So You Want To Start An Online Business, Now What?
3 Questions To Ask Before You Start An Online Business
So you’ve decided to start an online business, congratulations!
I know right now you might be experiencing a lot of emotions (excited, scared, am I crazy, I can do this, what if this flops, I’ve got this, etc….), all of these emotions are normal.
Before you go any further in your journey however, you must answer these 3 very important questions.
Knowing the answers to these questions is crucial to your success. Yep, they are that important. So let’s take a look at them shall we?
Question #1 - What Problem Are You Solving?
You might have a great idea for your new business, and I’m excited for you, but you need to ask yourself what problem am I solving and are others looking for a solution to this problem?
Bottom line, if you aren’t solving someones problem that they are looking to have solved, you won’t be successful. Identify a clear market need or problem that your business will address.
Next, start asking friends (in person and on social platforms), family and acquaintances if this is a problem that they are looking to have solved. Pay attention to the feedback you collect!
Listen to what others have to say, don’t try to sell them on your idea. If you see others light up and say things like “Heck yes I need that!” that is a good indicator that your idea is a good one.
On the flip side if you don’t see enthusiasm from your collected feedback, you might need to rethink your business idea.
Question #2 - Who Are You Serving?
Now let’s take a look at who it is that you will serve. You might think that the more the merrier when it comes to serving people. This is untrue.
It’s important to recognize that when you serve everyone, you serve no one. Read that again. The more targeted you are with who you serve, the more successful you will be.
A good way to identify your avatar (your target audience), is to take a long look at who you were before you solved the problem that you’re now helping others accomplish.
As an example, when I started my second business I was a stay at home mom of 3 beautiful girls who were all going off to grade school. I had some time free up, and I wanted to start a online business. My avatar for the Women’s Startup Academy are stay at home moms who’s kids are heading off to school.
Remember, your audience wants to be where you are now. In other words, you’re a few steps ahead of them in their journey. That makes what you have to offer very valuable.
So go back to where you were before you found your solution that you are helping your audience with and that is likely your target market. Make sense?
“Don’t try to serve everyone, when you serve everyone, you serve no one.”
Questions #3 - What makes your solution unique compared to existing alternatives?
Now that you know what problem you’re solving and who you’re serving, it’s time to understand how you differentiate your solution from others solutions out there.
How do you stand apart from others. What is going to set you apart from you competition?
If you’re like everyone else, why would they choose you. Your unique experience often is what sets you apart.
Take a look at your story and how you got to where you are. I bet it’s completely different than someone elses journey. Use your experience to set you apart.
If you have a tangible product, the little details are likely what differentiates your product.
How Pain Points Can Help You Differentiate Your Product
When searching for ways that you are different from your competition, clues often present themselves in others pain points.
Let’s look at an example, I had a client who sold jewelry and she was struggling to see how her product solved a problem. I asked her “What pain point are you solving with a necklace?”
As we took a closer look, her unique jewelry was fresh water pearls strung on a piece of adjustable leather cord (I mean leather and pearls, how cool is that, right?!?)
I explained to her how I can not wear most “inexpensive” jewelry lines because the cheap metal has such an off putting smell and that it gives me a headache. On top of that, I wear mostly v-neck shirts and it’s so hard to find a piece of jewelry that looks good with v-necks.
Her beautiful necklace solved two of my pain points, adjustable length so I can make it as long or short to fit my v-neck shirts and I didn’t have to smell a tarnish/metal smell.
This is her selling point! This is what will set her apart from her competition. Do you see how that works?
Conclusion
To recap, ask yourself what problem you are solving and is it a problem that others need solved?
Next, know who it is that you serve. Hint, they often look like who you were before you found your solution.
And finally, how can you differentiate your solution from others on the market? You don’t want to be like every product out there.
Remember that your unique journey or story is what will sell your product. If you tap into that, you will create a business that thrives.
I Invite You To Watch My Free Workshop
If you’d like to learn more about the next steps on starting your online business, I invite you to watch my free workshop.
We take an in-depth look on how you can turn the skills and services, that you already have, into a profitable business to increase your income, create time flexibility, and give you the freedom to live the life of your dreams.
I promise it will be so worth your time…I look forward to seeing you there.
