Hello and welcome to the publication. Today we will be talking about the mistakes that we have found in the ideas of entrepreneurs that can harm the business they will create in the long term. It doesn’t matter what type of entrepreneurship they are going to do. Everything is summed up in one thing. Therefore, we will be exact in pointing out those moments for you in order to help you build your business.
We understand that not everyone has knowledge of business, administration or any other area related to companies. Moreover, to start a business you don’t need to know anything about it, but in the short term you will have to learn some of those things. You should not worry, you will know exactly what you need. But before that, let me give you some thoughts on what you have to avoid and do.
Many of the entrepreneurs we have worked with did not know their target audience. They had an impressive idea that can be very successful, but they couldn’t tell us the goal. It is essential to know it, because this is your main source of money, this is the core of your business. Therefore, if you already have an idea, you have to define your target audience well. Think about who would use your services and buy your products. Start by defining the price and gender of customers. By price we mean the level of income of your future buyers. There are many different classifications, but the one we use is A-B-C-D. It differs a bit from country to country, but “A” are people who have a very stable income and can buy things they don’t need. “B” are people who have a stable income and can buy everything they need, but are not very interested in fancy things. “C” are people who have trouble buying things they need, so they choose the cheapest price of things. “D” are the people who have the lowest income. After that you have to define gender and age by looking at the percentage of men and women who will be clients. Now is the time to think about their interests and lifestyle, places they visit and products they would probably buy. After all that you will be able to think about what you would like to communicate to your target audience based on their interests and lifestyle. And the final stage is the logo design.
Remember, when defining your target audience you should never make it too broad. For example, for the age range it is better that it is no more than 10 years, because it is not possible to target all people. Instead, you can separate them in groups and create a plan for each one of them.
If you have any questions or need help with your logo, contact us and we will start working. We invite you to discuss the topic in the comments section below and see you in the next article.