Growing a successful online business follows a basic formula and, if you follow the formula, you will build a booming online business.
A critical ingredient to the formula of success is to identify a target market and niche that you will serve. Many solopreneurs mistakenly do not focus on a specific market when first starting their business. Many find it difficult to pinpoint a specific market because they feel that they can help everyone and to select a specific market would be limiting.
Selecting a target market does not limit you at all. It really is quite contrary—selecting a target market to focus on opens you up to more opportunities and success. The benefit of selecting a target market and niche is that it allows you to focus your time, energy and resources in areas that will realize the greatest results. You can grow your business by identifying and focusing on a specific problem that your business solves or a specific result that it brings about. You then market to the people who have that problem or who want that result.
When solopreneurs give the impression that they are ready, willing and able to serve anyone for any thing, they risk confusing the people they speak to. People want to hire "experts" to solve their problem.
Identify your target market and niche so that you know who you are selling to and what they want most. To best access your target market, answer these two questions:
- First, where do I find them?
- Second, how do I access them where they are?
In the series, 12 Days of Christmas + 12 Days of Business Tips