Best piece of advice I ever heard, "Life is too short to build something no one wants!"
Starting a business is exciting. Imagine, you are going to be doing something you love; something that you created!
While starting a business is exciting, you must take care not to get lost in all of the excitement, so much so, that you fail to come out of dreamland long enough to focus in on reality, taking the time to assess and analyze whether or not your idea is viable and can be turned into a sustainable business.
No more excuses. There's so much information out there that can help you. Take your time...do your research.
Here's a few basic tips that can help you make sure that you are not launching too soon or launching a lemon:
Are You Ready To Be A Business Owner? You've read the statistics, but in case you haven't, here you go...Businesses that fail generally fail within the first five years. Why? Because the business owner failed to understand the importance of operating within a business owner mindset. Sure, as I mentioned earlier, starting and owning your own business can be exciting, but being a business owner can also be stressful, confusing and frustrating. Business owners, especially in the start up phase, must be focused, dedicated and must be willing to invest, not only finances, but you must be willing to invest time and energy.
Be honest with yourself. There is no rush on your dreams. It's okay if you come to the conclusion that you are not ready, you can certainly get ready. If your idea is a fabulous as you believe it to be, you owe it to your idea, your future and potential buyers and yourself to prepare yourself so you can be your best business self.
Who Needs Your Product/Service? What are you bringing to the market? What customer need, issue, problem or want are your products and services a solution for? No matter how great the idea you have may sound to you, the truth lies in whether or not there are enough people -- your target market/ideal clients -- who will see the value in what you offer and will pay you money in exchange for your products or services.
Who's Already Out There Doing It? There's an old saying, "There's nothing new under the sun!", well, that's never been more true than in today's market. Today, right at the fingertips of just about every human on the planet, is the ability to tap a few keys and woolah...you can find 300,000+ businesses, all that provide the same products and services! Take your time to know for sure whether or not your industry or market is saturated. See who's out there doing what you want to do. Those are your competitors. Do not be afraid to check out your competitors. See how they're doing. What are they offering? What's their marketing style and campaigns look like? Keep in mind, you have to bring to the industry your own level of creativity, but you should always stay aware of what your competition is doing.
Please Note: Don't just look at who's currently doing what you want to do, this is where research comes in handy...find out who's doing it and doing it well. Also, check out who's not performing well in the market and why? This information can hold plenty of value that can help you in your business, either right now or down the line. The information you find can give insight into possible bumps in the road that your business needs to be aware of.
Know The Value Of What You Bring To The Market. If no one is buying from you that generally means that no one sees the value in what you bring. When a business owner is sure of the value they bring to the market, those business owners are better able to create targeted sales and marketing messaging that speaks directly to their audience's needs. You cannot be afraid to speak directly to the needs of your potential buyers, no matter how sensitive their needs may be. This is where compassion filled content creation comes in very handy. You must be able to create content that is direct, focuses on the needs of your potential buyers and boldly drives home the message that your products or services are the solution; the ONLY solution they need.
How Do You Know If Your Audience Values Your Products and Services? You ask them! A couple of great ways to find out what your customers think about what you are providing:
- You can post direct questions on social media.
- You can create an online survey
- You can host focus groups.
Finally, Do Not Be Afraid To Get Help!!!!
I get it, you created the business, surely you can figure out how to get your idea into solution focused products and services, then to market. Well, most times, that is the biggest obstacle that business owners face, believing that they do not need help. Save yourself some time and frustration, do not be afraid to reach out for help. Whether you choose workshops, online support or one-to-one business coaching, know that there is value in aligning yourself with the right experts who can help keep you moving forward in your business.
Good luck on your business building journey.