getting to the point where you're GonNa get feedback right away so coming up next. We're GONNA talk about finding time to work on your hustle. Then we're going to go into the pre launch and launch phase and finally focusing on marketing for the second two thirds of the year. I spent a lot of time talking about marketing. This first part is all about getting going but then the majority of the year. We're going to talk about how to market your product or service. Each classroom feature includes an assignment. This assignment is do you know what your MVP is everything you need to get your product or service out there as you just heard in those three examples. It might be really really simple. You don't know what it is. Well that's your assignment because it's going to help you it simple so that we can keep moving forward. Okay you can read notes for this in every classroom episode. This year hat side-hustle school dot com slash classroom. This has been episode eleven. Sixty four. Thank you so much for listening. Is Side Hustle School from the Onward Project?