How to Start a Successful Business without The Added Stress of Failure
There has been a huge increase in the number of start-up businesses over the last twelve months and as the number continues to climb we commonly see why many businesses fail.
The ONE core problem of many business owners we help is really understanding their target market.
The typical business start-up journey results in failure and here’s an example of the process many business owners follow:
- Great business idea
- Look for investors (mum or day/friends)
- Build the product
- Build a team
- Market the product
- No one buys the product
- Wonder why!
Here’s the better startup journey that profitably grows a business:
- Great business idea
- Build a Minimal Viable Product (MVP)
- Market the product
- Learn and understand what customers really want
- Use revenue generated to build the product and team
- Establish the business
- Look to exit or acquire other businesses
Can you notice the difference? Minimal Viable Product (MVP), Customer feedback, and validation should happen first.
Most big businesses that we’re familiar with, started because the founders faced a real-life problem, they then got the idea, and built the business around that.
You 100% must really understand the target market. You need to be able to answer this question:
Who’s your target market?
If you answered, “everyone”, as many new start-up business owners do, it’s pretty easy to understand why you’re not getting customers.
Marketing is a One to One focus
When you read marketing material, you read it as one person.
Marketing channels on the other hand are one too many. Very few business owners actually talk to their customers one to one. This is why why we rarely resonate with marketing because it’s not speaking o us.
- Do you really intimately understand your target persona?
- Do you understand what makes your target persona buy from you?
When you want to reverse-engineer a buying decision, you need to understand the compelling reason to buy. That comes when you solve a problem for your target persona.
The gap between where your target persona is now, and where he/she wants to be is known as the “gap”.
The problem gap comes from the gap between your target persona’s negative and positive psychology.
Frustrations and fears – these are the negatives.
Wants and aspirations – these are the positives.
If I was to target 30-year-old males who anted to get fit, I’d first understand:
#1: their biggest frustration – get off the couch and stop drinking beer
#2 All they really want is to fit and healthy to make an impact on their families.
Then I would know… that to market to this person, I’d have to give them what they want.
People don’t know what they really need. If they knew they needed it, they would have already bought it. People only care about what they want.
And above all, people want their problems solved.
How to achieve this
- Identify 5 people in your target market. If you already have paying customers, these are the best choice.
- Ask them for a 20 min interview. Buy them coffee. It’s worth it.
- Interview them to get these results: wants, aspirations, frustrations, fears, personal identity.
- Example of a frustration question – When it comes to being an entrepreneur, what challenges do you face
Example of a want question — When it comes to being an entrepreneur, what do you wish you had?
- Compile it and leave out those answers that are outliers.
- Put all the negative answers on the left side. Put all the positive answers on the right. In between is the problem gap. You now understand your target market.
- Focus on creating marketing messages and products that solve these problems.
- Profit from selling the solution
P.S. Whenever you’re ready… here are 4 ways I can help you and your coaching business right now:
- Join our FREE Facebook™ group, the Scalable Business, and connect with coaches who are growing too – it’s our Facebook™ community where the sharpest business coaches on the planet learn to get more money, deliver more impact, and get more freedom, CLICK HERE and join now!
- Join the, Get Clients Challenge™, and become a successful case study – the outcome of the Get Clients Challenge™ is simple: To get you, clients. I’m aiming to get you at least an extra $10-$15k per month, so we’ll give you everything we need to make that happen, and nothing you don;t. Here’s the best part, there are no ads to run, no funnels to launch, and no tech to struggle with. We’re going to solve the 3 biggest problems that stop coaches from launching and growing their businesses. Delivery Angst, Lack of Leads, and Sales Anxiety. CLICK HERE to learn more now!
- Chat with me in messenger – we’ll talk about where you’re at and where you want to be. And together we can look at what your next steps are to move the needle in your business. CLICK HERE to chat with me in messenger
- Schedule a FREE 15-minute Game Plan Call with me we’ll map out a personalized plan of your next steps to grow your coaching business. Please leave your credit card at home too – there’s no pitch on this call. Just great conversation with an expert to help you figure out what’s next for you in your business. CLICK HERE to book a call now!