STARTING YOUR BUSINESS - Business Q&A

WHERE DO I EVEN BEGIN?

What are you passionate about? What are you good at? What does the market want? Look for opportunities or develop new ideas where all three of these areas overlap. This is the key to both your success and enjoyment of your work.

Follow your passion and think through your abilities. If new skills like welding or using a computer are needed, you may find them easy to develop. Partnerships can combine your strengths with those of others. We often hear from successful married couples with one spouse making products in the shop while the other designs or markets them, for example.

HOW DO I KNOW WHAT THE MARKET WANTS?

It may be as simple as asking people or discovering an unmet demand. You may see an obvious need or better way to do something. Sometimes, it’s having the vision to see what people would want if it was available.

You may be inspired by what you see others doing and add your own flavor. But don’t get caught behind the curve of innovation. Think outside the box and allow your creativity to generate a variety of new ideas. Then focus your energy on the most promising and successful ones, not hesitating to eliminate whatever does not produce the best results.

HOW DO I PROMOTE MY BUSINESS?

The possible ways you can advertise and sell are endless. You can open your own store or sell through independent dealers. You can build a web site, sell on eBay, set up a booth at craft fairs, or work as a contractor for businesses. You can rely on word of mouth, put signs alongside the road, run ads in newspapers and magazines, or direct mail flyers to specific types of people in your area.

Find and try a variety of opportunities to see what is going to work best for your business. Your location can make a big difference if you will rely on local commerce. Strive for high visibility with large numbers of traveling tourists, for example. If you are going to sell across the nation, your direct marketing or distribution plan is critical.

HOW DO I ADVERTISE EFFECTIVELY?

Before you invest in a specific form of advertising, calculate how many people you will reach at what depth for the cost, and also how well qualified they are for your business. Don’t waste money on opportunities with bad numbers.

When you sell, ask your customers how they heard about you. Keep track of sales by advertisement so you know what works, and don’t waste resources on what does not. Expect immediate results and beware of ad salespeople who promise better results only after repeated advertising.

Also develop a customer list or database early on. Your past customers are your best opportunity for your future marketing. Always strive to develop good relationships with your customers, to treat them well and to value what is important to them.

HOW DO I DESIGN AN ADVERTISEMENT?

Focus your advertisements on what your customer cares about, not necessarily what your company cares about. You may be trying to sell your metalworking services, for example, but the customer may be drawn more by the idea of a custom address sign for her house—especially if she sees some impressive examples of what she could have.

Keep your message simple, focused, powerful and visual. You only have a second to get the attention of most people, so don’t expect them to read a bunch of words. Remember that “a picture is worth a thousand words.”

HOW DO I KNOW THAT I WILL SUCCEED?

The truth is, you don’t have to be a genius or get lucky to be successful in business. You just need solid character coupled with a little creativity, skill, and self-discipline. When you employ simple business principles like focusing your resources on the best opportunities, basing your decisions on measurable results, and marketing what the customer wants, you gain tremendous advantages over most other companies.

When all these qualities work together, it’s almost impossible to not be successful. So keep dreaming big, and don’t be afraid to pursue a good opportunity!