It's All About You

This isn’t a pseudo-science self-help course, but your should really give some thought to what your business is, what it does and where it’s going. Mission statements are often a meaningless waste of time, but you should give thought to the following:

1) Why do you think you can build and run a successful business?

2) Is there a market for what I’m selling? All businesses come down to sales. Some sales are easier to make than others. An easier sale is one that takes less effort and expense and has a shorter sales cycle. Never forget that the process of selling something costs money. If your product or service is revolutionary, you’ll have to educate the market as to what it is and how it works. Education is expensive and takes time and is therefore a difficult (but not insurmountable) proposition for a new business. Selling into an established market is easier, provided you have an egde.

3) Why would a client buy from me? How will you differentiate yourself from the companies around you? Are you more in tune with your customer’s needs? It is rarely wise to differentiate solely on price. Your price can always be beaten by someone somehow, so sooner or later you’ll be squeezed out of the market.

4) What is your niche? What are you going to focus on? Do one thing and do it well. Is there an area of the market you are more suited to? Can you add value to a product or sale because of your specialized knowledge or capabilities?