Finding your target market when you are first starting your business is often like looking for the Holy Grail. It seems impossible.
- You haven’t had any customers – so you don’t know their likes and dislikes.
- You haven’t had a year of sales – so you can’t review any patterns and see the trends
- You haven’t had tough clients who want refunds and returns – so you can see what the strengths and weaknesses are of your product or service.
Yet every start-up business book or Entrepreneurship 101 course focuses on this area – Who is the client base or group of customers that your business is going to focus on? What is your niche? What is the area that you’ll be known for in the market place?
How do you focus when you are first starting your business and you don’t know what people are willing to pay for?
It’s tough. But here is my recommendation – just get started selling.
That’s often the last thing that most people do. They start writing the plan. They start get the operations together – office location, marketing materials, buying the domain name.
All of those things are good. But they don’t translate into the bottom line.
I suggest you should start with the bare minimum product or service that you can develop. Don’t worry if it’s not the greatest. Just get started. Figure out what people what and more importantly what they will be willing to pay for.
You’ll find the thing that people really want – which is often far for the idealized original version.
So get started today and identify what’s the thing that people are REALLY willing to pay for?