The neat thing about working with a business coach is that they can look at your business ideas in a different way then you do. Up to this point I had been trying various methods over the years to sell my bath and body products to women. After all, aren't they the ones who purchase the majority of similar products that are currently on the market? My plans to narrow my focus to natural nail care related products seemed to make sense. After all I have been a licensed manicurist since 1994. But, due to various reactions I've had to different nail enhancement products (headaches and skin irritations) I had stopped doing acrylic or artificial nails years ago. Since then I've learned or have taught myself a lot about taking care of nails naturally....there's really been no other choice. Armed with this experience it seemed like the smart thing to do...stick to what you know the best. This is what I had in mind when discussing things with Donna Maria, my business coach.
She asked various questions about who made up my target market. Women of course was my answer. She asked if men would also be interested. I suppose they could though I had never even thought about it before. She asked if I had any idea of how many other similar products were currently on the market for women? Sure, after all I do get various trade magazines for nail techs so I know about many of the product lines aimed at spas and nail salons.....there are lots. Then the magic question came....how many products are available for men? After all, they do get manicures and pedicures too. That's when the lightening bolt hit me. None....I could honestly not think of a single product line for hand or foot care for men. There were generic scented products such as peppermint or fruity scents available. But not one single one that I could find that was scented specifically for men. That's when my business time out began. Before I continued on I took some time to do the things she suggested.
Over the next week I called various salons, day spas and any other place that might offer nail services. My mission - to find out if they offered services for men and, if they did, what types of products did they use? After that I was to search the web for any available products that would be similar. Want to know what I discovered? Try calling any of the local spas or salons in your area and asking them similar questions. I think you would be surprised at what they tell you....I know I was! So surprised in fact that my previous business plan quickly changed.
I wish that I had only stopped, focused on who my market was and made a plan before wasting my time and money over the years trying to sell to everyone. If you currently have a small business or have been thinking about starting one I highly suggest you begin with making a plan. Ask yourself who your target market is and how many others are already doing something similar. If your answer is everyone and there are lots of products currently available then I can tell you that your probably wasting your time and money. Planning and focus are the key. Don't wait to learn the lesson the hard way like I did.
Here's some links that might interest you:
Stop by and read about identifying your target market to help maximize your business profits - Hitting the Sweet Spot and The Focus Factor
As for me, the count down to launching my new business has begun. Details to come in the next blog post.