Many people start out looking for a great new idea that will take the world by storm. Some are lucky and find one, most don’t! Others try to copy an idea that is already out there or try to go one better. And I’ve lost track of the number of people I have seen who think they can run a business better than the professionals – when they have no understanding of the busines they are embarking on, or any other business for that matter!
So, how do you get started?
One of the best ways is to identify your key skills, things you are very good at and have a passion about. Enthusiasm is contagious and people will readily see that you really understand your business. Try to combine your skills in unique ways in order to differentiate yourself from others in your market. Think about specialising in a particular theme or product range, or cater for a readily identified group of people.
The most important thing is to identify your market and their specific needs. Trying to be all things to all people rarely works. people are usually motivated either towards pleasure or away from pain, so look for ways you can help them to achieve either of those objectives.
Listen to the problems people complain about, perhaps you can come up with a solution. Find out about their hopes, dreams and ambitions and see if you can help them to get what they want. the person who can help others the most will usually be successful in business.
The worst kind of business is the ‘Me Too!’ business. Often a pale imitation of a successful venture. If you must enter an already competitive arena, set out to be the very best. Far too often I see someone start up in a business with established competition and think they will take the business just by being cheaper. It rarely works! Yes, discount stores have been very successful, but they usually need massive resources to do so.
Do your research carefully and establish your own niche and your own reputation. Make sure you are meeting a genuine need and that there are enough potential customers to build a viable business.