It’s exhilarating to start a business. You’ve dreamed about how you’ll help others and look forward to being your own boss. You’re excited to sell the product or service you’ve been so diligently perfecting. People are starting to ask you when you plan to open your doors. The hype is intoxicating. But there are times when in spite of the excitement (and maybe even because of it) start-up business owners get off course. They assess the feasibility of their business based on their own personal beliefs rather than from the viewpoint of potential paying customers. Without meaning to, they operate within a bubble. And sadly that bubble eventually bursts. Is it possible to be excited about one’s business and be realistic too? Absolutely. Below are three words to take out of your vocabulary to strike a balance between the buzz you feel for your business and the realities you’ll be facing.
- Could. Everyone could use my product. But not everyone will. Whether it is because of a difference in logistics, pricing, consumer values, or lack of product awareness, not everyone will buy your product. No matter how great or need-based it is. Understand that whether a product is great or need-based is not based on what YOU think. It is based on what your customer thinks. You may think your product is great or need-driven, but if your prospects feel otherwise, then it’s time to change your tune. However, it is important to realize this does not mean your product isn’t worthwhile or that you shouldn’t pursue your dreams of being your own boss. It does mean if business ownership were easy, the success-rate statistics wouldn’t be so somber. The road to the American Dream is often long and winding. There will be days when you feel like more people have turned you down than those who actually signed on the dotted line. This is normal. Toughening yourself up for the challenge is a must. Not everyone will love your product as much as you do. Focus on finding people who really want what you have to offer.
- Would. I would make my sales goals if people would buy my product. You’re going to have to set realistic goals based on some other logic. Even if everyone would buy your product you don’t want them to. Not every customer or client is ideal, and while you may be worried about how to earn a living, some customers are so nightmarishly wrong for your business they end up costing you money. They often demand your time for free, constantly return items they’ve purchased, or have unrealistic expectations about what your product/service is supposed to do for them. You don’t want customers who feel your new salad mixer invention should also prepare taxes. Accepting this allows you to realistically set goals and objectives based on who your ideal customers are. Although the pool may feel shallow from time to time, remember that repeat business is often more profitable than new business.
- Should. All customers should buy my product is, much like the aforementioned points, a waste of time and mental energy. We’ve already covered the nightmare customer and we know not everyone will buy. I’ve heard start-up business owners say this, and they genuinely mean it. They believe their business will solve problems, if only customers would realize it. What these business owners don’t understand is that trying to convince uninterested prospects to buy is a poor use of time, money, and energy. It’s a lot like unrequited love. Think of the iconic movie Pretty in Pink. When we try to convince people to buy our goods when they’d rather not, we become Jon Cryer’s “Duckie” to Molly Ringwald’s “Andie.” Duckie may have been a cool ’80s character, but if we want to run successful businesses, we’ll have to leave his persona on the big screen. In business, when the love is unrequited, it’s time to look elsewhere for prospects.
It is totally worth it to be excited about your business. If you’re not excited then why should anyone else be? But it is also important to be realistic and honest about what you’re up against. Consumers have lots of choices in the marketplace, and many are careful about how the spend and invest their money. The more you learn about your target audiences, and the more you listen to them, the less likely you’ll find yourself relying on the three words listed above. They are a surefire recipe for a false sense of security. When you listen to your customers you build transparency and trust, characteristics for making it in today’s fast-paced market.
By day Morgan Leu Parkhurst helps individuals put the pieces of their marketing puzzles together. By night she teaches marketing to entrepreneurs. Morgan is also producer of the Magnetic Biz-Building Online Summit. Connect with her on LinkedIn.
