What kind of business should I start?
Starting a business is way cool these days – everyone is doing it. And what’s not to love about it, right?
That being said, the only question then is what kind of business should you start? That’s the burning question on the lips of many a would be entrepreneur stuck in cubicle nation.
Here’s my take – I hope to whatever God you pray that you have discovered the next new big thing and that you have your patent attorney working overtime for you, but . . .if you want some really good, free advice, take head.
Research and find a business, industry, product or service that seems to have a number of players who already seem to be doing pretty well and jump into that potentially crowded field with an innovation and a commitment to a marketing system.
It is far easier to create a twist or unique offering in a market that already exists and appreciates what your business has to offer than it is to convince a market that they ought to want and need your great invention. I know that may not be the way to entrepreneurial stardom, but it’s the surest way to create a business with a chance of success.
But what about all the competition? Don’t sweat the competition, most have succeeded on sheer market momentum or demand. You’ve got the secret duo of innovation and marketing system on your side and you are about to blow the competition away.
So let’s talk about these two ingredients you need to add once you find your boring, but sound, business to jump into – innovation and a marketing system.
Innovation comes by simply finding a unique way to package, deliver or market your business. It must be something that allows you to clearly show how your business is different in some significant way than all the others that say they do what you do. For example, Duct Tape Marketing coaches don’t do marketing consulting, they install a marketing system.
It’s not enough to simply say you offer better service. In this regard you may need to be willing to throw off long ingrained notions. Some find that’s it harder to get old thoughts out than new thoughts in – let your innovation include green skies and blue trees!
Once you have your business idea and innovation, surround it with a marketing system. A marketing system is just my way of explaining the systematic way to build know, like and trust.
Your system must contain a strategy that helps you communicate, in very simple ways, your innovation – your difference, your core message. It must also contain a thorough and consistent, education based communication strategy combined with proven ways to toot your horn and let your ideal customers find you. (In case you want a complete road map for creating a marketing system, that’s what my book, Duct Tape Marketing, is all about.)
This may not be the path to instant gratification, but it is the long, slow, steady and perhaps boring guarantee for start-up success.