Answering these 5 simple questions before you start a business will lead you on the right path to small business success.
Asking yourself these 5 simple questions before you start your business will also help build the foundation of information needed to create your business plan.
Who is Your Customer?
Defining not just your customer or client but the customer’s problem and/or need you are trying to address is the first step. Most business entrepreneurs either skip this step or fail to drill down to a specific target market of customers.
Start with your value proposition. What is the compelling reason that made you want to start this business? If the first answer is money, realizing profits will be tough, but if your answer has something to do with a solution to problem or need you have a fight chance of success as long as you are targeting the customers who need your product or service.
How does your Customer like to Buy?
Only after discovering your customer can you truly realize the method in which they like to buy. Asking yourself this simple question before starting your business allows you to understand the way you will distribute your product or service making it easy for the customer to buy in a way that is familiar. If most of your customers buy from specialty retailers, it would be hard to reach them when your efforts are in large box stores.
It would not be wise to reach people on social media platforms when the data shows they will not use their card on the platform but will use it at trusted big box retailers.
How will you get your Customers Interested in Buying Your Product/Service?
Let’s go back to the customer’s problem or need you are trying to solve by starting your business. People spend more on want they want and less on what they need. So, you must gear a marketing message around your business that your product or service is what they want, even though you know it is something they need.
How will you Get Your Customers to Actually Buy Your Product/Service?
As the business owner, you will find having customers know your business and liking your service or product is not enough. Most business entrepreneurs create the marketing message but forget to close the sale. How will you convince your customer to pull out their card and buy from you instead of their current provider?
How will you get Your Customers to Buy from You Again?
Congratulations, you have asked yourself the simple questions to get your target customers to buy a product or service from your business. Now, to sustain your business you must discover how you can make those same customers buy from you more than once.
This can be as simple as useful life of your product or service that makes them buy and like it enough to want to replenish again from your business or a small upsell.
All the answers to these simple questions to ask yourself before you start a business should be answered using source data and proven numbers. Contact one of our advisors if you get stuck trying to build a success strategy for business.
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