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Conducting Target Market Research

Conducting Target Market Research

Today’s article is about conducting target market research. What am I talking about? Market research, that’s what. So what is target market research? Every business should be doing it, but unfortunately, they either aren’t doing it at all or aren’t doing it effectively. Without conducting detailed research about your target market, your business won’t reach its potential and will more than likely meet its demise. Oh oh, you say!

 

What is Market Research?

 

In order to tell you HOW to conduct market research, you must know what market research is. In a nutshell, market research is research that you do in order to determine what it is that makes your customers buy. Because for goodness sake, that’s why you’re in business. To make money right?

Here is a great list of things that you can do to conduct market research that will tell you what your customers want and need so that you can make more sales and grow your business. This is YOUR business purpose!

First, find the question or questions you want answers to. Be as specific as possible so that you have the answers you need. Going too broad may not really get to the answers you are really in search of. For instance, if you are thinking of adding a product to your line, is it something your target market is in need or want of? What would they most likely spend on a product or service such as the one you are asking about?

 

Methods of Research

 

Take the questions and get your answers by doing the following:

– Conduct a survey of current and potential customers.
– Visit online forums and groups that include members of your market. Remember to build relationships in these groups. Don’t just go to the forums and post your survey or question.
– Interview other business owners in your market.
– Monitor business trends in your market by reading and watching various media outlets.
– Research your competition by being a customer and/or inquiring about their products or services.
– Mail or telephone interviews.
– For those with online businesses, set up a test page revolving around the product or service you are thinking of offering. Give plenty of time to test the page and the traffic and activity of the visitors.

These are only a few of the ways you can conduct research for your target market. The key isn’t what research you do, it’s the fact that you are doing something to learn more about the habits of that market.

By taking the time to find out more about the people you are targeting, you’ll come to realize that knowing those in your market is one of the best things you can do for your business.

 

 

If you a struggling with how to figure this out, book a call with me, and let’s work on it together. Book Now

 

Do I Really Need a Business Plan?

Do I Really Need a Business Plan?

Today’s article is about, you guessed it, do I really need a business plan and why do I need one? Many people who start a business never take the time to write out a business plan. And that is a big mistake in my opinion.

 

Business Plans

A business plan can greatly increase your chances of success. And I’m assuming that you want your business to be a success, am I right?

 

The following are some reasons why every business needs to put a business plan into writing.

  • It helps to map out your future

If you have decided you are ready to start a business, your first step should be to write out your plans for what you want to do with the business and where you see the business going in the future. You have probably heard the old saying, “If you fail to plan, you plan to fail.” That is very true when it comes to your business. The more planning you do in the beginning, the greater success you will see in the future.

 

  • To secure financing

If you decide to take your home business to the next level, a business plan can help you secure financing. A financial institution will want to see, in writing, the reasons that they should loan you money. Simply walking in and telling them why you know you’ll be a success isn’t good enough. However, if you can hand your lender a document that states your business idea, your business goals, a list of steps you plan to take in order to reach your goals, as well as your estimated earnings, you will be seen as a professional and the lender will take you more seriously.

 

Determines your Action Plan

Your plan will also help you determine your action plan. Your action plan consists of the steps you plan on taking in order to achieve your goals. This is another task that people usually sidestep. Instead of “just kind of knowing” or “having the ideas in your head”, you should take the time to put them on paper. The reason this part of the business plan is so important is that it literally walks you from point A to point B. While your business plan, in general, serves as a map, your action plan is the “turn-by-turn directions.”

 

Having a business plan to present to your spouse or partner can also help them to realize your business idea is more than just a passing amusement. This can really help you, especially if they are skeptical. They can see that you are serious and will become more helpful and more encouraging. Having the support of your spouse or partner can really motivate you and help you find success. And that’s what you want your business to be, successful!

 

Need help with planning this out? I would be happy to help you. Book a call with me here – Free Appointment

Creating a One Page Business Plan

Creating a One Page Business Plan

Creating a one-page business plan is the topic of this article. Many small business owners get overwhelmed when it comes to the necessity of writing their business plans. It doesn’t have to be hard you just need to do it.

Unless you are looking for major financial funding from a bank or other loan institutions, a simple business plan that includes answers to the following questions will be perfect for your small business purposes.

 

The Simple Business Plan

 

1. Where am I now with my business?

2. Where do I want to be with my business? If you see your deadlines in front of you as you work your business, you’ll be more likely to meet them. Break this answer down into a timeline to make it easier, using 6 months, 1 year, 5 years, 10 years, or whatever times work for your particular business.

If you are looking for a way to get a bit more detailed with your plan or you foresee needing it to request funding later, you may want to devote more time and attention. You can still easily do this by devoting no more than one page to each section of your business plan.

 

Creating A Detailed Business Plan

 

Page 1 – Overview

Include your vision for your company (possibilities), the purpose of creating your company (why you started your business),  and the mission of your company (plans for achieving).

Page 2 – Business Information

Here is where you would include information about yourself including name, business name, and entity, address, and phone number.

You’ll also want to summarize your business objectives on this page. List your goals and how you plan to reach them. Including what you’ll do to create a profit and what tools and resources you plan to use to do so.

Page 3 – Market & Customers

Answer the following questions in this section of your plan.

Your target market – Who are they? Where are they? How many?

What do you need to know about them?

Why do they need your service?

Is the market growing?

Give specifics about growth and spending habits. Do as much research on your market as you can and put it in this section, including any barriers or hard to overcome issues.

Page 4 – Competition

Who are your competitors? What makes you different and the same as those competitors? How are you competing with them? With price, quality, etc? How will your market feel about you compared to your competitors?

Page 5 – Marketing

This is a bit like your competition section because you’ll want to discuss how you will market your business products or services. What makes your business unique?

 

In Conclusion

 

No matter which method you use to create your business plan, be sure you are answering each of the questions to make it efficient for its purpose. Whether it’s for you or someone else, the ultimate goal of a business plan is to keep you on track and focused, and working toward growth.

As your business grows don’t forget to update your plan to grow with it as well.

Need help? I’d love to – Contact Me Here

Goal Setting Obstacles

Goal Setting Obstacles

 

Many people have issues with goal setting due to setting limiting obstacles in their own way. Some of the most common barriers to goals setting involve fear and lack of belief in yourself enough to even set a goal, much less follow steps toward achieving them. Perhaps if you know some of the most common goal-setting obstacles you can work toward overcoming them.

 

Obstacles That Limit The Process

 

  • You Don’t Want What You Think You Want

Some goals are set because other people want them for you. If you don’t really want what you say you want, it will be very difficult to set a goal for that thing. Be sure that you’ve set the goals for the right reasons and that it’s something you really want. Write down the pros and cons of any goal and know why you want to achieve that result before setting it in stone.

  • You Don’t Truly Understand the Importance of Goal Setting

Many people think goal setting is just hocus pocus and doesn’t really work. If you don’t really understand the power behind appropriate goal setting, it can be hard to take the time out of your day to truly set a goal. To understand the importance of goal setting, read several books about success and you’ll find that the most successful people set realistic goals, and then worked that goal into their schedule every single day. Even people who experience “overnight success” didn’t really achieve everything overnight. It was many nights of following a plan that brought results.

  • You’re Not Really Sure How to Set a Reasonable Goal

If you’ve actually tried to set a goal before but didn’t experience results, it’s probably because you just don’t know how to set a goal. It’s not as easy as just writing down a dream. Goals aren’t dreams. They are realistic, specific, achievable end results that you want to see. Take the time to learn the best goal-setting techniques in order to experience goal-setting success.

 

Fears That Control You

 

  • You’re Scared of Failure

Many people do not bother setting goals because they have a self-limiting belief that they’ll fail anyway. Therefore, if they do not set a goal, they won’t have to be a failure. But remember that the idea of planning to succeed over planning to fail is realistic. No goal setting is a recipe for failure; goal setting is a recipe for success. When you accept that you can only achieve real success through goal setting, you’ll overcome this obstacle.

  • You’re Afraid of Judgment

Sometimes people are scared to set a goal for something because they see it as outrageous. For instance, let’s say that you want to go back to college to get a Master’s degree, or you want to start your own business. You fear that if you set that goal, and other people know about the goal they’ll judge you harshly for wanting it or for some other imagined issue. If you are worried about what others think of you, it’s time to dig deep inside yourself and get over it. The truth is, what you think of yourself is more important than anything else. When you stop judging yourself, you’ll stop worrying about the judgment of others.

  • You’re Afraid of Success

Believe it or not, some people are literally afraid of success. They feel too much pressure surrounding success to actually make goals to be successful. They are more comfortable in their role as someone who is not successful or who is “normal” instead of as someone who sets a goal, works toward achieving it and is seen as a success. The truth is, there will always be people who want to tear you down once you achieve some success, but the saddest thing in life is regretting not doing something. Most people regret the things they did not do, more than the things they did do – right or wrong.

 

Limits And Internal Battles

 

  • You Secretly Don’t Think You’re Worth It

This is where the way you see yourself is important because if you see yourself as someone who doesn’t follow through, who doesn’t succeed, and who can’t change their life, you’ll avoid goal setting like the plague. You’re the only person on Earth who can control your actions, so you’re the only one who can set the goals for you and the only one who can make yourself feel worthwhile.

  • You Don’t Really Believe It’s Possible

People avoid goal setting because they simply do not see the vision of what can be. They don’t believe. They don’t picture themselves fully at the point of success, experiencing success. Since they think it can’t happen, they don’t try. But, the truth is, you can’t know for sure about anything unless you follow the steps necessary to reach a goal. You can dream big, and reach for the stars. Trying is more important in most circles than actually making it. And, chances are that if you really try, you will make it after all.

 

Goal setting is imperative if you want to truly see all your dreams and visions come to fruition. It doesn’t matter if it’s business-oriented or personal – setting a realistic and achievable goal, and then working toward realizing that goal on a daily basis does work.

You just have to do the work. If you’re resisting this process I completely understand because it’s easy to do. If you need help with creating your goals, book a FREE call with me. It’s easy, just use this link FREE CALL!

 

 

How to Set and Achieve Business Goals

How to Set and Achieve Business Goals

We are continuing our topic about goals in today’s article. One thing I can’t stress enough is how important it is to have business goals. So, we’re going to discuss how to set and achieve business goals so your business will be as successful as you want it to be.

 

It’s important to have real, specific goals in your business. These goals can be financial, personal, or simply involve an aspect of your business (“build an effective website” for example). It can sometimes seem overwhelming to determine goals, and even more overwhelming to think of achieving them.

Here are some great tips on doing both of these.

 

1. Set Your Goals With Intention

How do you set business goals, anyway? As you sit down to determine your goals, here are some things to keep in mind that may help.

* Money – How much money do you need? Have a number here – $1500 a month? $100 a week? $50,000 a year? Financial goals are very different for everyone. Just make sure you have a real number. You might want to set two financial goals – long-term and short-term.

* Strategy – As you develop a strategy to reach your goals, you will have goals within that strategy. For example, if your goal is to start your own small business making hand-sewn handbags, then your strategy may be to make ten handbags to have available before beginning and to sell all ten in your first month.

Setting Goals

Within this strategy, there are steps – you will need to schedule in the time it takes to make the handbags, and determine the amount of money needed to buy the materials. Then you may also need to set up a website and post ads to get the word out.

Even within these steps are more steps – setting up a website involves multiple steps, as does advertising. Break everything down into small, specific steps and look at it on paper.

* Time – Be honest about how much time you have. So many times it’s tempting to set goals we can’t reach because we just don’t have a grasp on how much (or how little) time we have. Also, hours on paper seldom work out exactly right in real life – you need some breaks (no one is a machine), and life happens.

For example, if your kids are in school from 8 am to 3 pm, you may think you have seven hours to work that day. But if you’re honest, it may be more like five by the time you factor in lunch, bathroom trips, driving to and from the school if you drive your kids, and so forth.

 

2. Achieving Your Goals

If you have been honest in the above exercises, achieving your goals will be much easier and likely. Still, you can be as detailed and careful as you want on strategy lists and such, and still have trouble reaching your goals. Below is a good example of How to Set and Achieve Business Goals.

Keep the following in mind:

* Keep track – Keeping a record of your business ventures, expenditures, income, and overall progress toward your goals can help you get a handle on how well you’re doing. This can also help you see areas in which you need to improve and areas where you excel.

* Accountability – Some sources suggest an accountability partner, goal buddy, or whatever you want to call someone who holds you accountable for reaching your goals like a mentor.

* Marketing – It is important to have a marketing plan. How will you get your name out? How will you tell people you are open for business? This is an important component of any business goal.

 

3. Tracking Your Success

Once you have laid your plan out, have a tracking method to look back on at the  3-month, 6-month, 1-year, 5-year progress. Then you will see how much growth you’ve attained in such a short amount of time. If you remember the saying, “Rome wasn’t built in a day” you will realize that a business doesn’t grow overnight. It takes time and the right goals for your business to succeed.

If you are looking for help creating your goals or looking for a mentor, that is where I can help you. Book a FREE Consultation Call with me today and let’s get started!

Here’s the link to schedule: Consultation Call

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