Concept, Criticism, Competition, Credibility, Common Interest
I.
Concept
Every business venture
starts with an idea. but, without a good concept - no
matter how passionate you are -- odds are your business
will fail.
Benefit the Customer:
Your concept should fill a
void in the marketplace, if it doesn’t - find one
that does!
Be Passionate
You should enjoy your
concept and be excited enough to relay your feelings to
your market. After all, how can a consumer get hyped
about your product or service if you aren’t?
A business does not run solely on money, it runs on passion. You can survive in business without a large bank account - but unless your passionate about your business, no amount of money will make it sell.
Re-invention
Your concept doesn’t
need to be a freshly thought idea - but could be an
improvement to an existing market. There are all kinds of
new businesses that have tried and failed. Perhaps, you
could improve something about them and bring them back
into the market as “ a new and improved”
product or service?
Improvement could be as simple as:
1) Better service and quality
2) A new method of delivery
3) Improved technology, etc.
NO MATTER HOW GOOD AN EXISTING IDEA - There is always a
better way to do it!
Example: The tissue was first offered to the market as
the new “face towel.” Sales lagged for many
years, and it wasn’t until it was reintroduced into
the marketplace as a “throw-a-way” handkerchief
did it become successful. Their new slogan,
“don’t put a cold in your pocket,” helped
an old idea get new success.
II. Criticism
be prepared to accept all criticism.
It will help you to improve your concept.
Because you are concerned
about running your business on minimal dollars, the less
expensive criticism will come from friends, relatives,
and neighbors. It’s far better to receive FREE
criticism - than to pay for marketing research that puts
a dent in your bank account, but doesn’t yield any
useful results.
Be prepared to get LOTS of criticism and to put it to
good use. Perhaps, a survey in your intended market -
could provide some valuable information to be used in
making your product better.
Ask questions like: Is there a need? Would YOU buy it?
What price would you expect to pay for it? Is there a
better way to provide it?
Remembering what we stated above, (there’s always a
better way to provide a concept) - your received
criticism should be used to enhance the product or
service before you release it to your market. This step
will save you time and money.
III. Competition
check out how they are providing to their market.
There’s no doubt in
my mind, the expert in the field gets more business.
Create a niche in your market and zero in on an idea that
has potential for growth.
It’s important to remember - don’t try to be
good at everything - just be good at something! People
will remember you for it.
If you are offering a product which is in competition
from an existing business, be prepared to handle your
business so it answers the following questions:
a. What makes my company different from my competition?
b. Why would my market be better off doing business with
me?
c. What can I give to my market to insure a more
pleasurable experience by doing business with me over my
competition?
d. Does my product or service exceed the expectations of
my market?
If you can’t answer the above points - and KNOW what
makes your product more unique than the competition, you
won’t be able to relay that to your market.
Refine your marketing -- define the needs of your market
by listening to the customers and understanding what
their needs are. Does your product fill that need? Is
there something more you could do, to make it more
attractive to your market? Is your product a solution to
a problem in your market? How will you handle customer
service complaints? What are you guarantees to your
customers?
An Interesting Fact:
Most companies fail to realize, 80% of future company
sales will depend on repeat orders and referrals from
satisfied customers. Your satisfied customers are the
best and cheapest source of advertising; bringing
additional business through referrals. Exceed your
customers expectations and they’ll be back and will
refer you to others. Remember, those that have been
referred to you, have been presold on your products.
Go to Top of next column
(Gaining the edge) - Community involvement.
People like to buy from friends. The more involved you become with your community, the more friends you will make.
I’m not talking about joining the local YMCA just to make business contacts either. You need to be “sincere” in your approach and willing to work hard for the community you live in. Hard work and perseverance will eventually pay off as members of the community will remember you by your deeds and eventually will refer you to others that need your services.
If you don’t the available time to offer your community, there are other ways you could provide them with your services. Such as:
Local charities need something of value to give out as gifts. Perhaps, you could provide T-shirts for the winners.
Provide special discount cards to other businesses in your communities.
Talking at a local school or college regarding your business.
Sponsor a local event where your community would benefit.
V. Common
Interests
(Networking) - is a necessity to learn.
By networking with other
business owners, you have everything to gain and nothing
to lose. You will learn new ideas to do business and meet
other experienced business owners who can help you exceed
in your market.
Networking individuals are glad to help those in their
group. It’s better explained as “a small
community” made up of business owners, willing to
help one another to gain valuable information to be
utilized in their market.
You can join any association and in return, receive
valuable leads who will tell others about your business.
You could create a database of the business owners you
have exchanged business cards with, and call them in the
future to do business or to find additional information
regarding a need.
If you can’t find a suitable networking group to
help you - you could start your own Networking Community
- made up of the small businesses located within a 30
mile radius of your own business. [Perhaps, delegating a
printed roster to each business, showing them others in
their Networking Community that are available to receive
phone calls from another member.] Or possibly, your
networking community could agree to do business with each
other? If there is a printer in the group - all the rest
in that community would utilize the printing services. Is
there an accounting person in your community? Perhaps,
this accounting firm would get all the tax business from
the rest of the community members? THINK.... there are
plenty of ways you could gain exposure for your business.
Most ideas, are common sense methods where an individual
takes the initiative to get it started! The best part of
networking - it’s FREE advertising for your business
and for you.
Summary:
You can turn any idea into
a profitable, home-based business. Most larger companies
have started their businesses from their living room
floors, their basements or their garages. You have the
same ability to create a world-wide market, needing your
products.
If you have an Entrepreneurial spirit, you’ll find a
way to offer the public something you feel would benefit
them.
It doesn’t necessarily have to be a “new
invention” or a new idea. You could take something
on the market today, and make it better.
To be successful, your business should exceed your
customers’ expectations.
To increase your credibility, you should become more
involved with your community.
Networking is free - and could provide the most valuable
exposure for you and your company.
Author: Rozey Gean,
Print Source One
Women Entrepreneurs On-line Network
Email:
rozey@printsourceone.com
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