I’m rarely surprised when a young entrepreneur or small business owner hasn’t fully identified how their new business will make money. But I’m always surprised when that entrepreneur or small business owner has a tough time describing the potential customers for their new business’s products and services. After all, without customers, there is no revenue.
If you try to sell your products and services to everyone in the world, you will waste both time and money.
When you choose a market, you should consider five main factors:
- 1: How many customers are in the market?
- 2: Can these customers pay for your products or services?
- 3: Do these customers have the need you solve?
- 4: How many competitors are competing for your customers’ business?
- 5: How does your business compare to your competitors?
In this video, I discuss each factor:
