Planning your business … you have an idea. You think it’s viable. That there’s a market for it. Time to refine, narrow, define.
If you’re starting out, here’s a few thoughts for you.
- Do as much research as possible. Talk to others in the same industry or related industries. Those that could be your customers. Those that might be your competitors. Or your suppliers and vendors.
- Identify the problem you’re trying to solve. Who are your customers and what do they look like? What are their needs? What do you need to be able to address when your customers want to know more?
- Be sure to be open to what you hear and find. It could take you in a different direction from what you originally thought. Help you narrow your focus. Find a better target audience. Or maybe fill a niche need.
- Product or service? It seems like defining a product might be a touch easier, even though it isn’t … it’s tangible. You can see it. Feel it. Try it out. You know what to expect. What if you’re selling a service? You can see me, but what I offer isn’t tangible. Trust becomes huge. Expertise. Reliability. Ability to deliver. And what exactly will you be delivering?
Define the boundaries. Narrow, or broaden, the scope of your product or service. What exactly will you offer to meet consumer demand? Sometimes it can feel a bit overwhelming, like some big glob of goo. It’s so easy for the scope of your offering to creep and creep … and creep some more.
You can lose focus easily. Maybe you’re trying to solve too much of the problem to start. As a small business owner, try not to let that happen. Focus … on your product or service. On your target customers’ true needs. There’s time to expand and grow your business once you see success in your initial venture.
Starting a new busines is stimulating. Tiring, too. If you need a little assistance with your business planning, let’s get together and chat over coffee (tea for me!).
If you like, leave a comment. I’d love to know your thoughts. What did you do when defining your product or service offering?
