If you are looking to build a business that has permanence and are looking to build it quickly, we have some bad news for you.
There is no short-cut, one size fits all, silver bullet that will build permanence for your business. You might build a business that is profitable for a time, but if the foundations underneath the business are not sound, nor fully in place, that business cannot last.
What you need to build a lasting business is a systematized approach, first establish your processes, then develop them into a system that is repeatable as you grow. Here are six pillars you need to have in place:
Be clear there is a demand for your products or services.
The most important research you can do when entering a market is to understand if there is a need for your product and you do this by thoroughly identifying your target audience and understanding their needs. If you can relieve some pain with your service, you will have a listening audience.
Focus on the most profitable areas of your business and build them.
When starting, you may have several ideas you want to bring to market. By narrowing your services to the ones who make the most money, you’ll be able to establish a cash flow and build your business from that base.
Narrow your market by focusing on specific market segments.
By fully understanding your audience and establishing yourself as the unique solution to their problems, you will strengthen your position. Avoid the temptation, especially as you’re trying to establish your position, to shotgun your approach. Laser-like focus will serve you better.
Where do your ideal customers spend their time?
The most important piece of building a marketing plan and by extension, your business, is to fully understand your ideal customer. What do your customers read? Where do they spend their time on Social Media? Do they attend conferences or other networking opportunities? Meet your prospects where they congregate and you will meet them on their turf and hold relevant conversations.
Establish your expertise in the field.
By being a source of useful information, providing actionable information and advice, you will begin to establish yourself as a thought leader and build your authority. Of course, this means you’ll continually have to learn, but then you can pass this information on and give your input on topics interesting to them. There are many channels you can do this, establishing a blog and reusing the content you create is an effective method of sharing your expertise.
Serve, don’t sell. Until it is time.
One of SpringBoard’s core missions is building tribes through generous sharing. We believe the servant leader model is the ideal approach to building your business in this digitally-powered Connection economy. Once you have established relationships with your prospects, then it’s appropriate to ask for their business or referrals.
Building a lasting business is hard work.
To establish a lasting position now requires that you know your customer as fully as you can and serve them what they need. Concentrating on these fundamentals will help you establish a solid business.