Forums: Discussions for entrepreneurs and small business.

Have you always dreamed of owning your own home business but never been able to figure out exactly what business it is? Does that innovative idea of yours often look so near--and yet so far? You're not alone. According to a survey by the Kauffman Center for Entrepreneurial Leadership in Kansas City, Mo., one in 12 Americans wants to start his or her own business, but only half succeed.

 

Here's a simple 5-step process to identify your ideal market segment

 

1)  Analyze your sales
Most businesses will find some semblance of an 80/20 rule behind their customer profitability: 20% of customers will drive 80% of the profits. Many a business owner has mistaken volume for profitability. Spending energy to find more of the 80% who are the least profitable is a recipe for disaster.  

2)    Analyze your non-customers
What percentage of your most profitable customer market do you already have? If you have 100% of that type of customer, spending money to find more of them will be fruitless. If you have only 5% of that market, you'll have a fabulous focus for your business plan.

3)  Do your research.

The internet is a powerful tool for extracting information in minutes. Make use of this powerful medium to research the list of potential business ideas you are interested in. Things to determine are:

a)     Is there a similar product or service already?

b)     Is there a market for this idea?

c)     Who are your customers?

d)     Who are the industry giants and how do they operate their businesses?.....read more http://news.bytrade.com/info/921-Top-6-Steps-to-Find-Your-Ideal-business-Market.htm

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interesting starting points. where do you weigh in passion for subject matter?

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Well identifying your niche does make a good ground for any business. It let's you know what customers to look out for and whom your going to sell your service or product.

Competition is also an important thing to know, if there are already a lot of competition.

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Excellent post! I think researching the market is KEY. Gotta know your competition, right?

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In addition to knowing your competition, it would also be great if you can come up with something your competition don't have. It doesn't have to be anything new per se, but something you see that that competition lack in their product/service. It will be your edge over theirs, especially if you're fairly new to the market and they have established their own share of loyal customers.

Best,

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Emma Ames, Pepper Virtual Assistant, http://www.peppervirtualassistant.com/

I totally agree with chengang, the key is action.

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