Two answers you MUST have before starting any business in your twenties (and not fail in the process)
Empowerment and financial freedom are two concepts taking the world by storm.
You want to start a business of your own, you are ready to invest your resources, money and time into a project under your name. You are tired of depending on only one source of income from a company you kind of hate.
Now, before you decide to invest an unspeakable amount of money in some scented resin and molds, there are two questions that have to be addressed before the brainstorming of your business can even begin.
Number 1: WHO IS YOUR TARGET?
Number 2: WHAT WILL THEY GET?
If you don’t have this nailed down and clearly set, your project might fall short.
YouTuber and Entrepreneur Ali Abdaal lays it out pretty simply:
For whom are you creating the service for?: Who will benefit from this service? Your niche, and the more specific, the better.
So they can achieve what?: What is the outcome you are guaranteeing with the service you provide? The result your clients expect to have when investing in your offer.
In order to design your service’s purpose, you must have a straight-forward response to these questions.
Investment banker and Youtuber NISCHA explains it flawlessly:
When the business is service-centered, you must be able to provide a skill that people find hard or can’t replicate without a lot of effort and time involved
This can include (but not limited to):
- Answer a question or give expertise (insight).
- Solve a problem.
- Add value.
- Save people time.
Consider the following
- What are you good at?
- What is your field?
- What do you specialize in?
- What is something you can teach people about because you have a lot of experience in?
Counselors, tutors, coaches, all people who really know their stuff and practice it in a certain field. They have knowledge that is worth money.
Nowadays people don’t want to waste time and will look for the shortcut as much as possible. You have a question? You Google it, you need to know the exact steps to get a Visa? You get a migration lawyer, want to learn a language? You get a tutor. And so on.
Think about what is something you know so much about, you find yourself being a point of reference to others when it comes to it. Take advantage of your knowledge and let it work for you.
Finance and business Youtuber Oliur Online addresses product oriented businesses with precision:
If the business is product-centered, it must serve a purpose. This will allow people to visualize the value and see themselves needing and buying the product.
The idea is to provide something meaningful, that is going to add worth, comfort, relief or any positive emotions from the buyer.
Once you have the answers to the questions above, you can envision, design and create your entire brand based off on your service or product’s purpose and target.
So, if you are still thinking about the scented candles business, make sure you are clear on the reason behind each piece of aromatic wellness.
