This week I want to tell you something about business in more general terms. I assume you are aware of one basic thing: you are doing business only if you get somebody pay you money. If you are not getting money, your „business“ is just an expensive hobby.
This is what e. g. Yanky Fachler says at his lectures. If you haven’t heard about him I can just recommend www.yankyfachler.com. So how to make people pay you? There are more ways.
Somebody could say that when you do business, there are two possibilities:
1. you are lucky,
2. you are unlucky.
However, I think you have bigger influence on your “fate”. At first, I would suggest not going within so called “hurray” system but try to foresee things as much as possible. Although there are ones who succeeded because of relying on their “instinct” – yes, exceptions do exist, but who can assure that accurately you will be one of them?
As the first step, I have to mention marketing research although it does not sound like very catchy for many of us. Nevertheless, it can be also an interesting issue, just as if you were a military commander researching the place of the planned attack. You have to get as much information as possible: take a look at your potential customers, competition, overall environment… Know the market share of your rivals, discover the needs, wants and pains of your customers, find out some general market trends etc.
And as Corey Nicholas Rudl suggests in his book Internet Marketing Tips (www.marketingtips.com), it is essential to find a good niche market – that means a group of people who have something common and are missing particular product. When you have such target group, it is just about developing right product for them and start selling and earning, what is the goal in business. So try to find people at first, who are missing something, then develop it and tell them about it. Most of entrepreneurs start a bit different – they think up some idea or a product and then try to find someone who could be interested. And they often push their boring product to all of us. Is it a good strategy?
Apart from thinking about these issues I have added some further details to our website www.3r.ie and I can just say that it is like my little baby and that I am finally starting enjoying it.
Anyway, I had also an opportunity to participate on writing a newsletter in the name of one of our clients. Actually, I just started its creation and then Peter reviewed it „a little (well, in fact, he changed most of it…:). But now I at least know more precisely how to write such thing and what it should include.
So that is all for now, enjoy your life and next week I am back again with something new for me and maybe also for you!