Starting a business can seem daunting, especially when you only have a small amount of money to invest.
But what if you had an AI-powered chatbot to guide you through the process?
That’s exactly what one man decided to do when he used ChatGPT to help him turn $100 into a profitable business.
In this post, we’ll take a closer look at the six steps the AI chatbot suggested to help this man build a successful business with limited resources.
Steps AI Chatbot Suggested
Here is a list of steps that the AI Chatbot suggested to the man helping him build his own business from scratch.
Identify a Profitable Niche
The first step to building a successful business is to identify a profitable niche. This means finding a gap in the market where there is high demand and low competition. According to a report by IBISWorld,
“Some of the most profitable industries in the US include software publishing, healthcare, and real estate.”
The AI chatbot suggested that the man should focus on a niche that aligned with his skills and interests. After some research, he decided to start a small online store selling handmade soap and skincare products.
Sam Ovens, Entrepreneur and Founder of Consulting.com stated that,
“Identifying a profitable niche is the first step to building a successful business. It’s important to find a gap in the market where there is high demand and low competition.”
Develop a Marketing Strategy
Once you’ve identified a profitable niche, the next step is to develop a marketing strategy to reach your target audience.
According to a report by HubSpot,
“The most effective marketing strategies include social media marketing, email marketing, and content marketing.”
The AI chatbot suggested that the man should focus on building a strong online presence through social media and content marketing.
Therefore, he started a blog where he shared information about the benefits of using handmade soap and skincare products, and he also created social media accounts to promote his products.
Create a website
Once you have identified your target audience and the products or services you want to sell, the next step is to create a website to promote your business.
Your website is your online storefront, and it is essential that it looks professional and is easy to navigate.
There are many website builders available, such as Wix, Squarespace, and Shopify, which offer easy-to-use templates that you can customize to suit your needs. Moreover, you can also hire a web developer to create a custom website for you.
According to a survey by Blue Corona,
“70-80% of people research a company online before making a purchase or visiting a physical store.”
This means that having a website is critical to the success of your business. Your website should be optimized for search engines, have high-quality images, and provide clear information about your products or services.
Leverage Automation and Outsourcing
As a small business owner, your time is valuable, and you need to find ways to work more efficiently. One way to do this is by leveraging automation and outsourcing.
A report by Accenture revealed that,
“Businesses that embrace automation can increase their productivity by up to 60%.”
Hence, he also outsourced the production of his handmade soap and skincare products to a local manufacturer, which allowed him to focus on marketing and sales.
Promote Your Business
Now that you have a website, you need to promote your business to attract customers. There are many ways to promote your business, such as social media marketing, email marketing, paid advertising, and search engine optimization (SEO).
As per the recent survey by Clutch,
- Social Media Platforms
Social media platforms like Facebook, Instagram, and Twitter offer targeted advertising options that allow you to reach your ideal customers.
You can also create content on social media to engage with your audience and build brand awareness.
- Email Marketing
Email marketing is another effective way to promote your business, with an average return on investment of $42 for every $1 spent.
SEO is also important for driving organic traffic to your website. By optimizing your website for search engines, you can increase your visibility in search results and attract more visitors to your site.
A latest survey by BrightLocal revealed that,
“97% of consumers use the internet to find local businesses, and 88% of consumers trust online reviews as much as personal recommendations.”
Focus on Customer Satisfaction
Finally, the most important step to building a successful business is to focus on customer satisfaction. According to a report by Zendesk, companies with high customer satisfaction scores outperform their competitors by 20%.
Since Shep Hyken, Customer Service Expert and Founder of Shepard Presentations, said that,
“Customer satisfaction is the key to building a loyal customer base and growing your business. It’s important to listen to feedback from your customers and make changes to improve their experience.”
Therefore, The AI chatbot suggested that the man should focus on providing excellent customer service and soliciting feedback from his customers.
He implemented a customer loyalty program and sent out surveys to gather feedback on his products and services.
Starting a business with just $100 may seem like a daunting task, but with the help of AI chatbots, it is possible. By following these four steps, you can build a successful business with minimal investment.
Remember to identify your target audience, choose the right products or services, create a professional website, and promote your business effectively.
With hard work and dedication, your business can thrive, and you can achieve financial freedom.