A very common question that most beginner entrepreneurs have is what they’re going to sell online to make money. Having been in business now for 10 years, being motivated by something external like money is not going to be something sustainable. I’ve seen this happen over and over. When times get tough, which they inevitably will, you’ll need something more compelling for you to persevere.
How do you build a business that can’t fail?
If you’re an aspiring Lifestyle Entrepreneur, the first question you need to ask before you get into any kind of business is who you want to help. In it’s purest form, an entrepreneur is someone that creates value for a specific group of people. Being profitable is not actually about having a great product but finding a hungry audience to serve first that will determine your success.
Most people that teach how to start a business do this backwards. They’ll tell you to come up with a great product idea and then go out and find people who will buy it when it should’ve been the other way around. Figure out who you want to help first before trying to find a product to sell. Build a relationship with them and it becomes easy to discover what that audience wants because you’ve earned their trust. By defining your target market first, you will be able to build a business that can’t fail.
You may be wondering how you find your ideal audience. It’s actually quite simple.
Build A Business That Can’t Fail By Defining Your Target Market
Who do you enjoy working with?
Becoming a Lifestyle Entrepreneur is all about you being fulfilled by the kind of work you do and who you conduct business with. If you start a business just to make money, it’ll feel like you got yourself a new job working longer hours. Make it a point to work with people that you enjoy.
Who do you ideally want to work with? Are there certain kinds of people you enjoy creating value for? Who typically ask for you advice about a particular topic that you enjoy talking about? Because it’s based on your strengths and interests, giving them tips doesn’t feel like work at all and you’ll enjoy leading them down the path to success.
Does your market have an urgent pain or irrational passion?
A successful business is based on something that solves a problem or makes people’s lives better. Once you’ve determined who you want to help, start getting to know them. What’s something that they feel everyday that’s keeping them up at night? What kind of problems do they have? What gets them excited? What do they want to achieve most?
What you’ll want to do is build a relationship with your audience and gain their trust. Once you do, they’ll readily tell you their pains, passions, concerns and desires. Once you have that information, coming up with a product idea becomes easy. Your audience already told you exactly what they want.
Find a group of people that you enjoy working with and find out their problems and passions first. Listen to what they want and making a profitable business becomes much easier. Build a business that can’t fail by defining your target market.