Easy Business Planning

by Summer Alexander on June 13,2012

There are a few basic questions that every emerging business owner must consider.

  1. Who’s Buying?
  2. Who’s Selling?
  3. What’s Happening?

Who’s Buying?

In other words who is your ideal client, target audience or niche market? Who did you have in mind when you decided to launch your business? List every characteristic and trait of your ideal client.

Start by listing their demographic traits such as gender, age, income bracket, educational background, marital and family status etc. Next get into their heads a little bit, this can be done by sending out surveys or simply having conversations with people who meet your demographic qualifiers.

Some key points to understand are what your potential clients biggest needs and problems are, what their buying decisions consist of and how best to reach them.

For example instead of saying your target market is “women” be more specific. Here are a few sample demographic customer profiles:

 

Who’s Selling?

Translation: Who is your competition? Who else is competing for the attention of your target market and how are they doing it? While no one needs to obsess about their competitors it’s only good business sense to know who they are, what they are selling, and how much they are charging so that you are able to differentiate yourself from them.

Consumers have such a vast variety of choices of places where they can spend their money and with 85% of online consumers conducting research before purchasing – you need to have immediate and compelling reasons for them to spend their money with you. Consumers are not interested in all the wonderful features of your products and services, they want results.

In other words identify the immediate benefit to your ideal client if they make the decision to purchase from you.

Features Examples:

Let’s say you’ve written an eBook designed to help small business owners attract more customers.

Some examples of features of this book would be:

1. The ability to download the book immediately

2. Low Cost

3.Written by a top expert in the getting more clients field 4. Bonus chapter of interviews of the top customer attraction guru’s in the industry.

Benefits Examples:

Now as wonderful as all of those features for your eBook are, what the potential buyer really wants to know is “What’s in it for me?”

So some benefits you would promote are:

1. The techniques in this book are guaranteed to get you at least 3 new clients within 2 weeks.

2. After reading this book you will have the confidence to charge what you are worth giving your business an immediate boost in income.

3. Inside this book are 6 sample emails you can use to send past clients to get them to hire you again.

4. In addition to all the information in the book your purchase includes one 30 minute coaching call so you can gain insight about how to overcome your biggest hurdles when it comes to attracting new customers.

What’s Happening?

In your industry that is. What are the latest trends? You want to stay abreast of what the new and emerging trends are in your industry as well as what trends are on their way out. Remember, customers are searching before buying so they have a pretty good idea about which companies are offering what.

Let’s say for example you are a Small Business Start-Up Coach and you help guide your clients from having an idea for a business to actually opening the doors of their business and launching into the marketplace. Well there are many aspects to consider when starting a new business such as selecting a legal entity, setting up accounting and selecting a merchant provider.

In the past Small Business Start-Up Coaches may have given you a checklist of “to-do” items and sent you on your way but in today’s market consumers are expecting much more. This makes it necessary for coaches to have strategic relationships in place with accountants, attorney’s and merchant providers making their coaching practice a one-stop shop.

What steps do you take when planning for your business?

Women 20-35 Women 35-50 Women 50-65 Women 65 +
Married Single Divorced Widowed
High School Grads Some College College Grads Advanced Degrees
Have Children No Children Teenage Children Adult Children
Self-Employed Corporate Employees Blue Collar Workers Retired
Reside in Chicago Reside in U.S. Reside in Europe Reside in Florida

 

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  • Summer Alexander is a Marketing Consultant with a passion for helping businesses increase client attraction and revenue through effective marketing.

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