This week’s question came in as an observation and suggested topic. Watching people get into business so that they can say they own their business. Owners end up being ill-prepared for what it takes to maintain and be successful.
This ties into why there are so many businesses that fail and fold within their first 3 years.
It is a complicated question that I would typically address specifically with the individual business. However, there are a few principles that can apply to just about any business that I can share.
While the toughest part for most entrepreneurs is getting started. The next obstacle on that list is typically surviving and adjusting from being an employee to a business owner. There is no shame in it. It’s more common than you may know.
One of the best ways to start is to build up your knowledge of the industry/market that you’re entering. Learning who the businesses that are doing well are on multiple levels. The large companies down to the smaller shops. This will provide you with a framework.
The next thing to tackle is to start doing your research. Identify what differentiates you from the competition. What can you afford to promote as a differentiator and deliver with consistency?
This does not include a cheaper rate. A race to the bottom with pricing is only going to run you out of business. Look for the things that you can charge for not to discount.
Once you have a better understanding of the space and offerings. It is time to work on identifying your target audience. Finding your ideal client may take some time but that is going to be the ultimate goal.
Set a goal for yourself to secure your first benchmark number of clients. It can be your first 100 if you sell a product or provide a service with a fast turnaround. Base this number on your sales process.
By that, I mean how long it takes to get from the introduction to the payment for the transaction. The longer the process the lower the benchmark number to start.
Higher ticketed items have a longer sales process. There’s more for the prospect to think about and to consider before making the payment. Consider contracts that may be involved in the process. Anything that can cause a delay in payment.
Once you have your benchmark number the goal is to work towards hitting it to establish your business in your market. the end game here is creating your brand reputation and showing stability.
Bringing us to “how to start winning business?” The short version is don’t limit yourself. You’re not just looking to identify your target audience but where to find them.
Learning how to reach them and make sure that you’re resonating with them. Through your messaging. Starting them on the customer journey leading to sales conversions.
The articles that I’m sharing will help walk you through making your online introduction. How to create a digital strategy from scratch and How to create a marketing funnel.
Each of these articles is meant to walk the novice to semi-seasoned through the steps that they may or may not have in place. Helping to establish a foundation that you can build on.
Take this as a summary of a process that has more details to it. One that you should research and identify ways to customize to your business and goals.
My goal is to provides you with the resources so that you can either tackle the issue yourself. Or you’ll have enough of an understanding to identify the right people to partner with.
When you ask the right questions. It makes it a lot easier to know who can help you reach and exceed your goals.
