Should it be on the Internet. Or a physical store would do justice. How much money would you need.
All of which are valid questions. But the answers are straightforward. Or it doesn’t matter much. Because all of these is linked to answering a simple question.
Who is your competitor and what does they do?
When you enter a product either selling service or product, it might feel good to see no competition.
Because you would believe that all the benefit would come to you. That’s how first mover benefit in any market.
But that’s rare. The chances of you bringing something novel in the world thus creating market is very rare.
Chances are when you see no competition, it’s because there is no market.
So you will fail. Avoid such markets.
Copy The Competition
That’s why whatever business you want to go in, find a competitor. So you have to do what they do and more.
But also now, you have to find the edge. Are you going to be better, cheaper or easy to use.
That’s how you can market yourself to their audience.
It’s better if you can be an accessory to a market. So if they sell, your product sells automatically.
Funnel Is Important
Whatever you do, it all comes down to funnel. At the top is the maximum exposure. And at the end is sales. And you have to get more sales revenue than losing money for getting exposure.
An example is you put an ad in newspaper for $100. You get 10 leads. You talk and convert 1 into sale of $300. Your profit is somewhere $100.
Once you have identified your funnel – remember funnels can be simple or complex. And you are in positive revenue, you have successfully started a business.
Once you get good amount rolling, explore other funnels.
You are almost done. Often most companies spend a lot of time gaining new customers. But don’t value their current customers.
You will benefit when you give stellar customer service.
Because guess what when you keep your customers happy, they start a new funnel by referring their friends and family.
There you have it. Hope you rock the journey…