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5 Steps for employee to get started in Business Part 4:

Where is Your Market?

　 　

Knowing where your market is is very important in your business planning. My advice is don’t start your business without knowing which market you want to attack.

Sometimes I feel that running a business is just like fighting in the war. And market is the winning factors in this war. So if you start your business without knowing where is your market, then high possibility you will lose in this business war.

Let me give you some examples. My cousin is a photographer. Maybe because of some unhappy cases happened, he designed to resign and start his own bridal shop(Last time he was a photographer for a bridal shop). He chose his shop, bought his stocks, hired some sales girls and run this business with a lot of passions. However, after 6 months, he closed his shop and decided to work as photographer again. Why? From what I observed, there are several points he fail in this business:

1. He don’t know his market
2. He can’t start a effective marketing and promotion plan because he don’t know his market
3. His shop had its own expenses which he had to pay on time even though his business is low in sales.

Once you start your business, there are a lot of expenses will appear at the end of the month. However, if you don’t know your market, then income for your business will be having some problems. Even you make a lot of promotions and marketing, however, chances that you fail is still high. Nowadays customers are overwhelmed with all the promotions, flyers, advertisement and etc. So as small business owners, we must do something special to stand out the crowd. In my post Business & Income : Simple Steps to Start Business I share the point of finding niche market before starting your business. Know your niche market, make a special marketing plan to attack this market and finally sit back and wait for the money to flow to you. J

5 Steps for employee to get started in Business, Ways To Be Wealthy