Your Market

The Purpose Is For Revenue, Not Competition

Small businesses and idealists have a habit of wanting to compete with BIG businesses as a goal. It’s vague because such a goal can only be achieved when your business has survived more ordeals and stayed longer in business.

I remember a client who wants to develop a social media platform and his aim was to compete with companies like Facebook, Twitter, and others. I chose to do a business consultation for him before agreeing to execute the task. After a long conversation, I realised he doesn’t have a genuine problem to solve, nor does his software idea has any revenue to track. It’s amazing to have big dreams, but it’s vague when such a dream isn’t answerable to true purpose.

From my experience, there are 2 main purposes of starting a business;

Solving a problem and Making extra income (revenue)

What you should understand before launching an idea is this; if you won’t solve a current problem (and earn extra income alongside), then make sure to start a business with a higher constituency, particularly for eCommerce businesses. This is because, the higher your target audience, the higher your chances of earning more. There should be no need to worry about whether people will buy from you or not, well of course you probably won’t be the only business selling that particular product. If you choose a niche with many audiences, your chances of selling regularly are above 50%. You don’t have to compete, all you have to do is try new strategies to reach people to buy from you.

In case you want to do some research yourself to see if there is enough audience for the business you intend to start.

One very effective way of doing this is to use the Google keyword tool. The Google keyword tool gives you data about the number of times a particular keyword has been searched on Google. Also, you can as well use Google Trends for the same purpose.