Marketing Your Business/Idea/Service
The most important asset you have to market will always be you. We are all in sales and marketing and it is critical that you know how to market yourself in nearly everything professional that you choose. Once we are comfortable in our own skin and have a networking plan in place to reach out then you can worry about uncovering and marketing your business.
Researching your business idea has never been easier. Simple searches on Google will bubble up the key players in the market that may have the same idea or business that you are thinking about starting. Your key objective in any business should be to determine where the gaps are and market your plan around filling those gaps.
If you are trying to sell a product, Amazon may create challenges of scale and cost. This does not mean that you should abandon your idea but you will need to really dig in and find the gaps. There are also opportunities to present your idea directly to large online retailers like Amazon, Walmart.com and Target.
Product sales present challenges that should be identified prior to any investment. You must ask the following questions;
- How will I procure the product
- What are my costs and inventory commitments
- Is there a shelf life issue and must I think about stock rotations.
- What is my policy for returns
- What is my backend process and storefront requirements to enable the business to run smoothly.
Service sales present different challenges but also eliminate the need for inventory purchase commitments, logistics, and competition from larger big box retailers or online players.
The service business may require leasing space, build out costs, staffing, insurance for liability and other costs. Most lease arrangements call for up to 10 year commitment with personal guarantees. This can be a scary arrangement especially given what we experienced with Covid and limitation on some services and personal treatments.
A blending of these two types of businesses including product and services can be achieved while limiting your liability and risk. As an example, internet businesses found on sites like Flippa or Biz.Sell can provide a wealth of ideas and opportunities for mature and less mature businesses.
Let us help you identify what's potentially right for you and walk you through the exploration process.
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