There's a lot of advice floating around on how to start your own business. Unfortunately a lot of it is misleading and will cost you a lot of time and money. There is - after all - a good reason why most businesses fail.
The biggest problem I see is a new business owner who is focused on their own needs first. When it comes to starting a business you are the least important person in the equation. You have to figure out what your market wants before you even consider your own wants.
Follow your passion
This could be the king of misleading advice. If no one else cares about your passion then no one will buy your products. It's as simple as that.
So the advice really should be "follow other peoples' passions." Ideally you want this to coincide with your own passions but they never come first. Always focus on what your market wants.
Find a need and fill it
People don't "need" much anymore. In fact we've pretty much got our needs covered. We're more interested in stuff we "want" now.
But even that should go a step further:
"Find a dream and help them reach it."
People are usually a lot more committed to their dreams than needs or temporary wants. Dreams come in all shapes and sizes from the golfer who dreams of a lower handicap to the person who wants to climb Mount Everest.
"That's a great idea for a product/service"
Be very careful of this advice that can come from various well-meaning people. Just because they say it's a great idea it doesn't mean they're going to reach into their wallets to give you money. Many great ideas have failed the "Will people give me money for it?" test.
Again you want to be market focused. If you start talking with people with a particular passion you can discover their biggest dreams and frustrations. Then all you have to do is work out how to help them achieve their dreams or solve their frustrations.
Marketing is everything!
Marketing needs to be a key component of your business from day one. If you start with good market research and back it up with good marketing of your business then the margin for error is much smaller. But marketing needs to be the foundation your business is built on.
Marketing is not some ads you put in the newspaper. It's everything you do that interacts with your market. Including their experience with your product and when they call you up on the phone.
Marketing is everything because it brings in sales from new or repeat clients. Those sales create profit and pay your salary. Without marketing your business is dead in the water.
What you do next
Be careful who you go to for business advice and ideas. Everyone has an opinion but that means nothing when your time and money are on the line. And always remember that marketing is the key to your success.
