The most important part of your business

Jim_SamsonWithout it, any business will undoubtedly fail. With it, any business is likely to succeed.

The magic “it” I’m talking about is the most important aspect of your business whether you already have one, are planning to begin one, or are just now realizing that starting a business is the path you want to take.

So let’s talk about what it is, why it’s so important, and how to get your hands on it…

Let’s say that you’ve just decided to chase after your dream of starting your own business. That’s a big decision and a huge step toward financial success, so well done.

But now it’s time to start thinking about what’s next, and that comes with some prioritization…

So what’s the most important part of your business?

  • Where it’s located?
  • What you’ll be selling?
  • A business plan?
  • Manufacturing?

Obviously all of that is important, but the absolute most important part of any business is the quality of the potential market.

The potential market is simply who you’ll be trying to get to buy your business’ product or service.

What do I mean by the quality of the potential market?

There are two major things to look at when you’re talking about the potential market of your business:

1. How big that market is.
2. How much they want the product or service you business provides.

It’s quite simple when you think about it – if you have a large market that craves your product, you’ve already won and the rest of the business will be keeping it on track. But if you choose a business that has a smaller market that is only mildly interested in your product or service, you’ve already lost and nothing else matters.

So how do you find the right market?

For starters, it’s wise to find a great market before deciding on your business or what it will offer.

Think about what people want and what makes them want it. And be as specific as possible.

Don’t say, “people want food, so I’ll start a burger restaurant.”

Sure, people want and even need food, but there are already too many options for people to choose from. The big market becomes tiny when you factor that in, and a burger isn’t necessarily something people crave.

Instead, try to find a problem or need that isn’t being fully addressed, and make sure there’s a big enough market base to work with.

Here’s a hint to get you started: 2 things that people always crave in some fashion are money and health.

If you can find a new or better way to give people a way to obtain more money or gain better health, you’ll have a huge potential market that craves what you can give them…

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