by Elaine Love
A movie star once said, “I was an overnight success; it just took me ten years of hard work before that magical night.” Entrepreneurship follows that same pattern. The key to overnight success for your startup is indulging in a little SIN.
Seek wisdom, implement, and innovate. (We’re using the phonetic letter for innovate.)
1. Seek Wisdom
Know what problem your business is solving. Having a great product is not enough; unless you are solving a problem, you do not have a sustainable business. Research the market to determine the potential market size of the precise target client who has a need to solve that specific problem. Is this a momentary fad or a sustainable market?
Before Mountain Castles was launched, there were hours of research identifying the precise unfilled niche – property management for single family homes. Interviews with current property management companies, tourists, realtors, and new residents to the resort confirmed the viability and sustainability of the market.
Key # 1 – Know the target client and size of the market that has the current and future need for your solution.
Test, tweak, and retest. Paper ideas may need readjustment to function in the marketplace.
Jenn decided to leave banking and start her own skin care business. She knew her target area was affluent and would purchase beauty enhancement services. She needed formal training, practical “hands on with patients” experience and a special differentiator to attract her target clients. Extensive research was conducted to determine “What do you like best about your current skin care professional?” “What don’t you like?” “What additional services would you like?” Compiling these answers drew Jenn to the dilemma of “How can I provide the best of those services at a price the target client is willing to pay on a consistent basis?”
Key #2 – Determine and confirm your unique selling proposition (differentiator). Test it through interviews with your target client and actual application in the marketplace. Readjust the strategic success plan to meet client desires, your deliverability and cost effectiveness for your business and your client.
Remain vigilant to the target client, the emerging market and industry trends. Competitors will incorporate your successful ideas; continually enhance your original success plan by offering and testing new ideas.
As Mountain Castles’ success increased, other property management companies started adding homes to their rental inventory. Going back to school provided the spark for an idea to market reservations for homes on the Internet; in 1994 that was a revolutionary concept. Traditional print marketing was continued while adding the online component. This innovative idea earned Mountain Castles the First Resort International “Innovator of the Year” award.
Key #3 – Retain the most successful current services and test creative enhancements.
SIN is the key to success: seek wisdom, implement, and innovate. The entrepreneur and the actress perform the “behind the scenes” research and practical application to achieve success. Retain what is working best and innovate by constantly enhancing market offerings and market share. To succeed, SIN.
Elaine Love writes for PrintPlace.com, Examiner, and Motley Fool. Her expertise is in small business, marketing, mindset and coaching. Her credentials include a Masters Degree in Communication, “International Innovator of the Year,” World Class Speaking Coach, and author of 3 books. Contact +Elaine
Courtesy of Elaine Love | FreeDigitalPhotos.net