Our Number 1 Top Tip For Starting Your Own Business
When it comes to starting your own business many entrepreneurs make the mistake of starting by creating a product that they want, or think is cool without doing many markets or consumer research. This is a big mistake and it can be very costly as it has led many entrepreneurs to spend a lot of time, energy and money trying to drive demand for an unwanted product. Taking this path to start your own business can be extremely tiresome and wasteful because entrepreneurs will lose a lot of money along the way without proper research and planning. They tend to be experiencing higher rates of failure because creating a product, trying to carve out a new market for it and driving demand for that product is not only very expensive but also poses a high risk. This tends to be especially true if you have to spend extra time educating potential customers about your new product and why they need it in their life when they did not before. It can be very time-consuming and oftentimes with new products and markets the client might not feel the pain point strongly enough in their lives to spend money on your product to deal with it.
The right way to start a business: Align what you have with the audience’s needs
Do your research and find a pre-existing audience with interests, needs and pain points that you can design a product around those parameters. Then use this information to give them the product they want. Making this change can be the difference between a failed business and a successful business so know your audience inside and out, know what they want and don't want, and deliver what they expect or beyond at the right price for them. Remember that when it comes to running a successful business the right product, to the right people at the right time, and at the right price is the perfect marketing mix. Customers will not buy products if they do not suit their lifestyle, if they are not available at the time and if they are not the right price for that product and target market. For example, it would not be the best business decision to market $200 swimsuits to lower-income customer segments living in Canada in December. Business Is a simple game, so keep it as simple as that, no need to overcomplicate it.
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Credit to Money, People, Deal by Stefan Aarnio for source information.