Financial Freedom Series – Build Your Own Business (Part 5)

According to the latest data in South Africa, many are battling to make ends meet. Even those with jobs are not earning enough to cover their living expenses. 

If you are battling to find work or are in a cash flow crisis, why not consider BUILDING YOUR OWN BUSINESS?

Over the last few weeks, we have looked at…

• How to find the right business fit
• How to develop the right skills and knowledge
• How to set up a business plan

Last week, we looked at…

• The importance of having a GOOD BUSINESS PLAN.

A BUSINESS PLAN will improve your chances of success and help you formulate a strategy for achieving your goals while giving you clarity, focus, and confidence. 

“Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty.” (Proverbs 21:5)

Can you use your qualifications, skills, experience, and unique gifts and talents to set up a business that provides a service? You could start small and work from home to cut costs. 

May God open doors of opportunity, give you wisdom, and take you on an adventure as you build your business. May God bless your business.

Please do not do it alone. Ask God for guidance. He wants to lead you.

Today, we will examine the importance of knowing who your potential clients are.

You may have an awesome product or service. The truth is that it will never suit everyone.

We live in a diverse world. 

People have different goals and life objectives. Some like sports, some don’t, some are health-conscious, some aren’t! 

Your business will not appeal to everyone. 

Focus on knowing your potential client. 

Who will benefit from your business? 

Who will be prepared to pay for your product or service? 

IT IS VITAL TO KNOW WHO YOUR TARGET MARKET IS. WHO ARE YOUR POTENTIAL CLIENTS?

Many will love your product but not buy it. You need to work out why.

Determine who will benefit from your services and who is willing to buy and use the product offering. 

Who can afford your product? 

Who needs your service? 

Not everyone can afford a Ferrari, but some can. 

Not everyone likes pies, pancakes, or ping-pong, but many do.

You need to know who your target market is. 

Your potential client needs to be the right fit, so do an analysis of your target market.

Many think that if they have the right business idea, it will make money, but this is often not the case. 

You need to ensure your business is brought to the right target audience. Without the right audience you will battle to build your business. 

Sometimes, people blindly advertise their product to the wrong audience, and even though the product and service are exceptional, they do not make any sales.

If you are selling dog products, you need to advertise to dog lovers and show how your product and service can add value to them, and that the client will be happy to pay for the service.

If we are selling meat, you wouldn’t want to advertise your products to vegans. If you do, you will probably receive a lot of hate mail and no sales. But if you focus on people who love to braai, you may be onto a winner.

Before you advertise or market your business, you must identify your potential client. Look at your product or service from multiple angles to see how your audience perceives it. How you see your product can often be very different from a client’s perspective, so do some homework.

Where can you add value? 

Why not do some brainstorming?

Next week, we will look at how to market your business,

But in the interim, I implore you to get a good understanding of your potential clients.

Who is in your circle of influence? 

Who of your friends, family, and social network will benefit from your product or service?

Create a list of 100 people in your circle of influence…

• Family, 
• Friends, 
• Old work colleagues,
• Members in your Church group,
• People in your sports club or hobby group 

Who can you approach that can benefit from your offer of your product or service?

Can you create a picture of your target audience?

What do they look like?

Who will benefit from your service or product?

What is their age?

What is their gender?

What is their income band?

Where do they live?

What are the compelling reasons why they need your product or service?

How can you encourage them to buy your product and services?

Also, make sure that you provide a high level of service to your valued clients. This will put you in good stead.

Next week, we will examine HOW TO MARKET YOUR BUSINESS (PRODUCTS AND SERVICES) EFFECTIVELY…

In the weeks to follow, we will look at…

• How to effectively build your brand
• How to increase your sales
• Build a network
• Manage your cash flow well

Above all, keep God at the center.

• God is interested in you. He wants to see you excel. He also wants to walk the journey with you. 
• Ask God for wisdom. 
• Trust in Him. 
• God can lead you in the right direction and open up doors of opportunity. 

Trust in the Lord:

“Trust in the LORD with all your heart; do not depend on your own understanding. Seek his will in all you do, and he will show you which path to take.” (Proverbs 3:5)

Commit your plans to God:

“Commit everything you do to the Lord. Trust him, and he will help you.” (Psalm 37:5)

Put God first:

Jesus said, “But seek first his kingdom and his righteousness, and all these things will be given to you as well.” (Matthew 6:33) 

Next week, we will continue to INSPIRE you and give you PRACTICAL TOOLS and INSIGHT to help you BUILD YOUR OWN BUSINESS to attain FINANCIAL FREEDOM while HONORING GOD.