Make sure you correctly define your business… that’s one of the strongest message I learned at MBA School. Too often we limit our business
by incorrectly defining what business we are in.
Here’s an example.
A few days ago I got a call from a telemarketer trying to sell me on changing over to the Dish… the satellite television system.
I told him I wasn’t interested.
He asked if I was using their competitor, Direct TV.
I said no. At which point he asked who was I with?
I said Charter Communications, a cable company.
The salesperson said he had never heard of them.
So he had decided that the business he represented was satellite television. That means the only competition he saw was the other company,
Direct TV.
If the people who trained this salesperson had redefined their market as providing entertainment to people, then my cable supplier would
have been a competitor.
And maybe he would have a plan for getting me to move from cable to satellite TV.
Instead he just hung up!
Remember, the way you define your business makes a big difference with what you provide your customers plus who you competition is.
Let me show you how this works using my business.
I’ve been making videos for nearly twenty years. And screen capture videos for nearly ten years. My screen capture videos show people how
to use software, navigate websites, and use various tools.
So I could define my business as training people how to make videos or even how to use software.
But what if I expand this a notch?
I show people how to build a business with video or how to market with videos.
And that can become “I show people how to make money”.
Notice how each expansion of my mission statement of my business expands what I can include in my offerings to others.
So how about if I define my business as helping people enjoy their life?
Now that would allow me to have just about anyone as my customer. And one of the hardest things to sell is something that fits
everyone.
So now I need to bring my statement in a little.
I’ve checked my stats as to who buys my products and who watches my videos on YouTube and find that the majority of my customers are
between 45 and 65 years old, and 80% are male.
Or basically male babyboomers.
So I can define my business statement as helping male baby boomers enjoy their life.
Now I have a specific niche that I can offer information, advice, and help. I’m no longer just focused on videos but can look at all the
things available that help my target audience enjoy their life.
My next step would be to ask my customers what do they need… what would help them enjoy their life… what are they looking for. Once I have the answers I can use that information to build my business.
See how this creates a pretty simple business plan that uses the techniques of most successful entrepreneurs.




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