Some people are ideas generators…able to come up with hundreds of ideas.
Others have one idea and that’s the perfect place to start.
No matter where you are in your journey, this week I’ve got you covered.
Whatever ideas you have in mind, now is the time to pick and prioritize your top three. Note: If you’ve only got one idea the next steps still apply.
If you’re having trouble you can sk yourself:
- Which ones feels the most exciting?
- What looks the most promising?
- What sounds like a go-er?
Choose the best fit for you right now. Remember, you can always come back to this process again!
Step 2: Conduct Target Market Research
After last week’s video on your business blueprint you should have some ideas on the potential audience that you want to serve.
Now you can go out there and start talking to people. You can try something like:
“Hey, I’m interested in starting this business, particularly helping (whoever that might be) in a certain area. Are you available for me to have a 15-minute chat to pick your brains on what you’re struggling with in this area?”
For example, when I started my business, I did market research with about 20 women. I spoke to women who were in corporate or had been in corporate and were thinking about starting a business. I got on the phone with them, had an honest conversation, and just listened to them.
I let them talk to me about:
- Their biggest frustrations
- What they were hoping to achieve when starting a business
- What they were worried about
- What they needed to make the leap
- Where were the gaps
- What have they tried
- What worked
- What didn’t
Really, I got curious about that target audience. That market research is gold. I do it every year to really make sure that I’m on track and serving my audience in the best way.
That’s an essential step, go out and survey your target audience. The more interviews you can do, the better, but to start with, I recommend speaking to a minimum of three people and just understanding what their challenges are, what their aspirations are, what their fears are, find out what’s holding them back, find out what they tried and what has worked and what hasn’t worked, and ask them, “Is there something that you need that you can’t see in the market?”
From there, you’ll learn what it is that they’re frustrated about and you’ll be able to really get into their heads, and then come up with some creative ideas and solutions for them. That’s market research,
Step 3: Conduct Industry Research
What do I mean by that?
I mean that you want to go out to people who have successfully started a business in the area that you want to.
Now, before you say, “Hey, that’s really awkward. Oh, my God. Who’s going to want to talk to me?” just remember that this is the step that really pays off.
You’ve got to be able to see if pursuing this business idea is really going to align with the reality of what you want, your dream life in video two. Again, if you haven’t seen that, go back and watch it.
Honestly, there’s no point in starting a business if it’s not going to satisfy your dream life and what it is that you’ve gone into business for.
Go out there. Use LinkedIn. Google-search people.
We are in an era where we have access at our fingertips. Look at interviews. See what comes up. If you’re brave enough, go and reach out to that person and set up an interview and have some time with them. Add value, be of service, and be genuinely promoting of that work. Then, at the appropriate time, reach out for that interview with that friendly conversation.
If they say no, that’s fine, but nothing ventured, nothing gained. You really need to do that research with your target market and with the industry experts to make sure you have a viable business idea, the external piece, and that you also have a business model that’s going to align with your ideal life and something that you really want to pursue on the inside. You need both. You need to balance the two.
I want to hear from you.
- Are you clear on who your target audience is?
- What support do you need in this area?
Leave a comment below.
I hope you have fun exploring testing and refining your business idea!
P.S. If you need support to test and refine your business idea, then go ahead and make an application for a complimentary pitch-free strategy session with me. Together we can work on your next step to getting clarity on what makes you uniquely you. You can apply by clicking HERE.