"The First Rule of Doing Business..."
"The Most Important Business Decision You'll Make"
By Edward "Mr Ed" Thorpe

Nope. Not a product.

Business location? Wrong again.

Start up capital? Yep. Could be very important. But el-wrong-O!

Here's the Right answer... 

PROSPECTS !

For example, until you've targeted a specific market of prospects, how do you know what to sell? And You most definitely have to sell. Something has to go out with a positive cash flow attached to its behind... Or you're not really in business, are you?

You could truthfully say: "If you're not spending your time selling, You've got a hobby... Not a Business!"

Of course, your business location is of prime importance... especially if you're selling consumer goods/services in the brick & mortar, offline world.

After all, you wouldn't expect working Moms to feel good about dropping their kids off at your daycare center, if it was located next door to "Smokey Joe's Topless & Bottomless Exotic Tattoo Massage Emporium" would you?

On the other hand,  huge businesses have been built starting out of the trunk of a car. . . Or from an email address.

Although difficult, expensive and time consuming, profitable businesses have been built on the strength of a good, but un-tested product without an established market to sell the product to. It's been done. But, more times than not, the owner/developer of the new product, or service, runs out of money before they can get enough customers for them to stay in business.

Naturally, I'm not talking about a new brand of toothpaste here. I'm talking more on the lines of the problems the first manufacturers of hot tubs/spas had to deal with in their early days. The early hot tub runners almost all went bankrupt trying to educate the public on the benefits of sitting in a tub with hot water blowing on your body.

The lack of marketing success wasn't due to the product itself, but because the spas were marketed to a niche without enough prospects to carry the market... the 'swinger' - 'hip' market.

Before all was lost and hot tubs fell by the wayside, along came a marketer with a better plan...target spas toward the niche market of baby boomers who wanted to feel better after their weekend 'warrior' jaunts and their evening exercise sessions...

Sitting in containers with hot water pulsating around your sore muscles was sold as the perfect ending of the good feeling you got from taking care of yourself. A savvy marketer realized these 'health-enthusiasts' were doing activities chosen to make them feel like they were still 'cool' & 'with-it'. So what better way of finishing the visual picture than helping prospects see themselves rewarding themselves in their personal hot tub with a couple of their green-eyed friends?

In essence, these smart hot tub marketers targeted people who were already buying products & services giving similar results as those the marketers had identified as benefits of spa use. This niche marketing strategy & message resulted in a thriving business for spa manufacturers.

So the first rule of your business is finding prospects to sell to, right?

Ideally, you'd like to sell using your own unique marketing methods and personality. On the Internet, this concept is often called "branding" yourself. Branding is usually a good idea. But, don't brand the products and services you sell.

Instead, brand yourself so you can keep re-selling new items to existing customers and to your new customers as you find and develop new niche target markets of buyers.

How to 'Brand' yourself:

Quite awhile back, Rick Beneteau wrote the ebook "Branding YOU and Breaking the Bank". Rick's included tips you can use to set yourself apart, and possibly make more money online.

Also, here's three offline, mainstream, and well-written, traditional books about branding:
 

1. My personal pick is "The Obvious Expert" written by my Friend Elsom Eldridge, Jr. and his son, Mark L. Eldridge. You can get a copy at his web site: http://www.Obvious-Expert

2. "The Personal Branding Phenomenon" by Peter Montoya, Tim Vandehey and Paul Viti.   

3. "The Brand Called You" also by Peter Montoya and Tim Vandehey. 

You can get #'s 2 & 3, at: http://www.half.ebay.com or at: http://www.amazon.com

'Branding' aside,

Until you've identified a reachable, segmented market of proven buyers, you shouldn't officially start your business.

After all, you're not in business until you're selling something at a profit. But, you can't make a reasonable decision on what to sell, until you know who's buying what, right? Bottom line: to sell - you need prospects to talk to...

It IS your First Rule Of Doing Business!
 

About The Author: Edward "Mr Ed" Thorpe: publishes the 'Online Beginners Guide' (OBG) a generic business and life principles ezine. Readers agree 'OBG' is "Honest, funny, sincere and different." Subscribe: Send any email to: mailto:obg@aweber.com Visit: http://www.OnlineBeginnersGuide.Com Attention Publishers: You have permission to publish the above article in your opt-in ezine or in your ebook. Your 2 requirements are: changes permitted for formatting purposes and the resource box must be included.

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That's it for today...

My very best to you and yours. May you live in peace and may you have the respect of your enemies and the love of your friends. Me, I'm still here and the pleasingly plumb lady ain't sung her closing song, and...It ain't over till its over!  

Talk to you next time.