1. Clearly define your “why.” Contrary to what you may have heard from others or witnessed on social media, entrepreneurship is a lot of work. To start a business and be your own boss requires a specific set of skills that you may not have developed before. Many business owners spend countless hours thinking of ideas, putting systems in place, and developing their product or service without compensation. It can be task that has lots of delayed gratification before you start to see the fruits of your labor. I say all of this not to discourage you from starting a business but to emphasize the importance of knowing why you want to do it. If the sole reason you want to start a business is have the ability to quit your day job or not have to answer to a boss then you may want to think twice. Make sure you know exactly why you want to start your business. Knowing your why will help you push through the less glamorous parts of entrepreneurship and help you develop the resilience needed to push through the tough times.
2. Clarify what your business does. Knowing why you want to start a business is helpful, but if you ever want your business to be profitable you must also articulate what your business does. Customers like clarity. Do you sell certain products? If so, make it crystal clear what those products are and why they would be helpful. Does your business provide a service? If so, make it clear what that service is and who it is for. If you are too vague about what your business does people can get confused which can make them hesitant to trust you or buy from you. Clarify your business’s purpose and make that very apparent to your potential customers or clients.
3. Differentiate your business from others. Unless you are inventing something completely new, chances are there is another business or website that does something similar to what you do. Just because you don’t personally know of these businesses, does not mean they don’t exist. Get your google on. Search and do research. Make of list. Figure out what these businesses do well that you’d like to emulate. Pinpoint what you want to do differently that could make you standout. Do you want to cater to a certain market? Will you offer more affordable services? Do you have additional products or better products for customers to choose from? Do you have skills in a certain area that you can leverage in a new way to increase appeal? Make it clear to your potential customers why they should choose to do business with you over someone else.
4. Identify your target audience & market to them. Figure out your target audience. What type of people would most benefit from your service or product? Is it for adults or kids? For educated young professionals or middle-class Americans? Many people try to appeal to everyone and end up being attractive to no one. Describe your ideal customer. Write down 20 characteristics about the kind of person who would buy your product or most benefit from it. Once you know what kind of customer you are looking for, market to them. Figure out where they go, what websites they frequent, and what social media platforms they use. Market to them there. You can have the best product in the world, but if no one knows you exist it won’t matter. Part of being a success entrepreneur is learning how to sell yourself and market yourself to your ideal customer.