Reinvent the way you make a living Part-1
Do what you love, and create a new future.
The reason almost 90% of all startups fail to thrive today is that entrepreneurs often fall into the trap of making products or offering services that nobody wants. Once most people have a big idea and enough resources, they immediately set up a business without first taking the time to identify a market need for their products.
“Find out what people want and then find a way to give it to them.”
The truth is, when it comes to building your way to freedom by starting a business that is based on skill, hobby, or passion, there is only one key principle: find out what people want and then find a way to give it to them. If you make this principle – the foundation of your business, you’re destined for success. However, if you start your business fumbling along, uncertain whether your big idea will resonate with customers, then you’re simply setting yourself up for failure.
To plot your way towards freedom, to create a business that will thrive, you must be able to give something that can add value to people. In this series of articles I defined value as something desirable and of worth, created through exchange or effort.
“Value means helping people.”
When considering starting a business, if you begin with the main aim of helping people, then you’re on the right track. Even when you get stuck as you continue to grow the business, all you have to do is ask yourself: How can I give more value? Or more simply: How can I help my customers more?
Ultimately, a business succeeds because of the value it provides its end-users, customers, or clients. The main goal of starting your own business is personal freedom, and the only way to get that freedom for yourself is by providing value for others.
“The secret to a thriving business is directly related to making people feel good about themselves.”
Moreover, we humans are emotional beings; and more than anything else, value relates to emotional needs. A lot of business owners talk about their work in terms of the features it offers, but it’s much more powerful to talk about the benefits customers receive. This will appeal to the emotions of the customers and make them realize how greatly that product or service will benefit them.
For instance, if you make wedding dresses and bridal accessories, instead of giving your company a fact-based description like “Wedding dresses and accessories,” give an emotion-based promise such as “Feel special on your big day.”
A feature is descriptive –“These clothes fit well and look nice” – and a benefit is the value someone receives from the item in question – “These clothes make you feel healthy and attractive”.
“It is essential that your business focus on core benefits, not features.”
By default, we tend to talk about features, but since most purchases are emotional decisions, it¡¯s much more persuasive to talk about benefits. In essence, the more your business can focus on core benefits instead of boring features, the more customers will connect, and the easier it will be to profit from your ideas.
So how do you identify what customers really want? According to a research, humans are very simple and generally want more of some things and less of others.
We want more of things such as love, money, acceptance, and free time. And we want less of things such as stress, long commutes, bad relationships, anxiety, and debts.
Let the main goal of your business be to improve people’s lives by either adding something new and appealing or removing something stressful. If your business focuses on giving people more of what they want or taking away something they don’t want (or both), then it’s bound to thrive.
“Catch a man a fish, and you can sell it to him. Teach a man to fish, and you ruin a wonderful business opportunity.” –Karl Marx
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