Starting a business is much like climbing a tree, you must start at the bottom and it’s very likely you may fall a few times before you get to the top. The simple fact is that you will make mistakes. However, the way that you handle these mistakes is usually a clear indication of how well your business will ultimately do. Not every little speed bump you come to signifies doom and gloom, the key is to learn from these mistakes and take steps to ensure they do not happen again.
When you are starting a business there are three laws you must consider to be successful.
Law #1: Determine who your customers are.
While it is easy to market your business to an imaginary group of people this will not produce accurate indications of your potential success. Additionally, many new businesses turn to family and friends. While this is an appealing idea, keep in mind, they are what is known as “yes men and women.” This means they may give you false hope about a product or idea that is not truly viable just to avoid hurting your feelings.
Keep in mind there are other ways to assess the market. For example, you need to make a detailed list of people you are targeting and mention the idea you have casually. You can easily do this through social media. If there is a positive response you can run with the idea you have, however this is also a great way to receive feedback. Keep in mind, most million dollar ideas change several times prior to actually launching.
Law #2: Be aware of the competition.
Being aware of your competition is not the same as focusing on them completely. If you try to focus on your competition too much you will find yourself in a continual state of anxiety. Do thorough research and see if anyone has already come up with your idea. If someone does have the same idea, it’s very likely they have a jump on production.
Find ways to be innovative and go above and beyond for your customers. Playing the “me too” game, is something you should try to avoid.
Law #3: Find ways to break through plateaus.
First off, find a person or business you admire and that has found success and mimic what they do. This will help you overcome speed bumps that seemed insurmountable before.
The value of finding a mentor cannot be overstated. This person is someone who understands what you are going through and will willingly help you develop and launch your business. If possible, find someone that already knows the “ins and outs” of your industry.
When developing a start-up business you are guaranteed to encounter many speed bumps, pot holes and pitfalls on your way to success. However, if you determine your target audience, find ways to outwit your competition, and seek mentorship, you are sure to find the success you truly want. A start-up project must be nurtured and guided to success, but the journey is always worth the reward!
Guest post brought to you by Kevin and Darin Blue, co-founders of Internet Income University; membership to Internet Income University is 100% free, with step-by-step video training “From Start to Money”. If you’re interested in learning how to create a wildly successful internet business, follow this link to create your free account today.
Image Credit: Shutterstock.comSuscribe to the podcast