Wednesday, January 16th, 2019

Mompreneurs: Will Your Business Idea Make Money?

By ML Broxton on May 16 2011 • Filed under Mompreneurs at work

Mompreneurs: will your business idea make money?

Now that you’ve found your purpose and passion (read Part 1: Identify Your Purpose and Start a Business), it’s time to discover how to develop that into a viable business. The first step is to identify whether or not your business idea will make money. Here are a few tips to help:

1. Are other people doing it?

If other businesses are doing the same thing and staying in business for several years, chances are you have a good chance to make it, too. If there are other businesses who do something similar to your area of business, then make sure you have a clear niche prior to opening your doors. Your niche may change as you do business, but start out with something that will help you maintain your focus and reach the right potential customers.

2. Identify your target market.

Take out a piece of paper or open your laptop and describe your target customer. Where does she live in proximity to your business? What does she do for a living? Does she have children? What level of education does she have? Understanding your target customer base is absolutely critical to your startup being successful. Think about who you know that might fit in your target market and talk to these people. Ask questions that will help you get to know women who will ultimately be your reason for opening the doors every morning. Make sure you really like your customer base, because you will be spending a tremendous amount of time with them. Understand what makes your target customer very happy and what really ticks them off.

3. Speak to your niche.

Once you’ve identified your target customer, speak directly to her in everything you do. Gear your marketing, coloring, layout, business hours, etc. toward things she will find attractive and endearing. Inspire her to be curious about your business, visit your business, and become a loyal follower. She will tell her friends and your business will flourish. Answer the phone as if she is calling; decorate your entrance just for her; design your logo with her smile in mind.

4. Start small.

If you’re thinking about opening a store where you provide custom dog collars, start right in your home or garage. If you can’t do that, find a small, well-located shop that’s easily accessible by your target customer. Build a strong reputation and loyal following so that your expenses don’t get too far ahead of your income. Once you outgrow your home or small office, then consider expanding to a new, larger location.


This is Part 2 in the "Become who you are" series on leadership and self-awareness for Mompreneurs. for Part 1, click here.


2 Comments

  1. Love this, Michele…you’ve just reinforced so much of what I teach my solo-entrepreneurs! I particularly liked your advice about speaking to your niche. I like to say, your ideal client should become like your “invisible friend” and you think of her in everything you do. Thanks for such a great article!

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