2 Vital Lessons From My Failed Business (Part 2).

Hello there and Good evening. I trust that you had an amazing and productive day. If you didn't, then I hope life is treating you fine.

So I got a lot of replies from the previous mail about failed businesses. It was so good to hear from you all and I feel it is super amazing to know that Gen Zs are invested in the business space.

Without taking much of your time, I'd be talking about the next vital lesson I learned.

2. Know thy business. ( I know. It's giving KJV 😂).

Here's the first truth you must accept and live with: you can't know everything about your business in a year!

I said that because no matter the niche or category your business falls into,

there will be so much for you to learn and the reality can be very overwhelming to deal with.

Take that from someone who is building a startup.

Trust me, sometimes you'd wish ignorance is bliss but it isn't.

But then, knowing everything about your business puts you ahead of the competition. When I mean knowing your business,

I mean things like knowing what kind of products to sell, your target audience, and even your competitors.

This also involves knowing the stage your business is at,

its strengths and weaknesses, and what you can do to transition into a stable, influential brand.

But before you do all that, let's take a look at your mind.

Here are questions that can help you begin the process of knowing your business.

But first, do me a favor of getting a pen and a notepad because getting answers to the next set of questions will require that you think and write.

1. What kind of business do I want my business to grow into?

Paint a good picture of your dream business. Don't leave anything out and be as detailed as possible.

For example, "I want to own the biggest fashion brand in history. My brand will be designed to cater to the needs of teenagers only..." is a good way to start.

2. Who are my ideal customers? Describe them in detail.

If your ideal customer is a 32-year-old man who buys bread every week, write it down. You don't need to have all the facts and numbers.

Just flesh out what or who your target customer is and how he/she behaves. Also, write this down with your product in mind.

For example, for a business owner who sells lip gloss, something like "my target customers are young women who love lip gloss, love to party, and are mostly university students" is a great template for describing your target customer.

3. Who are my competitors and what are they doing that I am not doing?

I recommend using a template like this:

"My fellow perfume vendors sell to people in more acclaimed positions who are too busy to go shopping for their perfume needs e.g politicians, businessmen and I don't."

Using this template will show you other things you can do to rake in sales and gain more visibility for your business.

These questions will show what you want and thinking about them will show you what you should be doing already.

Knowing yourself and knowing your business will help you improve two things about your marketing.

A. It will help you know how to reach your target customer (marketing strategies).

B. It will help you know how to position yourself in your niche to get the best no matter what happens.

And yes, in business, positioning matters! Na person wey customer see first dey get customer. 🧏🏽

This is all you need to get your marketing started.

Now hold on, knowing yourself and your business isn't something that is done in a year.

It is a continuous process that all business folks have to live with.

The best you can do is begin early and continue learning!

So, are you ready to begin the process of knowing your business?

Whatever you decide, shoot me a reply.

We are still taking in applications for the business owner of the week highlight! But this time, these business owners will also be highlighted on our social media handles! How sweet is that?

Just fill out the form here and you will get a response from us!

https://forms.gle/gNxut3pPiGXES1wv5

See you same time this week on Thursday!

Au' revoir! 😂🤝🏽🔥