It is vital that you start off with a solid plan. What information do you want to sell online and who is your target audience? Before you even invest time in building this business, it’s worth taking the time to figure out if your service is in demand. After doing a simple web search, do you find other entrepreneurs in your field? After using a keyword tool online, do you know how often people are searching for what you want to sell? I’ve learned that niche markets are filled with profit potential, but that profit can be difficult to acquire if you don’t know have a solid plan.
Your plan is comprised of several things:
Passion – Money is the desired end result, but how do you plan on making that money? You have to have a passion. Your passion has to be something you enjoy doing and are actually good at. You should not start a business in an area that you like, but know very little about. Just the same, you should not start a business on something you are skilled at but hate doing. The goal is for you to start a business you love. The secret is to work with passion, stay passionate through the good and bad times, and use your unique skill set to stand out among your competitors.
You can discover your passion from one or all of the following sources. Something you have always enjoyed, Something you often get complimented on, Something you do for a living, Something people always ask you to help them with.
Do your research. Find out if your
Passion Pays. Research competitors & try selling similar products, perhaps an affiliate product to test the industry and see if you can make any sales.
What is Your Passion Product or Service: How do you plan on turning your passion into profit? Creating a clothing line? Writing books? What are you planning to sell?
How much money do you want to make? If you want to be successful, you have to do the math. When I started, my goal was simply to make money and I did. I made a few bucks here and there, but nothing steady. I took whatever money came my way. I was so focused on new sales, I neglected to make steady sales, and that is a big mistake. When I set my first goal as a work at home mom to $1,800 a month, I was shocked when I reached my goal and passed it! I quickly realized that it was no fluke or miracle. When I started setting, what I like to call, Money Markers, I started creating real goals and seeing real results.
Define Your Target Audience: Who is your target audience and How do you plan to market to them?
I cannot tell you who your target audience should be, but I can tell you that you need one. As a solo entrepreneur it is impossible for you to reach everyone and please everyone. Selecting a niche market is ideal because you can reduce your spending on ads, focus on ads that target your desired customer, and build a brand that stands out among your computers. With respect to target marketing, here are a few things to think about:
· What would your ideal customer look like?
· If you are in already in business, what are your strongest products? What questions do people often ask you?
· Focus on the specific needs of your clients and you just might find your niche. I fell into my nich, 'Black Women in Business', when I started to analyze my customers and spent more time trying to figure out how to cater to their unique needs.
Niche Marketing Tips
Set Your Money Markers: How much money you plan to make on a daily/weekly/ and monthly basis? How much do you need to make now? How much would you like to make in the future? Create short term and long term goals and stick to them.
Your Marketing Strategy: How do you plan on promoting your business to your target market? Do you plan on investing in offline market: print publications, stationary, trade shows and events? Are you currently successful at Internet Marketing? What is your strategy? How do you plan on making it better?
Your Goals: What do you want to accomplish in your business and personal life? What is the time frame you have set to reach those goals?
Here is Your Annual Action Plan Questionaire
When developing your current action plan, think about what did and did not happen in your business last year. The goal of these questions is to get you thinking about how your business developed last year and what you did and/or did not do to help it grow.
Did you see growth in your business last year? If so, in what ways? Visibility? Sales? Other?
Were you satisfied with your sales last year? Be sure to include why you were satisfied or dissatisfied.
Do you have a client list from last year or are you only concerned with making a sale and then finding a new one?
Did you build your client list last year?
Do you have returning clients?
What were your marketing efforts last year? What strategies worked and which ones did not work?
Did you market your business offline?
Did you get any questions or feedback about your business from customers or business associates? Were there any comments that stand out or came up frequently?
Did you do everything you wanted to do with your business last year? If your answer is no, what did you not complete?
Are you ready to complete your Action Plan?
If you would like to know what your Plan-to-Profit Personality is or how to complete your action plan be one of the first to download my latest eBook: Plan-to-Profit. Send me an email, if you would like to receive a notification when this eBook is complete.
