With all the layoff news, it’s quite predictable that many of those folks will opt to try business ownership. That’s a great solution to a problem. but don’t make the mistake way too many new business owners make.
Here’s the bottom line. You must find a need and fill it. Finding or creating a product or service there is no market for will get you nowhere fast. Take the time to find the need, identify your target market (hint: it’s not anyone!), and then get to work selling.
A perfect example of this age old problem landed in my mailbox just this week. Here’s the question from a frustrated small business owner.
I have always had a desire to be part of a network marketing business so that I could stay home with my kids. I found one that I am passionate about (sendoutcards) and others are doing really well in. I am in a college town and not having much luck with it at all. I listen to all the conference calls, webinars and have trained myself as much as I thought possible. I am still getting no response. I was hoping you could take a look at it and give me some advice to market this to college student type. Thank you for your time. I appreciate it.
Sadly, you have fallen into the same trap so many so small business owners face. You found something YOU loved without checking whether there was a market for it. I’ve heard a lot of people are having success with sendoutcards, but the college age demographic doesn’t do much sending of printed items. And why would they need to do that anyway? You need to find a market with a need and fill it and then you’ll be successful.
Readers, what do you think?