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Many people open their own business without taking the time to understand who their customers will be and what products or services they should offer to attract them. It may seem self-evident that you need to figure this out before getting started, but you would be surprised how many businesses do not.
For any chance at success, and the long-term odds are against you, you absolutely must know exactly who your customers will be so you can determine precisely what products or services to offer that will be appropriate and profitable.
1. The first thing to do when planning any new business is define your primary and secondary target markets. Do this first because every other thing you will do, from designing your products or services, to selecting where and how you will sell them, to even how you will set your prices comes from the knowledge of who will be buying.
2. Second, you need to make an inventory of the products and services you intend to offer, and then match this inventory with a list of who will benefit from buying those products or services. Does this list match your target markets? You must be as specific as possible. As an example, if you intend to open a store selling children's clothes, will one of your target markets benefit from the products and service you intend to offer? Will young parents without a lot of money find what you offer to be a great deal or will you try to serve a higher end market with prices to match? Will grandparents look at your store and the merchandise you offer as just the thing when buying gifts for their grandchildren?
3. Next, write out a profile for each group of potential customers. What are their ages, income levels, family makeup? Do they own their own homes or are they renters? Do they buy some, none, or most of their purchases online? What is important to them, low prices, wide selection, spectacular service, hard-to-find items? Dig deep; it is impossible to have too much information when defining what is important to your customers.
4. Now you need to take the information you have gathered and decide what to offer. Does your target market benefit from buying what you will be selling? Ultimately, no benefit equals no business.
5. Finally, look at your target markets and how they shop to decide how you should offer your products. Do you intend to open a brick and mortar business, an online store, or a combination of both? Maybe you will decide to run your business out of your home because your customers have no reason to come to you. Alternatively, if your customers are only comfortable buying in person, you will have no choice but to either have a physical location or change what you offer.
Starting a business is hard work and takes an enormous amount of time, money, and effort with no guarantee of success. In order to improve your odds, you need to spend that time and effort right at the start to determine who your customers will be and exactly what they will want from you.
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