Small Business Startup: Will Your
New Business Succeed?
By Allison Babb
When new, small
business owners
start out wondering whether their idea for a business will work. I
did as well. I wondered whether it was possible to make the income
I desired. In this article, I will share 5 important ways in which
you can determine whether your business idea is likely to make you
lots of money.
Before we dive into figuring out whether your business idea will
make you money, I want to remind you to focus not only on how much
money it will make you but whether you will enjoy the ride. Is this
something you’re passionate about? If not, then you are unlikely to
inspire others to purchase what you are selling. That’s a key point
in business – do something you can get excited and passionate about.
OK, now let’s move on to some tips for how to determine whether
your business idea will make you money. There is a whole lot that I
can cover here and I cover this and other topics in my teleseminars,
workshops and coaching. For today, I’ll cover 5 key points to
consider:
1.
Small Business
passion: Take that passion or the thing that you
would love to do and brainstorm 5-10 different businesses you could
create using that passion. For example, there’s a guy who loved
teaching piano. He came up with over 10 different ways in which
that love for teaching piano could make him money. Audio courses,
teleseminars, ebooks, video training, workshops, etc. All doing
what he loved to do which was teach piano. So go ahead, brainstorm
and see how many different ways you can create a business with what
you enjoy doing.
2.
Who is your target audience for your small business?
This is a critical question that most new entrepreneurs forget.
They go into business to do what they love and they target the
entire world. If you don’t have a clear picture of your ideal
customer, your business will flounder. You must see your ideal
customer in mind when you create products and services.
So who is it? Who is your key customer? What’s their age, their
income, their gender, their marital status? For me, it was
initially folks in the corporate world who want to get out and start
their own business. Now I could probably show just about anyone how
to start their own business, but I narrowed down the field to
corporate employees so that my marketing and my business could be
successful. My business has since expanded but corporate
folks transitioning to self employment is something I’m passionate
about because I lived it.
Go to Page 2>>
