Episode 675: "Should I Start a New Business or Can I Save What I Already Have?" | Coaching Session
Release Date: March 20, 2025
Podcast: The Product Boss Podcast
Host: Jacqueline Snyder
Introduction
In Episode 675 of The Product Boss Podcast, host Jacqueline Snyder delves into a profound coaching session with Kaylee, the founder of Inspire 10 Rich. Kaylee is grappling with a pivotal decision: whether to continue nurturing her existing business, Story Coins, or pivot to a new entrepreneurial venture. This episode is particularly insightful for product entrepreneurs facing similar crossroads, offering strategic guidance to evaluate and elevate their businesses.
Presenting the Challenge
[00:02 - 03:45]
Jacqueline opens the episode by introducing the coaching format, emphasizing her role in helping product entrepreneurs refine their strategies to achieve consistent sales and growth. She introduces Kaylee, whose business, Inspire 10 Rich, offers Story Coins—tools designed to inspire creative storytelling among children, used by teachers and parents alike.
Kaylee shares her journey:
- Business Origin: Started in 2021, inspired by childhood activities with her grandmother.
- Current Struggles: Despite having an engaging product, Kaylee has only achieved sporadic sales, totaling around $300 annually. She expresses feelings of being stuck in the "baby stages" of her business.
Kaylee's Quote:
"I feel like around a square peg in a round hole. It feels like a good idea, but it also is not translating or like people just aren't getting it."
[03:45]
Her main dilemma revolves around whether to persevere with Story Coins or shift focus to a new idea she’s been contemplating, all while managing a full-time teaching job.
Product Evaluation and Strategic Advice
[05:43 - 16:30]
Jacqueline empathizes with Kaylee’s burnout and acknowledges the emotional investment in her current product. She emphasizes the importance of belief in the product's potential as a foundational step.
Jacqueline's Insight:
"If you want to have a scalable product, you need to be very clear on why your customers need the product, what problem does it solve for them?"
[16:30]
Key Strategies Discussed:
-
Simplification of the Product:
- Consolidation: Jacqueline suggests merging the various themed Story Coins into a single, versatile product. This consolidation aims to simplify the concept, making it easier for customers to understand and engage with.
Kaylee's Reflection:
"I think I'm overcomplicating it and I think combining them would be more beneficial."
[13:17] -
Market Positioning:
- Target Audience: Shift focus primarily to parents rather than splitting efforts between parents and teachers. Parents are typically the purchasers of children's games and educational tools.
-
Proof of Concept:
- Validation: Before fully committing to either staying with Story Coins or launching a new venture, Jacqueline advises conducting market research and gathering feedback to validate the product's demand.
Jacqueline's Advice:
"You need to have proof of concept. So you come up with this new idea... you get feedback."
[18:42] -
Scaling Production:
- Manufacturing: Explore scalable production methods, such as partnering with manufacturers on platforms like Alibaba, to produce Story Coins efficiently and cost-effectively.
-
Regulatory Compliance:
- Safety Standards: Jacqueline warns Kaylee to comply with Federal Trade Commission regulations concerning children’s products, ensuring safety and avoiding hazards like choking risks.
Market Research and Customer Avatar
[16:30 - 31:07]
Jacqueline highlights the critical need for Kaylee to thoroughly understand her ideal customer and the market landscape. She recommends:
-
Defining the Ideal Customer Avatar:
- Focus on parents seeking educational and creative tools for their children.
- Understand their pain points, such as reducing screen time and fostering creativity.
-
Competitive Analysis:
- Examine similar products in the market, such as Quirkle and other storytelling games, to identify gaps and opportunities for differentiation.
-
Engaging with the Community:
- Utilize platforms like Facebook groups to gather insights and feedback directly from potential customers.
- Conduct small-scale tests and solicit reviews to strengthen proof of concept.
Kaylee's Concern:
"How specific should my avatar get as teacher and parent? To me, I feel like I'm speaking to two different people."
[30:53]
Jacqueline's Guidance:
"I'd probably speak to the parent because it's a game... first, focus on parents, then expand to teachers."
[31:07]
By narrowing down the target audience, Kaylee can tailor her marketing efforts more effectively, ensuring that her messaging resonates with the right customers.
Next Steps and Conclusion
[31:07 - 36:43]
Jacqueline outlines a clear action plan for Kaylee:
-
Refine the Product:
- Simplify Story Coins into a single, versatile product.
- Develop multiple game ideas that leverage the same set of coins to enhance usability and appeal.
-
Validate the Concept:
- Conduct market research and gather customer feedback.
- Utilize platforms like Amazon for wider reach and consider channels like Kickstarter for funding and exposure.
-
Strengthen Branding and Messaging:
- Clearly articulate the benefits of Story Coins, emphasizing creativity and educational value.
- Develop a strong brand presence tailored to parents' needs and preferences.
-
Set a Timeline:
- Commit to a six-month period to implement these strategies and assess progress. If substantial growth isn't evident by July 1st, consider pivoting to the new business idea.
Kaylee's Resolution:
"Giving it six months and like if by July 1st, I'm still feeling the same way, it's still just not getting the traction that I'm wanting, then we can switch gears."
[26:30]
Jacqueline reinforces the importance of building a solid foundation before scaling, urging Kaylee to focus on refining her current product to ensure long-term success.
Jacqueline's Final Thoughts:
"If you want to support Kaylee, follow her on Instagram, shop from her, and see how this business evolves. If Kaylee can do this, so can you."
[35:56]
Key Takeaways
- Product Simplification: Streamlining your product offerings can enhance clarity and customer engagement.
- Targeted Marketing: Focusing on a specific customer avatar, such as parents, can improve marketing efficacy.
- Proof of Concept: Validating your product through market research and feedback is essential before scaling.
- Strategic Planning: Setting clear timelines and actionable steps can guide business decisions effectively.
- Regulatory Compliance: Ensuring your product meets safety standards is crucial, especially for children's products.
Notable Quotes
-
Jacqueline Snyder:
"If you want to have a scalable product, you need to be very clear on why your customers need the product, what problem does it solve for them?"
[16:30] -
Kaylee:
"I feel like I'm overcomplicating it and I think combining them would be more beneficial."
[13:17] -
Jacqueline Snyder:
"You need to have proof of concept. So you come up with this new idea... you get feedback."
[18:42] -
Kaylee:
"Giving it six months and like if by July 1st, I'm still feeling the same way, it's still just not getting the traction that I'm wanting, then we can switch gears."
[26:30]
Conclusion
Episode 675 serves as a valuable resource for product entrepreneurs facing critical business decisions. Through Jacqueline's expert coaching, Kaylee gains clarity on refining her product, understanding her market, and setting actionable goals. The episode underscores the importance of strategic planning, market research, and targeted marketing in transforming a passion project into a successful, scalable business.
If you're navigating similar challenges in your entrepreneurial journey, this episode offers actionable insights to help you decide whether to persevere with your current venture or pivot towards new opportunities.
Connect with Kaylee:
- Instagram: @InspiredToEnrich
- YouTube: InspireTeachGrow Channel
- Website: inspireteachgrow.com
- Email List: Sign up on her website for updates and ideas.
Join the Product Boss Academy:
For more in-depth strategies and support, consider joining Jacqueline Snyder's Product Boss Academy to elevate your product-based business.
If this summary resonated with you, be sure to subscribe to The Product Boss Podcast for more insightful episodes tailored to help you build and grow your dream business.