Starting a business is an amazing step. There is no doubt about it. Of course it is scary, and nerve racking in many different ways as well. You can go from being on top of the world to feeling like the world is on top of you. But its something that brings so much satisfaction, empowerment, strength and discipline. The rewards are endless! But let me say that it is absolutely rewarding in the financial area, of course. But only if you go about it properly. Many people get excited and want to launch their business right away and in the urgency skip a thousand steps they needed to take before launching. They don’t even know if it’ll be profitable because they have not asked themselves the necessary questions. Don’t get me wrong here but, a business is constructed in order to make a profit. Many think that simply because they’re doing what they are passionate about that they don’t have to pay attention to their finances. That’s a tremendous error because in order for you to continue to live out your passion that income needs to be coming in and continue to flow, other wise you don’t have a business. Before you put your money into starting your venture and before posting it on social media you need to stop and consider a few things.
Demand: Is there in fact a demand or desire for your product or your service? Have you ran into or know people that have expressed these needs? Have you noticed something on social media people need or desire? Now you’re probably wondering, “Darn, how do I figure out if people need or desire my product or service?”. That is a good thing to ask yourself and I can tell you how. How about putting together a survey? Survey monkey is a great platform to do this. Check them out. Unless you want to hand the surveys out yourself that’s okay too! In fact you can do both.
Customers: Who are your customers anyway? Who are the people these product are for? And don’t even dare to say, “Its for everybody”. Not everyone is going to by your product or hire your service. Not because it is not great but because some people prefer this or that. Its important that you know that you have the say and the authority to shift and craft your own vision. You are not being swayed by everyone’s need but by a particular group’s pain that you can ease. You can say this product is for this and that person or a group of people for this and that reason. Know where you customers live. And not in the creepy way of knowing their house but where can you find them. Can you find them at a coffee shop, at J Crew, bowling, at the gym? Who are they and what do they like to do? Are they couch potatoes? Do they like to smell good. These are the questions you need to ask yourself. Know who you are selling to and don’t be afraid stick with a segment of people.
Market size: Approximately, how large is your market? How many people would be interested in what you offer? Begin to do your research, friend. You need a good portion to bring that cash flow in.
Competition: Who is selling what you are selling? How many options do your customers have to satisfy their need? You need to be aware of the competition in order to strategize on how to build brand loyalty or to take a different approach.
Differentiation: In order for you to know this you need already know you customer and know your competition. What makes you different then your competitor? Why should people go to you and not them What is unique about your business idea. And remember you need to know this before you launch your business. It will safe you loads of time and loads of money wise be patient because these things are critical to your success.
This are only a couple things you need to start thinking about before going head first into your business. There is so much more to research and learn about the market about strategy and so forth. But this is a good start to set you on the right track and begin to ask the right questions. These are all things I had to learn when I already had my foot in the door and money already spent. But if I can get to you before you dive in that would be great. And if you’re already in, then its okay you can still apply these things and refocus. To those that aspire to own a business, don’t start spending money you can’t be sure you’ll make back and don’t loose time because you’ll never get it back. Strategize and work hard for ultimate success. I’ll be in touch about further steps to take and resources to use.
Until next time! Make sure to comment and follow for more topics like this!