Identifying the below seven keys factors will help you discover what business you really want to develop and which you want to ignore.
- Identify your core values.
- Create a life design.
- Identify your target audience.
- Choose your flagship product and service.
- Discover your bar to entry.
- Decide if you want to serve your audience virtually, from a brick and mortar, or both.
- Evaluate the pros and cons of going forward with your business concept.
Your core values are principles that guide your internal conduct as well as your relationships with the external world. It is how you judge what is right and what is wrong. All of your decision, subconscious or conscious are weighed against your core values. Whether you listen to them is another subject.
When your core values are violated you become defensive, upset, annoyed or unsettled. When your core values are honored, you are more at peace, happier, and confident. Identify your core values first, then you will be able to make decisions with more clarity and confidence.
Ideally, we want our businesses to accommodate our lives. But if you don’t know what you want your life to be, how is your business supposed to accommodate it. Get to know the details of your future life. Allow yourself to dream and really open up. Be honest with yourself. Be detailed. Otherwise, you’ll find yourself running a business that fits the habits you’ve learned while working a job. How fun is that?
Your target audience is the one person you will speak to in your marketing. It is the one person you will serve. You’ll need to know her demographics, likes and dislikes, preferences and mood. The more you know about the one person you choose to serve, the easier it is to create copy, products, services, and offerings that will resonate deeply with their beliefs and needs. Once your target audience knows, loves, and trusts you, they will choose you over any other less expensive and flashy offer any day. You will have their loyalty.
Start speaking to your target audience early. Even if you don’t have a product or service yet. You want your audience to eagerly await your voice, advice, and offerings. Talk to them about what is important to them.
Flagship products and services are your main offering or signature offer. Done right, flagship products and services can help you establish you and your business as specialists and not generalist. Remember specialist are brain surgeons. Brain surgeons have fewer patients, but they are paid very well and much better than a generalist. Generalists are your primary care physicians. They service a broader patient list, but are generally paid less and have to work harder. You want to be a specialist.
BAR TO ENTRY
Bar to entry basically describes the minimum requirements to establish your business. What are the time and financial investment necessary for success? What are the regulatory requirements to be legal? For instance, operate as a successful attorney in your own law firm, you need to pass the bar exam and be licensed in the state in which you operate. To pass the bar, you’ll need your bachelors and masters degrees specifically focused on law.
E-COMMERCE, BRICK AND MORTAR, OR BOTH
At some point, you’ll need to decide how and where you’ll offer and deliver your products and services. You need to also consider your personality, mental health, and physical needs. Make sure that you are able to deliver your offering to your audience in a way that will not mentally or physically hurt you. Small business ownership is a huge stressor. You’ll need to keep yourself healthy and strong if you are going to be successful. Of course, you want to keep your target audience in mind. But remember, if you are having a problem delivering your offering, your business will not be sustainable. Your customers will go elsewhere.
EVALUATING PROS AND CONS
Once you decide on a business idea, you’ll need to evaluate the pros and cons. This helps you look at your idea from a broader view and recognize obstacles and rewards that weren’t identified from a narrower view.
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Music: Sample of "Butter Angels" performed by Ethan "Mobius" Gist; https://soundcloud.com/mo_bius
Host By: Rolande S. Sumner, Owner & Founder of Life After Service Transitional Coaching LLC