- April 15, 2019
- Posted by: Koyona Duke
- Category: Entrepreneurial Development, services, SME Support, Solutions, Uncategorized
Sometime last year, I had a one on one session with a client. This session was focused around helping the client create a business from something he was passionate about. Some of the steps we went through were things we usually ignore when we want to start a business. while they may seem obvious, many potential business owners have ignored them and suffered huge losses financially. Here are 5 simply 5 of the unconventional ways to pop that business cherry. “
“It’s not a business until someone pays you their money to do it”
- What problem will you solve?: What particular problem do you hope to solve for your customer when you get them. Is this problem a problem for you alone or is it a problem for many people? Is this a problem that the customer feels deeply enough to ask for a solution to? Once you can establish for sure that there indeed exists a problem, you are close to building that business.
- Who do you intend to solve the problem for? Who is your target client? How much do you know about this client? How can you create a solution or a message in a way that will appeal to this particular client? This question is key in any business because no matter how serious you think the problem is if you cannot find this client then your business does not exist. Remember, the client is the centre of it all.
- Validate: Yes you have seen a problem that needs solving and you know who the customer is that you want to solve it for, now it’s time to validate your idea with a particular group of people. In order to do this, you have to break your service offering into a simple form that your customer can show you their willingness to buy. The validation step is important because it helps you know if your ideal customer feels pain in this particular issue enough to give up their money to solve it. Read all about validating your new ideas in this blogpost
- Begin. It’s only just an idea until you start. Don’t fall into what I like to call the “planning vortex”. As someone who has made it our alive, I can tell you that perfection is not something you want t try to attain at this point. Once you have validated your ideas and its checks out that customers are in fact willing to pay, then start your business. I will suggest starting as cheaply and as lean as possible. Now is not the time to rent the penthouse in the high rise in the middle of town, it’s now time to take your laptop and phone and begin to call up your contacts and the people in your network, letting them know that you are open for business. In this phase do not shy away from free work. People will need to know that you are capable of what you say you are. Use these opportunities strategically and do not be afraid to say no if you think an opportunity does not serve the purpose your hope it will or if you feel you are being taken advantage of.
- Be open to pivoting. The worst mistake you can make when you are trying to create and grow a profitable business is being stuck on a particular outcome. Be dynamic and open to change. You may start your business out to serve a particular client base but later realize that another base is benefiting more, don’t close your mind to that opportunity.
- Adapt or die: Change is the only constant in this field, so as trends and changes occur, make sure you are well informed to take advantage of the opportunities as they open up.
The question of how to have a profitable business from a simple Idea is one that has plagued many potential business people for a while. GrowCo management Solutions has created the Right Start Essentials; growth and strategy session targeted at Strat-Ups and Potential Startups to enable you to start your business on the right foot and turn it into a successful one. Click here to learn more or here to see our other consulting packages structured to help you build a successful business.