If My Family and Friends Don't Support My Business, Who Will?

I hate this meme.

First of all, smile is spelled incorrectly. Secondly, WHO CARES? There are several reasons people buy or support a product, and the most important lesson you will learn in business is LEARNING HOW TO ACCEPT A NO. Maybe they found someone who has the same service at a better rate, maybe they just don't like whatever it is you are offering, maybe they don't really like you. SO WHAT? Your family can't be your only prospective support. As a matter of fact, if you are looking for the people you already know, to be the primary source of your support you have it all wrong. 

For the purpose of this lesson we are going to assume that the business you have decided to start that met our Qualifying Questions, provides a product as opposed to a service. In fact, I want this lesson to be as clear as possible so let's pick a product. You make soap. You're great at it, the soaps have all these great qualities for your skin, and on top of that they smell AMAZING. Currently, you don't have the funding to open a soap shop, so your first step in business will be selling your product to gain some startup money. Great idea. 

You went on all of your social media sites and told everyone that you make these amazing, skin healing, smells like heaven soaps. 2 out of the 853 friends you have bought your product. They loved it, they even posted about it. Then you went on all your social media sites again and told everyone how much both of your customers loved their soap, and asked for support . Nobody bought any soap. So then you went to Thanksgiving dinner and made your rounds and told all your aunties, uncles and cousins that you are now in business for yourself and Soap Me Up, is off to a great but slow start and you want them to buy some of your soap. At Thanksgiving dinner you had 4 sales. Then you run across this meme on Facebook. You feel discouraged because if your own family and friends don't support you, then who will? The answer is simple, your Target Market.

Identifying your Target Market

When identifying your Target Market, you need to be as specific as possible. For example, Soap Me Up includes soaps with ingredients that help with aging, soothing aches, and relaxation. Your Target is clearly a woman, concerned about aging, that probably juggles a lot of duties. In short, your Target Market would be "Women 35 to 55". However, in order to really identify and establish a customer base with your Target Market, this description must be taken to the next level. 

Here are some questions that you can start with to really get to know your Target Market. The more segments you can identify, the more potential you have for finding quality prospects. 

*Where does your Target like to shop?

*Where does your Target live? (local, regional, national &/or urban, suburban, rural)

*Marital/ Family status

*Income range

*Education range

*Occupation

*What type of personality does your Target have?

*What are their values?

*Interests/hobbies

*Lifestyles/behaviors

*What needs, pain points, or challenges do they have?

*How does your product/service help?

*What buying drivers do they have?

*What are some of the similar products/service they currently use?

*How are they best reached?

*Where do they hang out?

*What will be their biggest objection to doing business with you?

Once you REALLY know your Target, you can then begin creating a list of prospective clients. Now, it doesn't matter who does or doesn't support you, because you have started to identify the people who will. The next thing we'll talk about is your strategy to get them, and sell it.

Once again, Forbes Tip of the Day is befitting to what we've learned.

"You want to be original, you want to be yourself, and whether that’s accepted or not accepted, that’s not as important as being you."

-Tyler Hubbard

Stay encouraged, stick with me, there's more to come!

I Have a Great Business Idea, Now What??

Well first of all congratulations. You and 10 other people probably have the same REVOLUTIONARY idea, that's going to make all 10 of you millionaires. I wholeheartedly agree with you, it IS a great idea. But what makes it a great business idea? If you can do the work to figure that out, then you are the one with the chance of success. Before you begin drafting your two-weeks notice at your job, and pouring your savings into buying product etc, there are a few things you should consider. We'll call these "Qualifying Questions". If you can answer yes to all of these questions, you are ready for the next step. If you answer no to ANY of these questions, sorry to be the bearer of bad news, but.....you're going back to the drawing board.

Qualifying Questions

1. Is there a market for the product/ service that I am offering?

2. If so, is that market currently saturated with businesses that are offering the same product/service?

3. Do I have a niche in this market, that hasn't currently been saturated by other business owners?

4. Am I willing to lose money?

Notice, these Qualifying Questions have nothing to do with making money, they have nothing to do with finding funding, they have nothing to do with how good or bad your idea is. These questions are the foundation upon which businesses sink or swim.

Those questions seem easy enough to answer right?

No.

Do not look at the Qualifying Questions and answer them based on what you think, or what people have told you. The answer to these questions requires work and research. Lots of it can be found via search engines, some of it will require networking and speaking with business owners for feedback.

Question 1.

To find out if there is a market for the product/service you are selling there are a few things you need to know.

a. Where will this product/service be offered?

b. Why will it be offered in this particular area?

c. What demographic will it be offered to?

d. What kind of success have similar businesses had in that area, with that demographic?

If all of these things align, you can check YES for Qualifying Question 1

Questions 2&3

These questions play hand in hand. If the market you have chosen has 100 businesses that are doing the same thing you are doing, chances are you won't have much success. UNLESS, you find an edge that makes you the competition. For example; it is possible to open a beauty supply store and be successful. However, there are beauty supply stores on every block, so what are YOU going to provide that will draw customers to your store? If you have a niche, then you can check YES for Qualifying Questions 2&3.

Question 4

This is probably the most important question to ask yourself before venturing into becoming a business owner. Here are a few things to consider.

a. 90% of startup business fail 

b. You will spend money LONG before you begin making money. (the time frame depends on growth and position of your business)

c. If you don't have any money saved, you will need investors, meaning you will be starting your business OWING money.

Basically, there is no quick fix, no get rich quick solution to owning a business. So if you are not willing to spend/ invest money and time before you see results, the answer to Qualifying Question 4 is NO.

DO NOT BE AFRAID TO FAIL

The good news in all of this is that you are more likely to succeed if you have failed, than if you never try.

Ironically, Forbes Tip of the Day is

"Determination is the key ingredient for every entrepreneur" - Jason Calacanis 

(and that guy is worth $20 million dollars, so i'll take his word for it)

Stay encouraged, stick with me, there's more to come!