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Why most startups fail

Most businesses go for months or even years without demonstrating they can add enough value to customers so they can make money (rather than have an expensive hobby).

This is the most common cause of failure for startups! They create something that they thought was a great idea but later find out that people don't value it enough to pay for it.

Based on my experience of working with many parentpreneurs, I see the same thing over and over: entrepreneurs working for months without any evidence from potential customers that there is real demand for their product.

Why do so many people make this mistake?

Some think they have a ‘killer idea’ and become very reluctant to adapt it or let it go. Rather than checking that there is a real market demand first, they go storming ahead, spending months developing their website, branding, and product.

Some aren’t clear how to test there is demand. As an entrepreneur you have to perform a lot of roles, from CEO to admin assistant, from salesperson to legal team. Its easy to lose sight of what your real goal should be right now, and the specific steps you need to take to get there.

Some believe they have to do 100s of things when starting a business. They spend lots of time and money on things like registering the business, setting up the bank account, Facebook Ads, branding, trademarks, website, stationery, seeking funding (and 100s of other things), when they SHOULD be focusing their time on validating the business FIRST.

Why does this matter?

9 out of 10 startups fail. In the case of Parentpreneurs, its not just the entrepreneur that takes the hit if you fail. Your family does too.

Even if you don’t fail, many entrepreneurs end up working so hard that they miss out on quality time with their kids and partner.

I’m not OK with that, and I hope you aren’t either.

 

6-steps to your first sales

To avoid making the most common startup mistake (of building a business around a product that people don’t want to pay money for), you need to develop a product/service with real demand.

I’ve set up 8+ businesses of my own and worked with many Parentpreneurs to help them set up theirs too (all while having time with their family!).

Based on this experience, I have developed this 6-step approach to get your first sales, without wasting £1,000s or months of your life:

6 Steps to Your First Sales

  1. Design your life – Identify why you want a business and how you want to spend your time (including exercise and time with your family)
  2. Find your “why” – Identify what you are passionate about and what groups of people you’d love to work with, and why.
  3. Identify your ideal customer – Get specific on exactly who you want to help, and find a big group of them.
  4. Find a real problem to solve – Find out what your ideal customer’s goals and frustrations are, and why existing solutions don’t solve this problem already.
  5. Match a solution to the problem – Identify what the solution needs to do to solve the problem and how yours will be 100x better than alternatives.
  6. Get pre-orders to validate demand – Find out what price your ideal customers are willing to pay and get some people to pre-order from you.

You can learn more about these steps by getting this free masterclass.

Don’t do it on your own

Many entrepreneurs try to build a whole startup business without help from people with real experience. This is like a child expecting to be able to teach themselves how to swim or ride a bike. (It’s theoretically possible, but unlikely and dangerous!)

Building a business whilst still having time with your family is a complex and significant achievement. You should get help from someone who has done it before.

Sadly, most of the options available don’t work for parents:

  • Most startup accelerators get entrepreneurs to work like crazy for a <1% chance of making it big.
  • Events, meetups and networking groups tend to be difficult for parents of young children to attend and just give the entrepreneur a ton of ‘things they must do’ on their already huge to-do list.
  • Coaches can be great (particularly when they have experience of doing what you want to do), but are often expensive, or don’t have enough real experience of being a parent and a successful entrepreneur.

That’s why I created the Parentpreneur Startup Accelerator

I used what I learned with my own businesses to create an online accelerator program that takes you through a step-by-step approach to focus you on the specific actions you REALLY need to take to grow your start up business, without having to sacrifice that precious time with your family and juggle a billion things at once.

Its all online and on-demand, so you don’t need to travel across town with a pram, feel bad about your baby crying during a presentation, or miss events because your little one is unwell.

Throughout, you get support from me (Alexis) via a private Facebook group and a weekly Q&A call to help you overcome obstacles when you get stuck, and make great progress even when you are tired and busy.

Why the Parentpreneur Startup Accelerator is perfect for you

Through this online accelerator program, you'll be taken step-by-step through the 6 steps to getting your first sale.

6 Steps to Your First Sales

You can take as long as you want to complete the 6-step program, although it's possible to complete it in 6 weeks.

Each of the 6 steps starts with a kick-off session, designed to help you understand the key concepts, and take you through an activity to get you up and running.

You’ll then be prompted to complete a series of actions (supported by podcasts, videos, guides and templates) to help you complete each step in turn.

The program focuses on only those things you NEED to understand and do. No fluff, no 'nice to haves', just the key actions. Which is why it is possible to complete the program (if you focus) by working on your business for just 36 hours (e.g. 6 hours per week for 6 weeks).

In addition to all the step-by-step guidance, you'll receive support through a private Facebook group, structured peer-coaching calls with other Parentpreneurs, and weekly live Q&A calls with me (Alexis).

If you need to pause the program (e.g. to go on holiday, or look after a family member) just stop completing activities, and the program automatically pauses, waiting for your return.

The cost is just £450, all support included, with no ongoing costs.

To take away the financial risk for you, if you follow the program and don’t reach the goal of getting sales for your first product, I’ll refund your money in full.

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Not sure? Arrange call with me to find out more - just email support@parentpreneur.com

 

Case Studies

How Rashmi saved her health and family life

“After attending London Business School and Google Campus for Mums, I thought I’d know how to create a successful business. Yet after 6 months of slow progress in my startup, I felt exhausted. I wasn’t getting time with my new baby and my health was deteriorating. Then I came across Alexis.

I found his 6-step approach to be so incredibly valuable. It didn’t start with a ‘great idea’ or a customer need or even a target customer. It started with me, what I wanted from life, and my purpose. It was so refreshing. He made me see what I had been missing, and immediately change how I was spending my time. 6 weeks later, I had my first sales, which was something I’d been unable to achieve in the previous 6 months!

Following the steps has literally saved me from burn-out, given me time with my children, and propelled my business in the right direction.”

How Sophie changed her model and suddenly got results

Sophie E“Family pressures over the previous few months had taken a lot of my time. I felt less focused and less sure of my direction. The business I was creating meant money would take forever to come in, and after 18 months of working on the business, I didn’t have enough money left to ‘buy the audience’. I wanted to make it profitable and make it more fun for me and my partners.

When working by yourself you need someone to bounce off and a structure to work to. Otherwise it is so easy to go off on a total tangent, and end up in a place that is so different in terms of what you wanted in terms of the time and money you are spending on the business, and what you wanted to achieve.

Through Alexis’ help, I’ve changed my business model, and built a solution for a customer that is real and I have proof that it works – I’ve had it validated by 10 of my ideal customers who have paid for my service. I feel I now have a really strong foundation on which to build my business, which is really exciting!”

How David finally found the right product for his target audience

David WIn an effort to stop ‘trading his time for money’, David had a ‘great idea’ to set up a new startup helping other businesses improve their cash-flow by providing a training course on how to chase payment. He published a book, recorded training videos, built a portal, paid for a year of hosting, and invested in Facebook ads and exhibition stands.

But after months of working on his ‘great idea’, he had nothing to show for it. He’d wasted over $15,000 and 14 months that could have been spent with his wife and daughter (or earning money through his law practice) and he knew it. He felt frustrated, and had to then spend months rekindling his law practice to avoid needing a job.

Fortunately he then joined the Parentpreneur Startup Accelerator:

“All the feedback is great! This is certainly giving me lots of food for thought as I piece it all together. Finally I feel I’m making some headway with this and making some progress! Using the approach recommended in the program, I’ve been able to identify that the target market I originally was going to focus on isn’t right for me or my idea. This has saved me months of my life and ££££s!!!”

Since then, David used the accelerator program to find an idea that did have a market, and made lots of sales of his ‘Brand Protection Toolkit’. He’s now growing this new business profitably.

How Melanie saved £30,000

Melanie E“This program has forced me to look at creating a business in a different way, making me stop trying to focus so much on the long-term goals and get stuck into short-term goals like proving I have a viable business idea and making some initial sales before I invest huge amounts of time or money in it.

It has already saved me £30,000 (what I was quoted to build the app I originally thought was a good idea!) and at least 6 months of my life!

I feel like the accelerator program has taken me through key steps that have helped me realise just exactly where my passion lies and how to make that into a successful business. It was exactly what I needed. I feel really excited about the future and this course has hugely helped me get to this point.”

About Alexis

Photo of Alexis with his kids Hi, I’m Alexis Kingsbury, founder of the Parentpreneur Accelerator. I’m a lucky husband and proud dad of two wonderful children.

I have set up many businesses since the age of 13, including a software business (that I still own) with users in 134+ countries, and customers such as Starbucks, L'Oréal, Fitness First, and New Look.

However, in 2012, I realised my software business was destroying my life as my partner was so fed up with me working long hours that she was on the verge of kicking me out!

My life is very different now. My businesses now give me the finances, time and freedom to do what I want, including exercising and spending loads of quality time with my wonderful wife and two amazing children.

I’m on a mission to help other parent entrepreneurs (‘Parentpreneurs’) to build successful businesses whilst having time with the people they love… as I believe business success is hollow if you miss out on time with your family in the process.

I love sharing my knowledge and experience through my online Startup Accelerator program, and through hosting ‘The Parentpreneur Accelerator Podcast’ (available on iTunes).

I’m proud of the amazing results the Parentpreneur Accelerator has achieved so far, and look forward to reaching my vision of helping 1,000s of Parentpreneurs to succeed each year.

What to do next

Thanks for reading! If you'd like to join the program, use the button below to select what payment option you'd prefer:

 

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Or... if you aren't ready yet, I strongly recommend that you now:

  1. Learn more about the 6-step approach using this free online masterclass
  2. Join our Parentpreneur Accelerator Community on Facebook to get access to tips, advice, and support from other Parentpreneurs
  3. Contact us to arrange a call with Alexis to discuss your situation and whether our Parentpreneur Startup Accelerator could help you