Bringing Value To Your Business. But, what It Even Means?

About bringing the value. Business is about solving solving problems, not yours.

Nobody is interested in you, what you have to offer, and how good it is.

People want to buy things that are either want (not necessary for living, but would be cool if I had it) e.g. sneakers or gaming PC, or needs (necessary, I need it for a specific purpose that fills my human needs) e.g. food and commute.

Of course, needs can be fulfilled in a fancy way and can be basic, extremely overpriced, and boring and still sell anyway. There’s only one universal rule — make people want or need your product or service.

AI-generated Image, edited by me.

What are people buying the most?

There are some things that people will always buy. The catch is — those are very competitive. Will people always buy food? Certainly. Is it easy to start a new fast-food chain? Not a bit. I would say that there are more niches that you can succeed in than are that you can’t. If your business is producing telephone booth, though, you may want to change your field.

People want to buy:

• A problem solution
• Satisfaction
• Security
• Hopes and dreams (answer to them)

While keeping those in mind, don’t assume that everyone is like you. It’s hard to understand people’s needs if you haven’t been into the business yourself as a customer. Therefore, a natural, logical, and usually good idea is to open a business in your career/hobby-related field. Having experience from the other side can allow you to understand the fundamental desires that drive people’s buying decisions better. Combining market research, empathy building, and a dash of calculated risk, you can get clients that go back. A huge part of the success here is to analyze and make a plan beforehand.

Personal brand — what is it and why it’s important?

Especially in the age of the internet, personal brand is not to be neglected and can be monetized with ridiculously high margins. But, what even is it?

A personal brand is the curated image you project to the world. It encompasses your skills, experience, values, and personality. It’s the story you tell through your online presence, your interactions with others, and the content you create. You know, those gurus and stuff, they all do that, and it works.

Nowadays, potential employers, clients, and collaborators are just a Google search away. A strong personal brand allows you to:

• Stand Out From the Crowd: A well-defined personal brand differentiates you from the masses, showcasing your unique value proposition.
• Build Trust and Credibility: A consistent and authentic online persona fosters trust with potential clients and collaborators. People are more likely to buy from someone they know, like, and trust.
• Attract New Opportunities: A strong personal brand is a magnet for opportunities. Potential clients and collaborators actively seek out individuals who align with their needs

If I had to put it in a few words:

1. Pick a niche
2. Create content
3. Sell

Obviously, in practice, it’s not as easy as it sounds.

What to focus on in your business?

Actually, it would be best and probably most efficient to just pay experts for everything. But, assuming that you don’t have a massive budget, you naturally have to prioritize some things more than others.

How to decide what to outsource and what to do yourself?

To help you choose:

• Core Competencies: In the book “Deep Work” Cal Newport said “Can someone less competent do it the same way I can?”
• Value Creation: Prioritize tasks that directly impact customer satisfaction, and loyalty, or generate revenue.
• Is what you do productive, or are you just being busy?

Additional considerations:

• Urgency and Impact: How critical is the task to your business momentum and bottom line?
• Control and Confidentiality: Are you comfortable relinquishing control or sharing sensitive information?
• Long-Term Cost-Effectiveness: Weigh upfront savings against ongoing costs and potential obstacles in the way.

With these factors, you can make more informed decisions about outsourcing and deciding on what’s important. Make your business get the most out of its resources. Work on your business, not in it.

Go very niche or go broad: choosing your business battlefield

The age-old question: can you do certain things better than your competitor? What difference can you offer? Those questions must be answered in both cases. Going very niche and broad differs, obviously.

Niche:

• Less Competition: Niche markets often have less competition, making it easier to stand out and capture market share.
• Easier and less costly to enter
• Organic sales are much more likely
• The awareness of your brand will spread faster

Broad

• Larger audience
• More scalable
• Very competitive
• More expensive marketing
• Easier with money, not much to seek without

So basically, broad = more to win, niche = easier to win.