Hello guys, Welcome to Africa's Largest Video Search Engine, and you are watching How to Grow Your Business - Start Small First!. and this video is uploaded by Erkka “EJ” Suvanto at 2024-07-06T04:11:21-07:00. We are just promoting this video only for entertainment and educational purpose only. I hop you like our Video Search Engine. [ZVRq6CwJ6g0]
| Name | How to Grow Your Business - Start Small First! |
| Video Uploader | Video From Erkka “EJ” Suvanto |
| Upload Date | This Video Uploaded At 06-07-2024 11:11:21 |
| Video Discription | In this video, I discuss the importance of starting small when launching a business to ensure long-term growth. I emphasize the strategy of narrowing down your niche to become a “category of one,” where your business dominates a very specific market segment. Key Points: 1. Start Small to Grow Big: By focusing on a very small market niche, you can become the go-to solution for your target customers. This allows you to charge a premium, learn, refine your processes, and build a strong foundation. 2. Market Segmentation Strategy: I explain a model with four layers - puddle, pond, lake, and ocean - illustrating the importance of gradually expanding your market reach as you grow. 3. Becoming a Category of One: Carving out a niche small enough ensures there are few or no competitors, making you the best choice for your customers. 4. Avoid the Temptation of TAM (Total Addressable Market): While it’s important to know the potential size of your market, starting too broad can lead to mediocrity. It’s better to dominate a small segment first. 5. Real-Life Examples: • Personal Trainer: Instead of being a general personal trainer, focus on a specific demographic, such as 30-40-year-old stay-at-home mothers in a particular zip code. • Business Coach: Target a specific group like 40-50-year-olds with small businesses and personal experience relevant to their needs. • Tesla: Tesla started with the high-end Roadster and gradually moved to more affordable models, mastering their production and processes along the way. 6. Higher Initial Prices: By starting with higher-priced products or services in a small niche, you can afford higher costs and eventually scale down to more affordable offerings. In conclusion, I advise starting small, mastering your niche, and then gradually expanding to ensure sustainable growth and success. [ZVRq6CwJ6g0] |
| Category | People & Blogs |
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