The Two Most Important Parts of Starting a Business

I recently read Chris Guillebeau’s new book, “The $100 Startup.” I highly recommend the book to any aspiring entrepreneur. The book had many valuable tips, but I took away two ideas that I find the most important for new entrepreneurs.

 

Have an Addressable Market

When you create a new business, it should not just be something you want to do. You need someone who wants it. While you may be a big fan of extreme ironing, yes it is a real thing, most people probably do not want to buy extreme ironing supplies from you.

However, a lot of people may be into other extreme sports like kayaking and rock climbing might be popular. Anything that meets a personal or business need or responds to a popular hobby ranging from extreme sports to coin collecting may be a good business.

However, take all of the details into account. Rock climbing may be popular in the Colorado Rocky Mountains, but it is not going to be as well received in the rolling hills of Western Kansas. On the same suit, a carpet cleaning business will be much busier in a high density city like Portland than a rural part of Eastern Oregon.

Look at all aspects of your business to ensure someone will want to pay for it before you get started.

 

Have a Delivery Method

Once you find what people want or need, find a way to get it to them. If people want rock climbing gear, open a storefront or an online store. If they want rock climbing lessons, give them a way to reach you so you can take them on their adventure.

To deliver your product or service, examine all possibilities and make it as easy on the customer as possible. Accept whatever form of payment they want. You can easily take a credit card with Square in person or PayPal online.

Work with a drop shipping company to handle high volumes of online orders or hire a staff to be more efficient.

Be easy to reach, highly responsive to customer requests, and provide the best customer service possible to ensure you build a strong reputation and repeat business.

 

Business is Simple

It is easy to get caught up in the details when running a business. While those details are very important and should not be overlooked, it is important to remember what is at the core of your business.

Your main goal is to sell something to a customer. Ensure you provide the best product or service possible and make it easy for your customers to buy it. If you do those things well, and have a customer base that really wants what you have to offer, your business will be a great success.

About Eric Rosenberg

Eric is a finance blogger at Narrow Bridge Finance and a serial entrepreneur. He runs a media company, flash mob company, and DJ business from his hometown in Denver, Colorado. You can read more about his finance background and connect with him around the web.

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