Researched on: Entrepreneur.com
In the book, Start Your Own Business, written by: Entrepreneur Media, inc. This book will guide you on what you need to know to start up a business. They will help you get through the first three years. This article is going to help you find the right market for your business.
Before you start your business you need to figure out who you’re going to market to.
There are two markets you can work with: consumer and business. There are good reasons for this. If you’re selling products consumers will like, then you will need to focus on selling to the public. If you’re selling products that help businesses, you will need to focus on selling your products to companies or small businesses. Some products, (like business cards), you will want to focus on both the public and businesses.
No business can focus and help everyone. If you can define your market, the better your business will be. Even bigger Companies like Target and Costco have their niche markets. A great book to read while you’re planning your business strategy is Nichecraft: Using Your Specialness To Focus Your Business, Corner Your Market And Make Customers Seek You Out – written by: Lynda Falkenstein.
Instead of creating a niche, many Entrepreneurs mistakenly fall into the, “all over the map,” trap. These kinds of traps claim they can do many things and do a good job of them. While some may be able to do this, it is very hard and most companies will not be able to keep it up. It’s better to make a plan and stay focused.
Here is a 7 step process:
1. Make A Wish List:
Who do you want your company to do business with? You will need to be as specific as possible when writing out your plans. Figure out what geographic areas you will want to work with, and the types of businesses or customers you will want to work with. If you don’t know who you want to work with, how will you know who to make contact with or sell to? You will end up causing yourself to be exhausted and confuse your customers.
Right now, the trend is to work with smaller niche’s. You need to figure out what type of public you want to sell to, the area to work in, and what kind of profit you want to earn on a monthly and yearly basis.
Figure out what you want to sell, remember, you probably will not be able to be everything to everyone. Focus on your main market.
Here are some ways to begin the focusing process;
* Focus on what you do best, and what skills you will need to get them done.
* Write down all of your achievements.
* Figure out the most important lessons you have learned in life.
* Look for the best ways you are able to solve your problems.
You should feel comfortable in the business you start. If you’re doing something you love to do, chances are it will succeed.
3. Describe The Customers ViewPoint:
Whatever business you start, always have the viewpoint, “Do unto others as you would have them do to you.” That doesn’t mean you become a doormat, it means to treat your customers with respect and value. When you look at the world from your customers eyes, you will be able to figure out their needs and wants. The best way to do this is to sit down and talk to your customers, ask them what their concerns are.
After you have figured all of this out your market should start coming together. You will start to get ideas and your clients needs and wants will begin to help you create something new. If you want your niche to be good it will have to have five good qualities.
* It gets you to your desired outcome. In other words, it gets you long-term success.
* It will be something your customers will want.
* You’ve carefully planned it.
* It’s one of a kind. Everyone will have to have it.
* It will grow into something better, and allow you to create other profitable ideas that will help your business grow.
Now you will want to figure out your product or service to the five criteria’s in step 4. You might end up finding out that one area in your niche will require more time or focus than you first thought. If that one thing doesn’t get you where you want to go, toss it out. You don’t want to overwhelm yourself by adding too many pressures on yourself.
Once you have figured out your market and your product: test it out. Start letting people buy your product or service. You can do this by handing out samples, holding a mini seminar, or mail or email newsletters. The test shouldn’t cost you a lot of money. If you’re spending a lot of money, you’re doing something wrong.
7. Go For It!
Now you are ready to get your business started. This is the hard part for many beginning Entrepreneurs. Do not fear. If you have truly figured everything out, starting your business will be only a calculated risk, not a gamble.
Sent with MemoCool