5 Keys to Small Business Success
Why do some small businesses fail while others make it big? While it is impossible to avoid all small business mistakes there are 5 important things to do to put you on the fast track to success.
Determine How You are Helping Others
How does your product or service help society? Do you save time, money, lives? Do you make life more entertaining, fulfilling or enjoyable? Do you help protect people from adversity or make them more lovable? Can you grow their self-esteem or help them achieve greatness?
Calculate How Many People You Need to Be Profitable
How big is your market? Do you have a niche? Remember that the more defined the market the easier it is to speak to them, but you will also want to scale to grow. Scaling and growing cost money so consider your budget.
What Can You Do Differently Than The Competition
How are you going to be different from any competitor? Rather than offering blue widgets instead of red, think about a real point of difference. Go back to step one and figure out the problem you are really solving and determine how you can do it better than anyone else. Can you find 2 areas where you help like saving time and money or providing entertainment and promising success?
Find a Market That is Easy to Reach Yet Uncrowded
80 year olds don’t use social media as much as teens so you will need to reach them by print ads or direct mail which is more expensive. On the other hand if you are trying to reach teens on Instagram it can be a very crowded ad space and thus time consuming to reach them. What is the cost of promoting your product to your ideal customer?
Speak to Your Target Market
How can you engage with your ideal customer? Do they need a friend, a business idea, a solution to a problem, a laugh, a way to get out of debt? Really understand your target market and what they need. Talk to them, ask questions, understand them like a friend. Then give them massive value over and over again.
Once you have determined the value you are providing and the market you are serving, you can be off to the races and really help this customer. You will want to truly understand them, speak to them and solve their problems. If you do this effectively you will almost be guaranteed success.
