Which is the Best Business to Start Nowadays?

Which is the Best Business to Start Nowadays?

You got this immense spark in your top floor (the brain if its not obvious) and now you’re all hyped up to start your own business. You got all the legal stuff done, registered a company, came up with kickass name and build a service or a product that hundreds of other people are already doing.

Now you can’t figure out why you aren’t getting much business or acquiring new customers. Sounds familiar?

The problem is target saturation. We usually try to sell somewhere where everybody’s selling. If you’re competitors are selling digital marketing to new startups then the chances are you’re targeting somewhat the same audience too because you’ve heard somewhere that its working.

Let me break it to you, there’s only 3% people buying at a given time. Imagine that, only 3% people in our market are waiting with their credits cards in hand to buy a solution to their problem that you’re offering. All the competitors and you are targeting these 3% audience. Not everyone is going to get a good piece of the cake now right?

Let’s break it even further.

If you pick up the newspaper, watch TV or even do a search on Google you will see many ads claiming “we have the biggest range and the best prices”. They are directed at that 3%.The problem is, if you split up that 3% of customers between you and your competitors you’re never going to make much money.

The key is to capture the other 97% of customers. But how do you do that? Simple. You make sure that when the other 97% of customers become ready to buy (which could be very soon), they’ve already decided to buy from YOU.

Buying now : Percent who are interested in buying “right now”. These are the people who are looking and searching online with their credit card looking to purchase the solution to their problem.

Info Gathering Mode: Percent who are in “Information Gathering Mode” these are window shoppers who are open to considering such a purchase.

Problem Aware: The percentage who are “Problem Aware” meaning they might know they need a new car, need to lose weight etc, but aren’t actively researching or looking to buy.

Not Aware: Then the other 50% of the market who aren’t “problem aware” or looking to buy

So maybe try to build a sales funnel first to educate your user and make them aware of the problem before pitching them a solution. How to do that? We’ll understand in the upcoming days.

Artwork: https://dribbble.com/shots/10154841-Businessman

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