Q: When is the best time to open a business to be the most successful? Can we open it now or is it better to wait until things are more stable? J. Mansfield Alberta, CA.
An economic downturn or global crisis is a great gift to anyone who is considering starting a business. It empowers you to clearly define your customers’ needs. The first thing entrepreneurs do differently is not to wait for the recovery surge! A moment like this is a great gift to anyone who is looking for opportunities to start a business because it has a way of weeding out the fluff and defining your customers greatest needs. And as it happens, these needs tend to be basic and ongoing even in a strong economy.
The wise entrepreneur will take advantage of the moment and establish themselves in meeting the greatest need for the greatest number of people by starting a business to meet that need.. 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 needs 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, especially if your business has been struggling a bit.
- Ask yourself what are the greatest needs of my customers?
- How can I meet that need better than anyone else is doing so far?
- How can I serve the greatest number of people?
- How will my product or service bring increase and benefit to the lives of my customers?
- How can I do this right now?
If you are always looking after the best interest of your customer or client, you can rest assured that financial success will follow. It is when businesses get greedy and self-centric that puts them on the road to financial ruin. If you want to take full advantage of the recovery, start now by starting your own business! Don’t wait until the recovery gets here!
Identify Your Market
When you are starting your own business or going to introduce a new product or service, make sure you have a high demand market 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 your time and effort to pursue. This simple test can save a tremendous amount of time and money.
If you get four yeses, then you have a good niche marketing idea and you should test it. However, 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.
Understand Your Customers Needs
Here is how to get started.
- Is my customer or client experiencing an urgent need, worry, pain, or strong desire?
- Is my customer or client currently 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 start and grow a successful business. Let me give you an example we can all relate to that demonstrates this perfectly.
Respond to Customer Demand
In 2020 when Covid-19 first hit hard we were all looking for masks to wear and protect ourselves. The demand was high and the need was urgent. As a result, anyone who was able began making masks as quickly as possible and they sold for premium prices. Hand sanitizer followed a similar path. Well known clothing designers stopped production on their clothing lines to focus on mask production. Whiskey companies stopped production on whiskey to make hand sanitizer.
One key factor in their strategy was that they let the media and their customer base know they had temporarily made this pivot and why. Consequently, because they chose to meet an urgent need, their brand recognition and customer loyalty shot through the roof resulting in increased sales, customer base growth and brand loyalty once they were able to return to production.
Start Your Business Now
The bottom line is this, don’t wait for a strong economy to start your business. Instead, determine what you love doing more than anything else. Then determine who will benefit most for what you do. From that group, identify who has the most urgent need for your product or service and why.
One last tip. We are now recognizing as the world begins to reopen the need to be self-sufficient or to source locally. As an example, Google is now creating and producing their own processors for their Pixel phone. Many other businesses are making the move to either locally source and manufacture the necessary resources for their products and services or produce them themselves. It is a step we would highly recommend. Remaining self-sufficient and independent as possible is only going to strengthen your company and help you withstand whatever may come next with confidence and peace of mind.
We also strongly recommend that you build and grow your business debt free. Do not leverage any personal assets or take on any personal debt to fund your business. Instead, we encourage you to create multiple revenue streams to fund your business. The growth of your business will be slower, but your business will be significantly stronger as will your personal finances. We go into greater detail on just how to do this in two articles which we will leave a link to here.
Something Special to Help You Get Started!
If you are looking for even more practical hands-on help we have two other resources for you. First, we have created an actual Financial Guidebook and Toolkit for small business owners just like you to help you start and grow your own successful business and meet today’s challenges head-on with confidence. You can find yours right here.
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More Success Tips!
If you are looking for more practical hands-on help we have two other resources for you. First, we have created Business Genesis and our Small Business Toolkit for small business owners just like you to help you start and grow your own successful business and meet today’s challenges head-on with confidence. You can find yours right here.
Business Genesis is a Step-by-Step Online Training Course That Shows You How to Start, Grow, and Market Your Own Successful Business Doing What You Love!
Everything you need to guide your very first steps is laid out for you in simple , easy to understand and organized modules with easily accessible lessons.
Business Genesis shows you exactly how to create financial security and build your brand and customer base, shows what works in marketing your business to the world, and guides you how to leave a legacy of success with tips and tools to help you build financial security and positive impact on your local and internet community.
You can finally enjoy the freedom of doing something you love and generating an income you can actually live on. Get Started Now!