You know how they say 50% of businesses fail within the first year? Did you also know they say that 95% fail within 5 years?
I’m not surprised, tbh.
I’m not sure if those numbers are completely accurate I’m just saying I wouldn’t be surprised. It takes a certain kind of person to venture off into the unknown world of entrepreneurship. And the work it takes to make your business last, turn a profit, and possibly be your full time job is another thing.
This is why when people approach me to tell me that they have a great idea and are thinking about starting a business first thing I do is tell them that’s great! Then I ask them how they’re planning on making a profit out of their great idea?
It’s a hard question to answer, but let’s face it. The answer to that question is the difference between a hobby and a business. Hobbies are fun, and businesses can be fun too! But with businesses you’ve got to have a plan (*ahem* business plan), a powerful message, and a competitive edge.
Some people don’t realize this when they first start their business. A lot of people think that if you create it they will come. And while to some degree they’re right, the success comes from marketing, cultivating an audience, and strategic planning so that your awesome idea can thrive!
So yes, in my professional opinion talent, creativity, or an idea isn’t enough to make a business a success. There’s more to business than that. So be prepared, educate yourself, create a plan (business and marketing), and get help so you can beat the statistic. Don’t be part of the 50% or the 95% that fail. Withstand the odds!
I have a back ground in graphic design and marketing so I know a thing or 2 about niche marketing, target audience, etc. It was one of the first things they taught us about in college.
When you’re the business owner, though, it’s a lot harder than you think. A lot of times you want to be the right fit for everyone, but as we’ve talked about before that’s just not possible. As a business, I need to think about my target market and get really specific.
- Who are they?
- How old are they?
- Where do they live?
- Where do they shop?
- What is their typical day like?
It’s really hard to answer those questions, but it’s worth it so you can better serve your audience. For me, my target audience are people just like me! A driven, “trying to make a difference in this world” entrepreneur. 🙂
- We’re ambitious and passionate
- We need to multitask and have a drive to expand our knowledge about all things business
- We have ideas constantly running through our head
- We need the ability to run their business on the go
- We live in or near a big city
- We like good quality products at a competitive price. We know where we want to invest and where to save.
- Our day never ends. As much as we want it to, our mind never turns off.
- We’re millennials that love to use a combination of technology and analog tools to achieve our goals
- We want to make an impact in this world
- We’re not afraid of a challenge
- We shop online and in stores
I know that honing in on my ideal customer will not only help me with my brand but also my creative process and business choices. If I have a clearer picture of them in my mind I can create with more intention and purpose. The more I think about it too, this applies to more businesses than just CO Creative Cartel.
So who is your target market? My challenge to you is to really think (in detail) who your ideal customer is. Ask yourself all those questions so you know who there are, what they like, where to find them, and how you relate to them.