The Gear Stick

I remember when I was learning how to drive and the thought of changing gears used to fill me with dread. I prayed to God that the traffic lights will always be green so I could avoid the notorious biting-point when moving on. Oh the pain of learning how to drive! I was so elated when I passed my driving test. Guess what! I was also quick to forget my driving fear, the neck pain and throbbing headaches from concentrating so hard.

How do I go from Gear One to Six? 

Getting the kids ready to go back to school today got me thinking of why I need to change my business gear too.  Every now and then I get restless with my business goals and it is always an indication that I need to do more to grow my business.

Lately it seems I have been stuck in gear three for a while, business is not slow but my speed is limited to a certain level on the speedometer. You might be familiar with this – getting enough clients to keep you motivated but not enough to stretch you. I had my reasons for travelling at that speed, one being family commitments but that excuse is fading fast  as my little one starts school this week.

My driving instructor once told me that if I keep travelling in gears 1,2 and 3 only, I will do some damage to my car. The same goes for any business stuck in slow.  So I got my pen and paper out to consider what I need to do to raise the bar and travel in gear six. After all there is no way I can travel in gear six if I move at 20mph.

If I want to grow my business and make it as big as it can be, I better get ready to travel fast.  So as I write my list, I will implore you to do the same.

So what controls do you need to put in place to grow your business?

  • Do you need to wake up a bit earlier in the morning or add more hours at night?
  • Watch less TV?
  • Reduce the number of personal phone calls you answer during the day?
  • Read more books or publications about your industry?
  • Get qualified or training?
  • Take your to-do-list seriously?
  • Find a mentor, a consultant or someone you can share your ideas and brainstorm?
  • Exercise more to be fitter so you can think better?

If your business is stalling because you are stuck in gear one, isn’t it time you change gear so you can accelerate and reach your destination faster?  It is going to be a gradual process to travel at 80mph and beyond. But first thing is to gain control of your vehicle so you can at least increase your speed.  Once you can establish how to do that, then press down those pedals and change that gear stick. It is amazing how the car/business responds to that.

That is my plan for the next few months. I am going to get my head down and improve my business systems so I am more effective and efficient thereby producing more profitable results.  I hope you do the same and if you have other ideas of how we can accelerate to 100mph, do share.

If you need help with your business start-up or development, I can help you make sense of your ideas with my Business Brainstorming Sessions and other services.  Get in touch for more details.

I wish you good success.

Temi Koleowo

www.businessfirststeps.co.uk

Photos by runrunrun and buryosiol

The Silent Treatment

Prospects giving you the silent treatment lately?  I know how you feel as we all get that sometimes.  You draft the perfect email or rehearse your sales pitch for when you make the call and afterwards silence!!

You may even just be starting out in business and everyone is excited about the new idea. Then suddenly everything stops as apprehension and uncertainly sets in; now you consider if sales will match up to expectation.  Even big companies’ experiences the “silent treatment” so do not think it is peculiar to your business alone.

There is a pressure free way to re-establish communication when your prospects give you the “cold shoulder”.

  • So what can you do to bring negotiation back to the table?
  • So what to do when you get the ‘silent treatment’ from a prospective client, after all everything was going on fine and the deal was almost in the bag then nothing?

Hanging on to Hope

We all get caught up in trying to make a sale because all our hopes and desires are caught up in getting that deal signed. Before you start barging your prospects with emails and phone calls, it is wise to find out what brought about the silence.

When we consider our products and services and how to make a sale, we play out the outcome in our minds and fail to see an alternative route.  In an ideal world this should just happen but it is never so.  If our prospect then fails to act according to our expectations, confusion and frustration sets in and we may even feel betrayed, after all you spent time and money trying to make that sale.

So What Can We Do to Reconnect with Silent Clients?

Well a good way to solve the mystery of the ‘silent treatment’ is to properly diagnose the problem. You may huff and puff right here and say “if someone is unwilling to get in touch, how would I know their thoughts”.  Well, first things first; let go of the sale pressure in your communication with the unyielding client.

This scenario happened to me recently when I was chasing a prospective client. After much ado, I decided to ask “how can I help with your business” rather than the usual talk about my business offerings.  Luckily he was quick to point out where he was struggling and I was able to offer my assistance and the sale was done!

So simply put – when you get the cold shoulder, don’t despair, try to find out an alternative route and rectify the problem.

Sales confidence is an important aspect of business and if your prospects are not responding to your sales tactics this can dent your confidence and seriously affect your business.  You may blame yourself for a bad pitch, poor materials or ineffective emails strategies.  The truth may be the prospective client just doesn’t need what you sell right now.

Gain Focus – if you know what your prospects want, you can focus on what to offer them. Research can help you accomplish this and let go of some of those prospects you have been targeting for a while.  Letting go gives you time to go in search of prospects that are a better fit for your business.  Now you will start working efficiently and spend less time with dead-end prospects.

Know the Truth – once you are able to identify your prospects ‘pain’ and ‘truth’, you let go of what I call “stress of the unknown”.   You can let go of those open-ended conversations or emails that lead to nowhere.  I should mention though that some prospects might need you in the future but so don’t burn all your bridges.

The more relaxed we are with our potential clients, the easier and more open they will be with you which helps you identify their needs.

Reconnect with ‘Silent Clients’

Get in touch, preferably call them and let them know there is no sales pressure behind your call.  Ask them for feedback about your website, your products or services, your emails or newsletter.  Let them know how much you value their feedback.  Stress the important of their views being an essential part of your business growth to help you improve your services.

If you go about the silent treatment this way, you may be pleasantly surprised at your clients’ responses.  You get a better perspective of their ‘why’ and you will stop being frustrated and increase your productivity.

Business First Steps is passionate about business start-up and development.  Our brainstorming sessions at intervals to suit you will help you gain a new perspective of your business goals and objectives.  Each session is unique to you and your business and personalised to address your own needs with solutions that work and grow your business.  From start-up to up-and-running businesses, we care for them all.

Why Hiring a Consultant is Essential for Business Growth

A lot of people with a business start-up plan would benefit from hiring a business consultant for a number of reasons. While many would-be entrepreneurs would go without this service to save money, it may actually cost them more in the end. Going without the consulting service doesn’t mean that the company will fail; it might just not perform as well as hoped.

The Benefits of a Consultant

If you have a business start-up in mind, there are some very good reasons why you should consider hiring a consultant before you get too deep in the planning process and completely miss your way.

A business consultant has a wide range of expertise in the entrepreneurial field these include:

  • Writing business plans
  • Assistance with loan or grant proposals
  • Company registration and licensing
  • Writing realistic marketing goals and even with creating a good budget
  • Support and assistance along the way

These are a wide range of details that are all very important in the life of a business. If you don’t understand each of them, the consultant will explain the intricate details to you. They will also help you with the completion of these tasks to start your business.

If you may have already created a business and marketing plan, a consultant can review your plan to ensure it is realistic and will lead to a viable business.  The Business consultant will also look at your ideas and plans to see if anything is missing. It is so easy to miss out on very important start-up tasks but these consultants have been trained to spot these things.

Start on the Right Path to Success

Starting a business is not an easy task, it takes a lot of dedication to develop a business idea and put the plan into action. That is why many people have ideas they carry around for many years without starting out.

There is also the post start-up tasks which include marketing and every day business activities to consider. The business consultant will lead you through these steps to understanding what it takes to start successfully. They will also discuss with you the use of any partners, joint ventures or employees if you are considering moving in that direction. Many individuals start off hiring staff and acquiring premises when this could be delayed and financial burden reduced. The professional consultant will let you know what is necessary or not for your business.

Other than these benefits of talking to a consultant, there are other areas that they can help you with. They can assist you with sales strategies, choosing marketing methods, cutting down on expenses, improving customer service, improving the product, seeing potential problems in the business model, and dozens of other tasks. These are all essential aspects to consider when running a business that not only survives but thrives.

When you, as an entrepreneur, go to a business consultant for assistance, it is possibly the best thing that you can do for your own success. It does cost money to review your business with a consultant and to obtain assistance with it. However, this will pay off in the end. Spending this money will make you more money as a result because you will understand how to make your business a better one. You will be able to control your costs and budget your expenses to a higher level. You will learn how to spot problems before they become too big to repair.
Business Consulting does not stop at start-up, it runs through the life of a business and those who cherish business success make use of the skill religiously.
These are all benefits of hiring a licenses consultant to assist you with your business start-up and they are all essential to the success of your company.

Business First Steps provides brainstorming sessions for start-up and existing businesses.  They help businesses focus on the right way forward, set and achieve realistic business goals.

Till next time, keep surging forward….Temi.

Are You Breaking The Rules?

We all have rules we live by most of which are unwritten rules, the same principle applies in business.  We start out with ambitious business strategies to take the world by storm.  We put most of this information down in a business plan and edit as we go.  But do we actually look back after a while and ask ourselves “is it time to change the rules”?

Business development needs flexibility.  The world economics is always changing and sometimes we can be stuck with business ideas and plans that work against us.  Even though our business requires structure, we need to adapt a flexibility mode as we grow.

Tip: Do not cast your business rules in stone rather be open-minded about the endless possibilities of your business idea. 

For example: If you set out to meet the needs of mothers with young kids and you get more enquiries from fathers with young kids, you need to ask yourself if it is time to change the rules.

Emotions can get in the way of your business idea, so be careful how you analyze your aims and objectives.   Yes, I know your business dream is to always meet the needs of moms with young kids but if the market doesn’t make that demand on you, you might need to change the rules.

I started out with Business First Steps from a very different platform.  I have an idea of what I wanted to do, but could not grasp the full picture at the time. As I progressed in business, I found out soon enough that some rules had to be broken. Yes my ideas in the beginning seemed great, but holding on to them will do my business more harm than good.  Emotions had to give way to common sense and good reasoning for my business to grow.

Action Plan:

If you have your business aims and objectives written down, now is a good time to revisit them and align them with the reality of your business operations.

If your aim and objectives are in your head, please take time out this month to write them down and post them somewhere conspicuous so you can see them every day.  This will help your business tremendously as you will know when it is time to change the rules.

I wish you good success

Temi Koleowo

www.businessfirststeps.co.uk

Business Tools and Brainstorming sessions for Business Start-up, Development and Growth.

Photo courtesy of iamwahid sxc.hu

Waiting for the Perfect Moment

I love this quote as it resonates with me in every way.  As someone with a melancholic personality, I tend to want everything to be perfect before I make a move.  Years gone by I wanted the perfect business plan, perfect location, perfect set-up etc before I could even consider launching a business. But when I started out in business, I was quick to realise that if I stay in the place of “wanting to be perfect”, I will lose my place in the queue.  Guess what? Someone, somewhere will surely come and take my place soon enough, then the idea I thought was going to be perfect will now be common!

Sometimes we need to start from where we are at so we can grow as we gain more experience.   I am not advising anyone to go out and start a business without adequate research, planning and good business advice.  But some of us just refuse to set out of the boat to check if the water is tepid or cold!

  • What business idea have you  been thinking about?
  • What expansion plans do you have for your existing business?
  • If you were going to take the first step what will it be?
  • Can talking to someone else about it help you put things in the right perspective?

One of the actions that helped me when I started out in business is getting my idea out there into the open by telling people (trustworthy ones) about what I want to do. Once it gets out there, you are somewhat committing yourself to act and do something about that idea.  You can bet the people you told will be asking you about that idea and what you are doing with it.  A few years down the line, I still follow the same process in developing new ideas for my business. This is where a business mentor or even a business consultant’s help can come in handy, it might be worth investing in one.

Write It Down, Make It Plain

You should also commit to writing down your ideas, invest in a journal or a notebook. Date your entries so you can look back over time to see how far you have come.  Write the inspirational information down as it comes to you and do not worry about format or frequency.  You can also create a mind map for yourself, with you in the middle and the potential of your ideas branching out from you like a spider web.

Take Small Steady Action

Developing an idea needs action on your part, ‘thinking it’ cannot make things happen.  There is room to daydream but you now need to progress from that place to the next room of ‘taking action’ to realise your dream.  Start a to-do-list of what you want to do with your idea. Do not develop long term goals just now as you might find it overwhelming.  Begin the process with a weekly plan, then monthly, six months, one year etc.

Go online and research the prospects of your idea/passion using various related keywords.  Check out your competitors and even patronise them if you can afford to and think of how you can differentiate your idea. Create a folder for the information you gather online/offline and bookmark useful websites.

Remember the journey of a thousand miles begins with one step.  If you already run a business, what are your ideas for expansion?  Starter? What ‘Business First Step’ are you going to take to develop that passion/idea lying dormant within you?

I wish you great success

Temi Koleowo

Business First Steps offers a FREE exploration session in addition to business start-up packages, eCourses, eBooks, business start-up one2one program, brainstorming sessions and other services.  We are passionate about developing new and existing SMEs and will love to be a part of your success story.

Photo culled from Shoreline Neighbours FB page.

Defining Your Sales Funnel

In the hope of making a sale, we cast our net through various marketing strategies to capture eligible customers from the deep blue sea of customer curiosity.  Though the net is cast for a particular target market, you end up will all types of people in your net.  A natural selection process starts to take place depending on what you have on offer.  Some will stay with you a little longer because you have what they need. Whilst some will immediately exit your funnel because there is a better offer, they prefer their previous supplier or for something else. Luckily some will come back later when the need arises for your product or service.

You can’t meet the needs of every one that comes your way but you can either direct them somewhere else or introduce more products to meet the needs of your target market. So how do you capture the ones you want?  What do you give to entice your potential customers that visit your website or read your offline advert?  One great option is to define and create a good sales funnel.  A Sales Funnel helps you pass customers succesffully through your sales process so you can generate sales over a long period of time and also gain repeat purchase.

Create Awareness:

People need to know about what you offer before they can patronise you. This can be through email marketing, flyers, social media etc.  So what have you got in your bag of tricks that you can offer them for FREE or as a taster?  When you advertise your website/shop to potential customers; entice them with free offers so they can get a taste of what your business is about. E.g. a complimentary 30 minutes session as a wedding planner. Make sure your free product or service is high value and good quality too. Remember you are introducing the strength of your business by this offer.

Generate Interest:

We all have unanswered questions in our lives and the businesses that excel are the ones that are able to provide answers to our questions or meet our needs.  So is your business generating interest from potential customers?  Re-evaluate your marketing strategy and ask yourself if you are feeding the curiosity of people who come through your sales funnel.

Give Intent:

Help them see a good outcome when they purchase your product or service by selling the benefits and results to them even before they buy it.  . Do you identify with the pain of your potential customers?  E.g. As a personal stylist, what will be the greatest need of your customers? Highlight those benefits on your website as the antidote for their pain.

Finally a Purchase:

Your ultimate goal is to gain a customer through the purchase of your products or services over time.  For example Asda and Tesco have very large sales funnels.  Once you enter the shop, they provide the means to meet many of your needs – food items, electrical items, furniture etc. Think of your target audience and consider the products and services you can add to your offering to ensure they patronise you for longer period of time.  If you can successfully get your customers to pass through your sales funnel then that is a job well done.

Business First Steps Sales Funnel Workbook and Action Plan is coming out soon.  This workbook will help you identify the needs of your customers and create a wide range of products and services to meet those needs and also create passive income for your business.

I wish you good success

Temi

www.businessfirststeps.co.uk Affordable and personalised services for your business start-up and development.

Photos from Martinandmatthew.com and ngould sxc.hu

The Potential of your Passion

Ideas are a dime a dozen!! Yes that may be true, but I also believe that what makes an idea unique is the person driving it forward.  Two people can set off from similar or same business idea paths and end up in two completely different destinations.  The determining factor is the passion, personality and fortitude of the person who holds the potential of the idea in his/her hand.

The Old Vs The New      

I was browsing the internet recently when I came across this simple and lovely idea of fruit delivery to offices http://www.fruitfortheoffice.co.uk/.   Now I don’t know the owner of the business but I read the story of how the business came about and I was well impressed.  What separates this business from the fruit stall at the corner of your office block is the boldness and audacity of one business owner to flow with changing times.

We all remember the fruit stalls that are usually situated at the entrance to the train station.  On a good day when you get out of your house early enough, you stop by to get some fruit so you can fulfil part of your 5-a-day intake.   The stall owner’s luck changes when the weather is not so favourable.  You hurry by to get to the safe haven of the four walls of your office; bad weather equals loss of sales to the fruit stall owner.

So when someone like Fruit for the Office comes along, I doubt if you will stop by the train station any longer when fresh fruit is now waiting for you in the office – most likely provided by your employer.

Use your Creative Juices

The same brainwave can happen to your business idea if you take time to research what you have, what you know and what you can offer.  Your passion or business idea has the potential to grow if you are willing to do the ground work and build a solid foundation for it to stand upon. Don’t just look at what has been done, think of the potential of what can be.

Start With Questions

What have you been musing about all this while?

What idea has been bugging you for weeks without end?

Is it time to give that idea life?

There are many routes to develop your business idea but the first step is to own it and identify its potential.  Take some time out and consider what you can do with the ideas floating in your head.

What is your idea? Who is it for? Why do they need it? How will it work? Where can they buy it? When can you launch it? These are some of the questions you should consider before you set off on your business path.

Research plays a key factor in the idea development stage. Once you identify and test the potential of your idea, then give it LIFE with a business plan.

Business First Steps is passionate about defining passion, developing viable business ideas and business start.  Stop by at www.businessfirststeps.co.uk we will love to help you bring your business idea to life.  Our workshops to help you discover your passion and develop your business ideas are coming soon.

Regards,

Temi

Photos courtesy of sxc.hu Michaelaw and Svile001.

How to Start a Business Based on Passion

Many ambitious people think of starting a business at some point in their lives, but their approach determines whether their idea will succeed or fail.  If you are looking to start a business, there are a few proven steps that are essential to your business start-up.

Find your Passion

To start a successful venture, the first step is to determine what you are good at, what drives you and what is your passion.  I always say this to my family, friends and clients – “passion will keep you going when profit is not flowing.”  You need to love something enough to be able to dedicate time and effort to it. You can use your life experiences, education and skills to transform your idea into reality.  Just imagine doing what you love every working day of your life – it stops being a chore and become a lifestyle.  Some of us have peculiar gifts which will yield great fulfilment if developed and enhanced the right way.

What Do You Want From Your Passion?

Once you have been able to explore and discover your passion, you need to determine what you want from it. You must remember that not all ideas or passion are viable.  We are referring to finding fulfilment first and not necessarily turning your passion into profit.  Some people just want to help others achieve their dreams or live better lives.  Some love to impart skills or build systems that make things work better.  There are millions of ideas you can explore if you are true to your passion and strengths.

  1. Non-Profit Making Passion

Money makes the world go round and we need money to pay the bills.  So if your passion is not a profit-making business, do not despair – just don’t quit your day job.  There are many ways you can find fulfilment doing what you love and keep your  regular job.  You just need to find the right balance and sync the two to work together effectively.  If you need to dedicate a few hours in the evening twice a week towards your passion, then so be it, as long as other parts of your life do not suffer for it.  I believe if we love something enough, we will make time for it in our lives.

  1. Profit Making Passion

On the other hand if you want to earn an income from your passion, you will need to take a different route.  You should first settle in your mind that you have the skills and knowledge to run a business. Running a business is not a leisure activity and you must be prepared for the journey. Ask your family and friends to evaluate your strengths and weaknesses.  Make a list of the skills and entrepreneurial traits that your business requires.  Then list the ones you already have, the ones you can develop and where you need someone else’s input to compliment your weaknesses.

What Do You Have?

So now you know you enjoy making hair accessories or providing answers to life’s questions.  The next thing you need to do is to think of how to package that passion into a product or service.  What is out there and how can you make your product or service different from others? This can unlock the key to your uniqueness and a niche market. Sometimes the difference in your products can be your customer service, packaging, a little bit extra or the additional accessory that creates a completely new market.  You need to explore the possibilities of your products and services through research and by talking to people to find out what needs are not being met.  The best way to start is to use your competitors as a guideline to discover the missing pieces or gap in the market.

We all seek fulfilment one way or another but what better way to find fulfilment doing what you love and helping others too.  Enjoy the process and I wish you good success

Temi Koleowo

Business First Steps provides pre business start-up one-to-one sessions and workshops on How to Define your Passion and How to Develop Business Ideas.  The sessions and workshops help you discover what you love and enjoy and help you start your own business stress-free and totally motivated.  Visit the website at www.businessfirststeps.co.uk to find out more.

Click here for BFS April 2012 Newsletter and subscribe for future updates.

Photos courtesy of Lockheed & Tracynbran sxc.hu

Is Self Employment an Easier Option?

I must confess that working as an employee I never enjoyed waking up early. I played it by the ear until I started having babies and had to do school and nursery runs.  I developed a fine art of getting ready in little or no time at all, just because I had the morning blues (most days).  Well now I am self-employed and I am sure you will like to know if I get a lie in once in a while.  The answer is rarely, too many opportunities to maximise!!!

The Reality of Self Employment

A lot of us think of self-employment as an escape route from taking orders from a boss who towers over us and watches our every move.  We want to do our own thing, work at our own pace and in our own time.  With self-employment, you get very little ‘me’ time – especially at the early development stages.  In the first few years of starting your business, you have to work really hard to get it off the ground, build a trusting reputation and keep it afloat.  I strongly believe that starting a business is neither for the faint hearted nor the work-shy.  A new business will place unimaginable demands on you and most of these demands you cannot delegate as no one else knows the plan like you do. Even if you employ freelancers or consultants, you still need to drive the business forward because your reputation is at stake.  Remember input = output.

Do I Carry It All?

I contract some of my work out to freelancers when I get really busy but quality control is a very important aspect I need keep in check.  If my freelancer does a shoddy job, I can’t point fingers at anyone. To my client the work was done by Business First Steps and my reputation and quality of work is very important to me.  I have been burnt a few times and I do not intend to let that happen again.  So when contracting out make sure you get valid references, check their work and sign a proper agreement to cover amendments and cancellations.

Accept the Facts

If you are considering starting a business, you must be ready for the rigour of the first few years.  You will be climbing mountains and pulling yourself out of valleys sometimes. Accept the fact that there is hard work to get through to get the rewards business ownership offers.  There is going to be late nights and early morning rises, emotional highs, lows and in between moments.  Set your mind on the goal you want to achieve and get your priorities in order so your life is well-balanced.

Be Flexible

You also need to be flexible and know when to re-route and change direction. Your initial starting point might not be the best option after all. If you fail the first time but you know you are built for entrepreneurship,  don’t be discouraged, take a step back, recharge and try another route.  My pilgrimage to my present destination took me through a variety of business options including toner supplies – a far cry from where I am now.

Do not believe all the get rich quick gimmicks out there that claim you can make £100,000 in 30 days.  People that succeed legally will tell you how much effort they had to put into their business to get it to the stage it is currently at.

You will get some time off for good behaviour, but in the initial stages they may be far in-between.  So get your mind prepared for the journey ahead, get help where you can and start your journey rearing to go.

My advice is if you want to join the elite group of business owners, count the cost before you commit to that business.

At Business First Steps we can help you turn your start-up into a success!

Enjoy the process….Temi.

www.businessfirststeps.co.uk

Defining a Niche Market for your Business

Business can be a pleasure if we get things right from the start. One of the keys to being a successful business owner is the ability to identify an industry gap and your niche market.   I am sure a lot of us hear about niche markets all the time, internet marketers always advice – find your niche, know your niche!  So is all the hype really worth it?  Yes it is!

In this blog, I want to demystify how you can identify a niche for your business idea or improve on what you have.

The Wide Reach of the Web

The World Wide Web is just as it name implies, a web that collects all sort of information from all over the world.  Cyberspace is versatile and reaches the most remote parts of the earth.  So how do you compete with a business in Mongolia or another in Kenya?

You Find your Niche Market

When you decide to start out in business and if you are like me, ideas might come in drones and crowd your mind with so much information. They might overwhelm you and some people even quit at this stage…yes before they start!  The solution is not to quit but to start your quest by identifying the things that interest you.

If you are interested in motorcars, you may not be able to compete with the likes of Mercedes or Ford Motors. There is a likelihood that you can offer what customers are missing from the big competitors.  Even though they eat the cookies, there are bound to be some crumbs that may fall on the ground. Just imagine if you keep collecting the crumbs every time they get a cookie. Before you know it, you may have a cookie of your own!

Analyse Your Products and/or Services

What do you want to offer?  Is it an area you are very knowledgeable about?  Or is it something you can learn?  Your product may seem like a great idea to you, but will your customers feel the same way?

For example, your product may appeal to mothers but what kind of mothers will your products appeal to, mothers of toddlers, mothers of boys, mothers of teenagers or grandmothers?

Narrow Down your Search

Once you have been able to identify your market e.g. toys for toddler boys. You need to determine the keywords that describe your market.  You can now use the best keyword search facilities to identify how many people search for what you have to offer.  You may discover that there are many people looking specifically for what you have to offer but very little competition.  If the competition is low, you may have found your market.

Revamp a Product or Service

There might be a lot of competition for your proposed product or service, but don’t give up!  There might be nothing new under the sun (According to King Solomon of the bible) but there might be better ways of doing things.  Can your product compliment an existing one? Can you offer an extension of what is currently available?   You should study your competitors and think of how you can make your business unique.

Find the Right Description

When people ask about your business, develop a well thought out description of your niche market. For instance if you are a personal trainer, never introduce yourself as ‘just a trainer’. Introduce yourself as ‘a personal trainer with over 12 years experience of providing Thighs and Abs Training, specialist area being Abs and Thighs training for mothers who have had a C-Section’.    Now you bet people will pay attention! (this may be idea for someone out there).

Identifying a niche market for your business can help it stand out from your competitors.   Before you embark on your business there are other issues you will need to factor in as well. Using a niche market strategy in isolation may not guarantee business success.  But it will compliment your other efforts as you embark on developing your business concept.

Check out my brainstorming sessions – your virtual business partner when you need one.

I wish you good success.

Temi

www.businessfirststeps.co.uk

Photos courtesy of sxc.hu Spekulator and Lockheed.