Finance expert Mike Periu on questions to consider when syncing your business with the right market opportunity.
Choosing the Right (and Most Profitable) Market for Your Business
Many entrepreneurs and small-business owners spend too much time focused on their product or service and not enough time on finding the right market opportunity. Without the right customers, you won’t have revenues, profits or much chance of success. It’s important to ask yourself these questions to determine if you are going after the right market:
1. How many customers are in the market? Don’t assume that just because there is a big market that you’ll find your customers later.
2. Can these customers pay for your products or services? Focusing on customers with larger budgets and more cash flow will increase your likelihood of success.
3. Do these customers have the need you solve? If they are currently using a work-around solution that works, that may be enough for them.
4. How many competitors are competing for your customers’ business? Saturated markets are more difficult to penetrate.
5. How does your business compare to your competitors? If you have to compete on price instead of additional value, your odds of success are low.
About small business finance expert Mike Periu
Mike Periu has experience in small business finance. He founded Proximo, LLC a company that offers consumer and small business training services focused on technology and money.
Mike Periu teaches individual empowerment through entrepreneurship and financial literacy. He has appeared 500+ times on television and radio. Visit the Reach and Media pages of his website to learn more about where he has appeared.
You can read more of Mike’s articles on his blog or at American Express OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike has a degree in International Business and Finance which he received at Georgetown University in Washington, DC. He received a Fellowship from the Kauffman Foundation for the Labs for Enterprise Creation program in Kansas City.
