What kind of business should I start? That is a common question asked by people who are growing tired of their 9-5 job and want to take control of their future. In this Start a Business Guide, I’ll show you some ways that you can start a business without a lot of up-front investment. I’ll give you some ideas about what you can sell, while showing you how to do it more effectively.
Start a Business Guide Idea #1: Forget about products or services. Rather than trying to think about a specific product or service, think about a target market who has a problem you can solve. You have a collection of talents and skills and knowledge that is unique to you and these qualities can be applied to solve a problem that your target market is experiencing. You just need to figure out who your market is!
Start by thinking about who you relate to, what market your skills tend to be used by, and who you like spending time with. Chances are, those are going to be three of the best indicators that will tell you who your target market might be.
Start a Business Guide Idea #2: Think “solution clusters”. Once you have identified your target market and their problem, you can now think about a solution. But don’t think about a specific product or service! Instead, think about a cluster of products and services you can offer.
Perhaps you can offer:
- Free information on a blog (with pay-per-click advertising where you earn some revenue when people click through)
- Affiliate products (where you promote, for a commission, products or services created by other people)
- Ebooks and other informational products (these are higher profit items that sell even while you sleep)
- Coaching, consulting, advising (you can do this over the phone or in-person or even through email, depending on your target market).
Eventually, you may decide to sell other products or services but this is a great place to start: Create solution clusters that solve your target market’s problems.
After you’ve identified your target audience and looked at the solutions you can provide to their problems, consider this one more step: Think about narrowing your target market. A narrow target market might seem counter-intuitive but it can help you sell more while improving your communication and lowering expenses. That’s because narrow target markets are easier to target and when you target them effectively, you’ll sell more.