I’ve spoken about profit and passion in business before, in which I will elaborate on a little more in this post. Most people go into business with an expertise that they have.
I’ve spoken about profit and passion in business before, in which I will elaborate on a little more in this post. Most people go into business with the expertise that they have.
I’ve spoken about profit and passion in business before, in which I will elaborate on a little more in this post. Most people go into business with the expertise that they have. For instance, a dentist will open a dentistry practice; artists sell their artwork or someone with carpentry skills may open their workshop. You get the idea.
This expertise is also usually a passion that the person has for their trade. Since they have extensive experience in a particular area, it is a natural precursor to starting a business. Passion certainly has its place in business, and I would strongly discourage starting a business in something you have no passion for. However, there is a critical distinction you need to understand.
Your passion and your expertise are perfect for you. However, you may not be able to profit from your knowledge in raw form. What do I mean by that? Well, no amount of enthusiasm will bring bees to honey. You may have an incredible idea, fantastic expertise, and the know-how to deliver a product or service to market, but if you can’t get people to know, like and trust you, they will never follow you.
There are hundreds of thousands and millions of people trying to sell products and services every day to everyone. So the cold, harsh fact is that no one cares anything about what you are selling. Worse yet, most people avoid people who are straight out selling.
I routinely hang up on salesmen when they cold call me on the phone, I cross the street to avoid vendors who are trying to bring people into their stall. I actively avoid people who are selling things, although I love to buy things. Why would we avoid people who are trying to help us with the products and services that they have spent so much time creating?
The fact of the matter is this: most people who are trying to sell something use themselves as the mirror of the audience. I am a nurse, but I cannot make the mistake of thinking I know what nurses want. I can go into my bubble and create courses for nurses and bring them to market, but there is a strong likelihood that they will not sell. Why? Because I made them for me and for what I would want.
This type of sales does not work. Your product, your service, your knowledge, and your expertise must be used to provide solutions for other people. No matter how enthusiastic and passionate you are about your product or service, if you build it for yourself, then you are building a hobby and not a business.
Finding the Sweet Spot
Finding your customer’s sweet spot—that is the product or service they need, want, or desire is the key. How do you find the sweet spot? That is your market research. Market research is dismissed by the majority of small business owners who think they “get” their market and know what their audience wants. It is no coincidence that most small businesses dissolve in the first two years.
We can avoid this happening to you if you do your due diligence, figure out what your market wants from you and that you can deliver. This recipe is for building a successful business.