Successful entrepreneurs share some common traits. You have definitely heard about many of these. Passion, motivation, self-belief, flexibility, hard work and networking, right?
But there’s one trait which overrides all – ‘’asking the right questions.’’
If you are planning to launch a new business, you have multiple challenges that stare you in the face. At any given point of time, you’re asking yourself whether you should do something or you shouldn’t do something. In fact, there are millions of questions that you face. But only a few of them actually matter, ones that you should really ask yourself to get started right and lead your business in the right direction. You need to know what those questions are.
Given below is a list of five questions that are essential to your success as an entrepreneur.
1. Is my market segment profitable enough?
Before you start to operate your business, you should find out whether that market offers opportunities for making sufficient revenue. On the surface, the market you pick may look like a promising one. But the truth emerges when you dig deeper and explore. Nowadays, most market segments are highly competitive because they have been so saturated.
Do adequate research and make sure that the market you choose will allow you to build a profitable business.
2. What are my target audience demographics?
Your business can’t win them all. To achieve success, you must reach a specific group of people who have a specific need. The challenge for you, as an entrepreneur, is to identify that specific audience.
It requires you to know as much about your target audience as possible. Once you have collected that information, you’ll find yourself in a better position to reach out to them and make a real impact. Start your research by looking at the key demographics of the geographical location that’s on your radar. Study groups of people in terms of their age, gender, income range, marital status, occupation and education among others.
3. What are the needs of my potential customers?
Now, move on to the next vital piece of information: customer needs. Why would people purchase your product or service?
The answer lies in understanding what your customer needs are. If you are going to start a business in health and fitness, you need to find out what your customers care about. Are your customers looking for home-based exercise? Do they have time to attend a gym? Conduct thorough research and connect with friends and colleagues who are conscious about their health and aspire to lead a happy and disease-free life, for insights.
That way, you’ll be able to craft a product which fits in with the actual needs of your customers and marketing will be easier too.
4. Who are my key competitors?
To beat competitors, you need to know and understand competitors. When you start a new business, one of the first things you should ask yourself is what your key five or ten competitors look like.
Find out who your top competitors are so that you can learn from them and improve your own offer. When you keep a close watch, you’ll always be aware of the changes they make to their marketing and advertising, which in turn reveals new processes and strategies. Use different tools for researching content strategies, display ad strategies, ranking strategies etc. It will help you size up the competition really well.
5. What are my business goals?
Be crystal clear about what you want to achieve from your business – both for the short and long term. Not just business goals, you should also take your personal and financial goals into consideration. Knowing your expectations from day one will help you make the right decisions.
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