Someone Has A Problem. It’s Your Job To Solve It.
At the heart of every business is someone providing a solution to someone else’s problem. Every business is built on this principle and how successfully you do this will determine whether your business succeeds or fails.
If you’re starting a new business, then you need to know exactly who your target market is, what their needs are and how you can fulfil those needs better than anyone else. And what that means is…
…research… research… research.
The key to your success will be understanding your customers, your market and how you adapt your product or service for that market. Only by doing this will you be able to meet the needs of your customers better than anyone else. So research your target market, research the product or service you intend to offer and research your competitors. Find out what makes them tick. What are they good at? What are they not so good at? How can you leverage this information to help you do better?
Obviously, the fewer competitors you have, then the greater the chance your business will succeed. But, equally important is solving the needs of your customers in a way that will position you as the supplier of choice.
The answer to their needs is the answer to your needs.
Getting all this right takes time and investment. But this is probably the most critical time for any business. If you don’t get this right, you could be wasting your time and your money. When formulating your business plan, you have to be certain that the market exists for your business and you can offer a best solution for the market’s needs. Once you’ve proven you can do that, your customers will come looking for you.
And unfortunately, if what you’re doing isn’t a solution, it will quickly turn into a problem. A challenge to advertise, a financial mess, and a lost battle on your customers heart.