Small Business Academy

22 Feb

2/23/2012

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Q: What do entrepreneurs do differently to make the best of the ensuing surge after a downturn?

The first thing entrepreneurs do differently is not to wait for the recovery surge! An economic down turn is a great gift to anyone who is looking for opportunities because it has a way of weeding out the fluff and defining our greatest needs. As it happens these needs tend to be basic and ongoing even in a strong economy. For the wise entrepreneur they take advantage of the moment and establish themselves in meeting the greatest need for the greatest amount of people. Not only does this build a customer base, it also builds brand loyalty. Think about it for a moment, who would you be the most loyal to? Someone who met your need only when times were good or someone who was there for you through the dark times as well?

I encourage you to give careful thought to these business success principles before you start your business.

1. Ask yourself what is the greatest need of my customers?

2. How can I meet that need better than anyone else is doing so far?

3. How can I serve the greatest number of people?

4 How will my product or service bring increase and benefit to the lives of my customers?

5. How can I do this right now?

One final thought, if you are always looking to best interest of your customer or client you can rest assured that financial success will follow. It is when businesses get greedy and self serving that puts them on the road to financial ruin. If you want to take full advantage of the recovery start now, don’t wait until it gets here! 

   Before you start make sure you have a high demand market for your product or service that is not adequately being met by others in your industry.

Identifying a potentially successful market niche begins with determining the emotional motivation of your customers or clients. Ask the following questions to clarify your niche market ideas and identify the ones that will be worth you time and effort to pursue and test. This simple test can save a tremendous amount of time and money. Here is how to get started. Ask yourself the four questions below when considering a niche market. If you get four yes’s then you have a good niche marketing idea and you should test it. If you don’t get all four yes’s then you need to fine tune your idea until you do. Use this test each time you are considering launching a new product or service and you will dramatically increase your chances of success.

Is my customer or client experiencing an urgent need, worry, pain, or strong desire?

Is my customer or client current searching for solutions to their most urgent need or problem?

Does my customer or client have few if any recognized options or solutions to their current problem or urgent need?

Is there a large group of people (1 in 500) who are currently looking for a solution right now?

If you have been able to conclusively answer these questions the chances are you have a good idea with a viable market and an opportunity to grow a successful business.

I hope this has given you a little guidance. I have just recently released a videos series with tons of information to help you really jump-start your business this year. Just go to top right of this page and enter you email address. The entire series will be delivered right to your inbox and there is absolutely no charge! You can also leave your comments or questions just under each video. I love hearing from you so keep the comments and questions coming, it helps me create even more meaningful products and services for you. Good luck!

 

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