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Starting a small business is easier today than ever before, and more people than ever before are doing it. Seemingly overnight, countless Etsy shops and online businesses are popping up. Small and micro-businesses make up an important part of the economy and give owners a chance to create something for themselves. Reasons to start a small business include financial freedom, location independence, and for our family a second, additional income to pay for the extras and flexibility to stay home and homeschool.
The internet and social media make it easier than it could be, but that doesn’t mean that it is easy. Unfortunately, the people that go in thinking that it will be easy or a fun hobby. These are usually the ones that fail. Before you rush into this new and exciting opportunity, there are a few things that you should ask yourself, and answering these questions could give your small business a chance of being a huge success.
Who Is Your Target Market?
Knowing who your target market is makes everything else easier. You’ll create your products and services with them in mind, knowing that there is a market for what you are offering. You’ll target marketing campaigns at people that are most likely to respond to them without wasting your time and money on far-reaching strategies. So, think about it. Ask yourself who would be interested in your business and commit time to learn more about them.
Does Your Business Solve a Problem?
There are so many businesses out there, many offering similar products and services. Ask yourself if your business does something different? If it offers a new product or service, or if it solves a common problem? Or, if it’s the same as many other products, how can you make it different.
Do You Have Direct Competition?
Once you have a product in mind, and you know your target market, look at the competition. Who are you competing with? Why would people come to you instead? It’s okay to have direct competition. You need to find an angle as to why someone should choose one over the other.
What Payment Options Can You Offer?
You might be thinking that you only need to offer card payments, or maybe PayPal. But, what if you have a customer who prefers to pay with Apple Pay? Will they carry on with their transaction if they aren’t offered their preferred way to pay. If they do, will they come back in the future? Giving your customers options is a great way to make shopping easier for them.
There are more payment options than ever. Online people pay by credit card or debit card, but also by Paypal, Apple Pay, Amazon Pay, and other options. In the real world, more stores are going cash-free, instead offering most of the same online available methods. It’s not as simple as it used to be. But it can be. try this credit card payment app to make offering payment options simple.
Where Are You Going to Market Your Services or Products?
Marketing is one of the most important things that you can do for your business. Take the time to think about where campaigns might be effective, where is your target market hanging out, what is your competition doing, and a Dream 100 strategy and list goes on.
I prefer Pinterest marketing as you might know! You can learn a lot about your competition on Pinterest and it’s one of the first places I start. If you want to get started with your Pinterest marketing, set up a time and let’s talk.