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There are many things you have to think about when starting your own business.

 

 

 

 

One of the most important thing to consider is determining your specific product (if you are selling something) or your specific service (if you are offering a type of service) and then understand the exact market you intend to serve.

 

I know it is tempting to serve a very broad or general market, especially when you’re first starting out since you are trying to get business in the door; but it has been proven many times over that successful businesses have a specific targeted market in place.

 

The reason for this is because the more targeted your market is the easier it is to attract them to you by providing products or services that speak directly to them.

 

Nobody likes to feel like another pea in the pod.

 

When you market to a general audience this is exactly what you are doing, you are targeting millions but essentially speaking to none. Remember that people do business with other people when they feel they are being heard and provided with a value such as solving a pain point they might have.

 

If you want consistent and steady revenue flow in your business you must understand, what I like to call, the “Attract your Target Market Like a Magnet” principles which consist of answering a couple questions.

 

For example, you must have a clear knowledge and understanding of the following:

 

1. HOW your products or services will benefit your target market

 

Your products or services must solve a pain point to your target market. Period.

 

For example, I am very busy during the week and meal times becomes a disaster for me; very often leading to eating not very healthy meals throughout the week. One solution for me that has worked fantastic is signing up for a meal plan & prep service. For a low monthly fee, I get weekly meal guides that provide complete step by step instructions on how to plan and prep my meals in advance.

 

I take one day out of the week, usually Sunday where I prep my meals for the coming week. By doing this I am now able to prepare healthy meals during the week when I am short on time, sometimes in as little as 15 minutes! Now I always have food that is available and ready for me to grab, which has become a lifesaver for me. This company was able to provide a service to me that solves a problem that I currently had.

 

Most successful businesses start out by identifying their ideal customer’s pain point and validating that their product or service could solve their problem.

 

The best way to uncover your client’s pain points is by asking them, but first, you need to find them. Social media is a great place to start. Find out which social media channel your target audience hangs out the most in and socialize with them and get to know them. You should find out what their biggest challenges are and then find and offer a solution to it, or if you already have an existing idea you should validate it to determine if it is viable or not, surveys, for example, is great for this.

 

You can also search or participate in forums that relate to the audience you are targeting. Very often, you can find good information within those forums or any comment sections of other sources such as blogs, or reviews on popular sites like amazon. Just do your homework and validate your idea first and make sure you understand who your perfect client is. You do not want to get into business with a blindfold on and just hope that things will work out. That is not the smart way of getting into business.

 

2.WHO will your products or services benefit the most

 

Your products or services should attract a niche market or a specific type of audience. Period.

 

This is something that is very important to understand before you get into business. You should have a specific targeted audience who you will market for.

 

You cannot market to everyone, it defeats the purpose of connecting with your audience. When you are able to identify your target audience you will be able to talk to them directly, they, on the other hand, will feel as if you are reading their mind and they will feel more connected to you and more inclined to do business with you. When you are choosing your WHO in the equation you have to analyze who will benefit the most from using your products or services; whether it be gender specific, or a certain age range you can go as detailed as you want in this area. Generally the more detailed you can get the better results you will have.    

 

3. WHY your target market should buy from you

 

What differentiates you from your competitors?

 

Whether it be quality, price, promptness, customer service, design — there are countless ways you can differentiate yourself from everybody else.

 

Choose that thing that differentiates you from the rest and be exceptional at it. It is very hard to be great at everything, so choose the one thing that will set you apart and rock it. You will gain an audience that values that specific thing that sets you apart and this is enough to sustain a very successful business. Many people have it wrong in this area, thinking that they must be great at every single thing in their business right from get-go. But the problem is when you try to do this it makes it very difficult for you to shine in one area. Sure if you have the income stream to hire a full staff to help handle specific areas then this is another story. But when you are just starting out or on the beginning phases of your business then your priority becomes business growth and making sure that your business is sustainable. Therefore, you would stick to the things that will make the most sense in your business and use it as a tool to grow your business to the point where you are then able to offer more and promise more.

 

By taking the time to analyze and understand your business from the beginning will save you many headaches down the road. Having a clear vision from the start will set you up for success and will keep your business afloat, specifically during the tough start-up phase.

 

Many people jump into business without putting much thought into the specifics that must be acknowledged before jumping in. For example, if you have no idea who you’re even talking to, then you don’t even know if they care about what you sell or have to offer in the first place — thus increasing your rate of failure exponentially, you will spend big bucks on your marketing efforts with nothing to account for it.  

 

When you understand your target audience you are able to speak to them directly. If you aren’t able to talk to your target audience directly in a language that they understand, well guess what? They will not hear you!

 

If your marketing efforts are generic, then guess what? They will not hear you!

 

If you want their attention you will need to talk specifically to them in a language that they understand about the things they need and problems they are facing. You can’t just talk to anyone about the things you need to sell, quite frankly nobody cares about what you need to sell. You have to talk to them about the things they want or need to buy. Do you understand the difference here?

 

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