More and more people are dissatisfied working the 9 to 5 grind. Many of these are moms who are looking for ways to be with their children while bringing in an income.
Did you know about 550 women start a business everyday?
I know when I started my first business, my objective was to be home with my daughter. I wanted to be the mom with milk and cookies when their child came home from school. There were moments in my daughter’s life that I didn’t want to miss out on.
When I embarked on my first business almost 30 years ago, the information, technology and opportunities didn’t exist. Today there is a whole world that’s out there just waiting for you to make your mark. The question is how do you go about making a difference?
Let’s discuss some must know tips to help you in your journey.
The key here is to find a niche market that is missing some key element that you can provide. It makes me think of the two moms I saw on Shark Tank.
Any of us who have baked cookies with our children knows the prep time that goes into that. You have to find or buy the ingredients. Then you have to get out the mixing bowls, spoons, etc. Sometimes there’s more flour on the table then in the bowl. Of course, you also need plenty of counter space for all of this. You’re tired before you even begin! Plus, you are left with more cookies than you know what to do with.
These moms on Shark Tank came up with a solution to this problem. All of the ingredients were packaged individually. All you need to do is add butter, eggs, and the individual pre-measured ingredients as directed.
If you didn’t see the show, you might be wondering if they got a deal, and the answer is yes! Barbara Corcoran invested in them.
These moms liked to bake, found a niche that was lacking an element and solved the problem. What can you do that you like? What are you really good at? Answering these two questions is really important in finding a niche that you will be passionate about like these two moms.
Whatever it is, take the needed time and research it to find out what’s missing. It might even be that your niche is lacking much needed information. As you come up with ideas jot them down. You don’t want to forget them.
Your solution to a problem in your niche might be that a product that’s available currently but needs to be improved upon. In essence, that’s what these moms did. There are other cookie mixes on the market that have all the ingredients put together, but how much fun is that for children? This gives them actual steps to take, so they come up with the perfect cookies without all the mess!
This can also apply if you want to start a service based business. There are many lawyers, dentists, roofers, lawn care businesses, etc. Do you sit back and think you can’t start a business because other people are already doing this? No, you find out what the missing piece is, and then you market yourself accordingly.
For example, a lawn care business can advertise the fact that they are family-owned and operated. Customers never have to worry about “strangers” coming to their homes. You meet the faces behind the business and these are the individuals you will be dealing with. The law care business might advertise that its offers a more personalized service.
Several years ago, I started working with a couple who were looking to increase their lawn care business. The competition was fierce, and they were looking for a way to stand out from their competition. It was a family-owned business, and I asked if they were marketing that aspect. They hadn’t thought of that. Once they started using this strategy, their business started taking off because people in the area had been burned before by companies who came and went, sent different people every week, and sometimes never even showed up at all.
As a family-owned business they were the ones doing the actual work. They were the ones who wanted to protect the integrity and name of the business, so they always showed up and performed their service with quality and integrity. People liked them and the fact that they were a family. This couple worked at building business relationships with their clients, and this resulted in them getting free advertising in the community book as well as free word of mouth advertising.
If you are thinking of starting a business or looking for another stream of income, think in terms of the problems you can help other people solve.
Great article. I’ve been thinking about my business and have Bern trying to frame my services around solving a problem. It’s good to see that I’m on the right track.