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Episode #105
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Too many aspiring entrepreneurs hold off starting a business because they believe that there are already a lot of people in the market. How will they stand out? Are there even enough customers to go around?
This has a paralysing effect and they stay stuck on their hamster wheel, continuing with their job, debating whether they should take the perceived risk or not. All the while getting more and more unhappy and frustrated and seeing their freedom and vision for their future slip further away.
I totally get it - jumping into the business world full of small companies already doing what you want to do is intimidating.
THE MYTHS
There are a lot of myths around this which feed this fear. We are bombarded with stories of entrepreneurs who invented something new that takes off, or that flops. They reinforce the view that you have to come up with something original, unique or revolutionary, to be successful. That is the first myth.
What you don’t see are all the small business owners doing great things with pretty unoriginal ideas. Businesses that are the foundation of the economy.
The second myth is that if you are not one of the front runners in an idea, you may as well not try.
Let me ask you this. What if Larry Page and Sergey Brin founders of Google had thought that? Google wasn’t the first search provider. There was already a lot of competition on the scene. But Larry and Sergey knew they could do it better and brought a fresh approach which ultimately saw off the competition.
The last myth is you can’t thrive in business if there are a lot of people doing the same thing as you. When you think of it, this one is nonsensical.
Going into something that has a track record, that has already proved that people want and need something so much that they are willing to pay for it, is not a bad thing!
Just like you most likely will not get every job that you apply for, you won’t attract every potential client to you. But you will attract some. Those that like your way of working and what you stand for. And that’s all you need for a successful business. You don’t need all of the people, just your people. The people that resonate with what you have to say, how you say it and what you have to offer in terms of services or products.
So like preparing for a job interview to make yourself as attractive as possible to future employers, with your potential business you need to look for ways to stand out from the crowd and thrive within a competitive market.
But how can you do that? How can you find your people?
YOUR SECRET WEAPON
First up, you already have a huge differentiator. It’s your secret weapon. It’s something that is absolutely unique in this world. Have you guessed it yet?... It’s YOU! Your personality, your interests, your skills and talents and of course your quirks. No one else is you, so there is no one else that will show up like you. And that will filter through to your business. If you want to have a personal brand where you are front and centre in your business and use your name like I do then it’s even more important that your personality, style, values and ethics can be seen. Even if you don't name the business after yourself,, you can still infuse it with your personality through branding, your products and the people you hire.
NAIL YOUR NICHE
Now, when we talk about going niche, what we're really talking about is getting specific, focusing on a unique subset of a larger market. This doesn't mean boxing yourself into a corner; it means finding your corner of the market where you can truly shine. It's about finding those people who connect with what you're offering on a deeper level. It’s like throwing a party for the biggest fans of your brand, where they all get you, love what you do, and are excited to support your journey. Pretty cool, right?
But there's more to going niche than just that. When you focus on a niche market, you're not just creating a loyal customer base, you're building a community. A community of people who feel seen and heard by your brand, who feel like they're part of your journey, and most importantly, who love to sing your praises and bring more like-minded folks into your circle.
Niching can take on various forms depending on your business's unique goals, customer base, and product or service offerings.
FIND YOUR EDGE
This one can seem a bit elusive! Like what is an edge anyway? Well, it’s like finding your superpower in the business world. It's about discovering that unique mix of values that you can offer, which no one else can replicate in the same way. Sounds easy right!?
I know, it can be difficult to work out! It could be anything from an amazing product or service idea, to a unique business model, or maybe you've got a way with people that makes your customer service first class. It could even be your personal journey that connects with your audience, or the way you've got a knack for explaining complex things in simple terms.
Finding your edge isn't just about being different for the sake of it, but about identifying and amplifying the aspects of your business that really resonate with your target audience and fulfil a need or desire in a way that other businesses don't.
Once you find your edge, you can position it at the forefront of your brand, making it a central part of your marketing strategy and business identity.
You need to remember that there is room for everyone, particularly in the online business world. And those that have started up before you, have done you a favour, they are like the canary in a mineshaft, they had already shown that the business idea or model works. Also, if you monitor them you can see their mistakes and learn from their successes.
THE BOTTOM LINE IS…
In a busy market, the goal isn't to be known by everyone but to be unforgettable to the right people.
Yes, there will be others doing something similar, but none of them will do it quite like you. So, go ahead, start that side hustle or launch that full-time business. The world is waiting for your unique flavour, your special touch. So, embrace the opportunity, make your mark, and let your unique light shine!
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