Die drei Startpunkte für dein erstes Unternehmen

0:00Got into school about a week ago. What would be your biggest recommendation 7-day trial, etc. Okay, yeah. So, um if you So, Kenzie, it really depends on where you're actually at. So, there's a lot of people who are new to school, but in very different situations. And so, I'll put you in a one of three buckets. Bucket number one, well actually if you're new to school, then you're really in on really only one of two buckets, I guess. So, you have bucket number one is you actually know nothing about anything, right? You've never made a dollar anywhere in the world, and we have to figure out what you know so that we can build a community what you know or what you're interested in to figure out a community around it. So, there's the big three P's, which I'll get to in a second, but pain, profession, passion, right? They're typically going to be what you're going to pick from.

0:42If you have made money outside of school, then you'd be kind of like the gym launch scenario. You have a business, either you're going to use school as lead nurturer or you're going to use school as a component or feature of the delivery of your services, all right? Um I would say vector three is you have an audience outside of school, you have an inefficient way of monetizing them, and then you want to use community as the primary way of monetization.

1:07All right, so I guess that's the third bucket. But basically, one is you have nothing, the other one is that you have a business and you have made money, and the third is that you have an audience and a skill set, but not monetization, right? And so, it depends on which of those three buckets you're in, but I think this will probably be valuable for everybody here as I walk through all three. So, if you're a beginner, you have to pick some pain that you overcame, something you're passionate about, or some past profession that you have skills in that you can then build a community of other people who want to learn those skills, overcome that pain, or pursue that passion. Man, that sounds nice, doesn't it? Um and so, those are basically what you'd build your community around. If you're starting out in that bucket, I'd recommend you start for free, not free trial, free free.

1:47Build up that community, build up the engagement, learn how the community works, and then you can transition it to a free trial into paid. So, all those people will get grandfathered in, which gives an even stronger reason for them to join the community now because you are going to charge for it later, so I'll let them know that you're going to charge for later. Um and then transitioning to a free trial, which is a much easier way um to get people in. Now, we also have some phenomenal stats that we have um from the system system overall, and if I'm not mistaken, I think it's 48% of free trials convert on School. So, like really impressive.

2:21Uh and we get um and so, here's what's actually interesting. The amount of people who convert on free trials uh on the on the buying page is about the same system-wide, which is actually kind of interesting to me. Um but I I actually think that the real advantage of free trials is that you get way more people to the page. So, if people know it's a free trial, you might get way more clicks, even if half convert. Basically, as long as you get more than twice as many people to the page cuz it's free, then you make more money by having a free trial. Okay, so that's the TLDR of that. If you have a business, right? But it's a different type of business and you want to use it as a component, to me that's probably the most straightforward use case. You just basically include a link to your free community that is in the thank you page on the thank you page or in the thank you uh email that you send after someone opts in anywhere, and then they get a link to to your community either to get nurtured or or deliver the lead magnet. So, if it's a nurture community, it's like someone opts in, you say, "Hey, here's the community. Inside of it, you'll find the lead magnet." Cool. So, that's one way to deliver it. The other way um is that it's just like someone buys the thing, and then inside of their like onboarding, it's like, "Hey, let's add you to the community." So, that's kind of use case two. You already have a business, you're adding this as either feature to before someone's customer journey or after they become a customer.

3:36Cool. The third third uh uh element here is the people who already have an audience um and are starting a community to monetize that audience. So, this path actually is very similar to the first one because the thing is you just already know what you're passionate about, what you're you know, what your pain you overcame, or whatever professional skill you're teaching. So, you already know all that stuff, unlike somebody who's beginning, and so you're just going to drive people to the community about that and obviously monetize. Now, whether you use a free trial or not, my my recommendation is to use a free trial.

4:08Uh I think that overall, people who are like we can see right now as soon as we introduce the free trial, uh GMV went up by a lot, and so uh to me, that's a pretty strong indicator that like basically more people are making money uh by having it. So, that's kind of like my The nice thing that we have is we have such big data that we can like kind of make generalizations. GMV is gross marketplace volume. So, we can see what's the overall marketplace volume on School. And so, if we introduce a new feature that like we're like, "Oh, we're really excited about this." and then like nothing happens, we're like, "Okay, well, I guess it didn't really, you know, demonstrably change people's outcomes."

4:41Whereas, if we add, you know, when we added free trials, we had a a significant bump in engagement across all communities, and we had um more more basically just more revenue overall going through the platform. So, to me, that's a people make more money than not by having free trials. And there's a reason that we use a free trial. Like we use a free trial. Like it's if you have a good product, then you just want people to try it and lower the barrier. Okay, um hopefully hopefully, Kenzie, that was a I think it was a pretty thorough answer.