The Seed of an Idea – 5 Steps for Building on your Business Idea
PART 2

A business idea has been rolling around in your head . . . earlier we talked about the 1st of 5 steps to consider as you plant that idea in solid ground: the Business Concept. Today, let's take it a step further with a focus on who will buy your product or service.

STEP 2.  WHO WILL BE YOUR CUSTOMER?  

In the first article we talked about your concept – what you would offer.  Another key success ingredient is to know and understand who will be buying your products or services. This is an equally important piece of your decision as you continue to think about the soundness of your business idea.

It pays to do this research. The more specific you can become with your demographics, the more viable your plan becomes.

If your product/service is a brand new item, ask yourself: Who would be the most likely early adopters?  You can bet companies like Apple think of that when they work through their new product concepts.

If your product or service is more common, then it becomes even more important to identify your target audience. Today, there are too, too many choices when it’s time to make a purchase. 

With the ever-present Internet, your market is often the entire world – so that can be a great thing. On the other hand, it also means your potential customers can ALSO reach across the Internet to make their purchases.

So ask yourself these starter questions:
1) Who definitely is NOT a customer interested in my product/service? (Sometimes asking who is NOT a potential customer helps get more clear on who IS!
2) Who might be a customer for my product or service?

You may find that this “WHO” category is still too broad. Think of it in these dimensions:

a) Is there a specific age group that will want what I offer? (A baby doll probably would not be exciting to many teenage girls.)

b) Do they have a typical level of education? (If I have some great products for professional chefs, the culinary schools and highly-rated restaurants might be a source for me)

c) Are they in a particular profession? (If I’m providing jet transportation services to movie stars, I probably won’t find the majority of my clients at a grocery store)

d) Do they tend to live in a particular geographic region? (I wouldn’t expect to sell too many snowmobiles in Florida.)

As you continue to develop your business concept, you’ll also discover more ways to identify your potential customer base. Use all of this information to help fine tune your business idea.

Next, we’ll cover a 3rd step in this series of developing your great business idea.

To your Success!

Have a Golden Day!
Coach Darlene  

PS: Join me in my monthly, Wednesday Wisdom telecalls, where like-minded business owners share their experiences and ideas for success.