As a woman, you are naturally a multi-tasker. So, it’s no wonder we’re often first to realize tricks that make life easier. Sometimes that means we develop a “tool” or process to resolve a recurring challenge. Other times, we can recognize there’s a skill we are better at than those around us. Either way, there’s a business to be made from these realizations.
Identify Your Niche
When you realize you have a marketable skill or invention, you have discovered the “what” for your business model. Sis, pat yourself on the back! You just jumped over one of the biggest hurdles of starting a business.
Now you need to define whom you are selling it to. This is where you define your niche market, a small segment of the underserved or unserved population that needs exactly what you are selling.
Location
Sometimes you can identify a niche by location. For example, if you are great at baking and your area lacks a bakery, you have a location niche.
Customization
In other cases, a customization to something already popular may be just enough to make a new thriving business. For example, if you’re operating a laundry service, you know the non-negotiable is clean clothes that smell good. The customization might be free delivery or a specialized fold-and-press process.
Specialty
Finally, if you’re offering something that has never been done or sold, you have a specialty. You are filling an unmet need. Consider why you believe this product or service is necessary in the world. Who will benefit the most from using it? Define this group of people by demographic, geographic, and psychographic traits. These definitions will help you determine how to reach your niche audience.
Rock Entrepreneurship
Entrepreneurship is a big undertaking. As you journey down this path, you must develop your business model to make your dream a reality.
1. Do Research – Market research helps you understand what your potential customers want and think. It’s also the gateway to understanding capacity for sales so you can forecast expenses and profits.
2. Know Your Competitors – Whether it’s someone in your market or a neighboring town, you need to know who is selling a similar product or service and how they’re marketing.
3. Set Goals – Consider how much money you want to make by a specific date. From there, you can work backward to identify tactics to help you achieve the desired result. And make sure you evaluate your goal progress along the way.
4. Market Your Business – To get profits rolling, you must ensure your niche market knows your business exists. Develop marketing to reach your audience and inspire engagement.
5. Manage the Money – As profits roll in, ensure you continually reinvest in your business. Cash flows are a necessary component of a business plan.
This outline gives you a brief guide for starting your business. But there’s still so much to learn. If you need help along the way, consider how business coaching or a workshop could aid in your success. The Business Model Innovation training is a great way to meet other women on this journey and learn from some experts.
Act Now
Listen, sis; your success is on the horizon. Stop at nothing. Get started today and sign up for the Business model innovation training to jump-start your dreams.
