Many people struggle with finding just the right business idea to pursue. The idea IS important, particularly for businesses requiring large investment, but I’d say that it’s what you do with the idea that matters most.
- Just because you want to open an Italian restaurant and some Italian restaurants can do very well, doesn’t mean your Italian restaurant will be hit.
- You may want to sell ebooks to homeschoolers because you see other people selling them, but demand doesn’t necessarily equal success.
- A lot of people use a personal trainer, but deciding to offer your services as one, may not translate into more clients than you can handle.
Not to put a damper on your business plans, of course. The point is, it doesn’t matter what your business does as long as you stand out from the crowd and connect with a healthy supply of target customers.
If you’re looking for business ideas, go here.
But if you’re looking to attract the right kind of people to your offers, differentiate and brand your business.
Now this may start to sound like a basic Business 101 lesson, but you’d be amazed at how many people don’t do this or don’t go far enough with it.
Target Market: It all begins with a deep (really deep) analysis of your target market. Who are they (age, sex, income, career, family status, etc.), but more importantly, what are their beliefs, fears, needs. What makes them tick?
Unique Selling Position (USP): Here’s where people really struggle. They come up with ideas on what makes their business appealing, but not necessarily what makes it unique. In other words: What makes your target market want to come to you, instead of your competitor?
What you discover in those 2 exercises should be a part of every aspect of your business from your products and service to your sales copy and communications.
After all, we can all set up dog-walking businesses, but those who differentiate will get the fiercely loyal clients. A dog walker who also trains pets, can reach a clientele of extremely busy people who might be struggling with a naughty pet. Or perhaps, a dog walker who offers grooming services to posh pets will reach another clientele. If you can successfully reach a specific area of your target market that readily spend money and your competitors ignore, you’ve got it made.
