Business Basics - Starting Up a Business With Focus
It’s time to go back to some business basics. Some of you might forgot the basics of starting up a business. I see a lot of small business these days making a critical mistake by not starting there business right. Do you have a new business idea? Are you going to start a business? If you are, you need to revisit the 4 approaches to tackle your market.
There are 2 groups that your business will belong to: broad or focused. Within each group, your business is either targeting cost or differentiation. So the 4 approaches are: broad and cost minded, broad and differentiation minded, focused and cost minded, and focused and differentiation minded.
Broad and cost minded - you are entering your market by offering variety and lower prices than your competitors.
Broad and differentiation minded - you are offering variety and your products and services are better than your competitors.
Focused and cost minded - you are entering your market by offering a specific type of product or service, they are priced below your competitors.
Focused and differentiation minded - you are focusing on a specific type of product or service, they are better and different from your competitors.
Think of your blog as a business. Don’t just start your blog without thinking about these 4 approaches. Most blogs are focused on a specific area of interest, but how will yours stand out from your competitors? Will you charge your advertisers less to get more businesses? Or will you charge your advertisers more because your site offers high quality content and attracts high quality visitors?
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