Many people want to start a successful business or a successful brand. After all, how difficult could it be? In this article, i will categorize entrepreneurs into five.
The truth is that for a business to be defined as successful, it needs just two things; to solve a problem and to make money. If your business is doing the above two, then congratulations! You are among the third type of entrepreneurs in this article. However, here comes the big question, are you happy with it?
If your business makes money, solves a problem and you are happy about it. Again, congratulations! You are among the fourth type of entrepreneurs in this article. But do you think you could still do better? i.e. Make extra money, solve more problems, and be happier?
If yes, then this article is for you. You are among the fifth type of entrepreneurs in this article. Scroll to continue reading. I will help you skip the introduction to the point where it gets all juicy with how you could get more from your business.
For the first and second type of entrepreneurs, you are the fresh blood which this article mainly targets. The second type of entrepreneurs is those who are willing to start a successful business from scratch. You are trying to find a profitable business idea that will solve problems, make money and make you happy and proud of your business.
The second type of entrepreneurs you are trying to make money from your current business or trying to find happiness from it. Or maybe you are trying rebrand, or find a profitable idea that will come from your passion and that will make you money.
Well, this article is for all of the above. These are some ten key points you need to consider to create a successful personal business.
1. Who is your business helping? And what is your business helping the person get?
For any business to be successful, the business owner needs to solve a problem for a particular person or group of persons. Also, to get something to help them tackle their problem(s). For example, if this article was a business, i would say, this business is assisting young entrepreneurs in getting an idea on how to create a successful business. So easy and precise.
2. What is your business going to provide that is different from what others in the same field (niche) provide?
There are a lot of niches and several similar businesses. As a business, you need to know your unique selling point (usp); a special feature that differentiates your business from others. This will determine how valuable your idea is. Using this article as an example, the unique selling point of this article is that it has an online course which will help you learn how to build a successful business.
3. Where is your business idea coming from?
Again, this is key to every business owner, is your business idea coming out of your passion, or you are just copy-pasting from other entrepreneurs. (fyi, it is not a crime to replicate ideas from other entrepreneurs, as long as you have your usp different from theirs). For this article, the idea came from the fear of not providing enough from my family. Also, preventing young entrepreneurs from making the same mistakes i made while starting my business 10 years ago.
4. Choose a particular sector (niche).
Majority of young entrepreneurs try to build a business for everyone. That is suicide that you cannot cash. After a while, the company will crash as you are not capable of catering for everybody. You are not god! As an entrepreneur, you need to focus your efforts on one idea. After choosing your concept from the 3 above, you need to focus solely on that idea.
Don't be a swiss army knife.
The swiss army knife is that small all in one tool that encompasses all necessary equipment you need to survive in the wild (saw, scissors, opener, etc.). However, when you go to a market looking for scissors, you will not buy a swiss army knife; instead, you’ll buy unique scissors. Similarly, when you try to create a business for everyone, people will overlook your business as it is not unique. They will go to a person who has a unique business.
5. Find your customers.
Your customers are where you get income from. Well, that was obvious. If you don’t know where to find your customers, then it will be challenging to make money. You can find your customers in several places. You can find them on blogs, social media and in person. It is again, obvious! Here is where this article is different from others. To find your customers, you need to do the following.
- Search for key figures in your particular niche (people). Through these people, you’ll find your customers as they will be following the key figure. Listen to questions which his audience ask, take notes of their problems and then try to find a better solution to their problem.
- Search for products of your particular sector. The product review section is the main place to find problem and reasons why people buy a particular product. By tapping into those key problems and creating a solution, you are putting yourself ahead in the sector.
- Search for places where you can find your particular niche. There are several places where your particular niche always evolves around. For example, if you are into the food business, there are forums, restaurants, apps where you can find people discussing your particular niche. Listen to the problems and find a solution for the customers.
6. Reach out to your new set of customers.
These are your test customers, they can be family, friends and a few outsiders. Tell them about your pitch and get feedback from them. If they think your idea is sellable, then ask them how much they would like to pay for your product or service. If they don’t like the idea, ask them how you could make it better and what do they think you can add to get their interest in that idea. You will get several feedbacks. Great! Now it’s time to get a business name.
7. Getting a business name.
A business name is crucial to every business; however, it is not mandatory to get a name at this stage. The reason is as you grow in the business, you will decide what name suits and you can change the name afterwards. Nonetheless, there are two types of brands. Since in this article, we are talking about personal brands, these are somethings you need to consider when creating a brand name.
- How long do you see yourself in a particular business?This is important as it helps you determine if you want to be the face of the business or not. The positive of personal branding is that people will trust you and will see you as a leader in that particular niche. They will come to you for advice and suggestions. However, when you leave the business, it is highly likely that the company falls as people identify you with the business.
- Pigeon hole. When you personalize your brand, there is a high probability that you will put yourself in a pigeon hole. I.e. You will find it difficult to get out of that business. For example, when you daniel radcliff in any movie, you identify him as harry potter. Similarly, when people recognize you in a particular business, it is highly difficult for you to change to another one.
8. Business plan.
A business plan is the map of your business. Without a business plan, chances are you will not succeed in your brand. Your business plan determines your cost, revenue, customer relationship, value proposition, key activities, partners and so on. In my course, how to build a successful business from scratch, i discussed it in details. You can register in if to get access on how to make a proper business plan.
9. The prototype, feedback and selling before you lunch.
From 6 above, you have an idea of what type of product or service you will need to create to solve a problem for your customers. Now it’s time to make a prototype. You see a lot of people just create product or service and expect someone to buy it. But when you prototype, you will see what works and what doesn’t work. By the time you finish your prototype, give it to some of your customers in 6 above, get their feedback again. Then ask them to pre-order to receive first access to your product or service. (www.arewaworld.com/contact will help you with creating a pre-order page to track your sales) if they are willing to pay for your product or service, then, a big congratulations to you! You have achieved success, and your first customer is in the bag. However, if they are not willing to spend some money on your product or services, ask them what you could change to draw their interest.
Remember you are here to solve a problem!!!
10. Find a logo & launch.
Following your feedback and your pre-order, it’s not time to get a logo and launch your product or service. For the logo, you can visit arewaworld.com/logo to get your logo done at a minimum price or, visit fiver, or any artist around you. Or you could actually design it by yourself. To launch your product or service, remember in 5.1 above, go to those figures in your field and advertise with them. Don’t send your adverts to random blogs, expect if you are sure your customers are on that blog. Simply because you pay a considerable amount of money for advert placement and you don’t get customers. It is because most of these influencers bought their followers and you won’t be able to get access to your right customers. Not to bore you with too much arewaworld, but we have a course that will help you in successfully launching your product or services.
In a nutshell, to build a successful business, you need to know what problem you are solving. Who benefits from your solutions and what makes you different from other people in the same field. You can join the online course to give a step by step guide on how to create a successful business. On the other hand, you can pre-order the book to be the first to gain access to it when it launches in june.