Backend Products
Focus on One Thing Only … (Please)
You are a solo operator, a lone wolf, and you hunt by yourself. You don’t desire to be part of the pack when it comes to doing business. You’re the boss and you take orders from no one (well, at least not in your business – home life is something else altogether).
In another post, I gave the example of developing an online bookstore for niche books in such a way that you’re not trying to compete with the Big Box retailers head-to-head.
Here’s how to do it:
There are tons of niches in the book business that fly under the radar of the multi-nationals.
To find one that you are passionate about, think deep, deep focus. Choose an insignificant niche that still has thousands of worldwide fanatics that will understand your passion and want to share in your knowledge of the subject. I’ll save the details of how you go about refining and focusing on your subject for another discussion.
What I hope you’ll begin to realize is that you have small business advantages and competitiveness that large organizations, by their very nature, will never possess.
You must identify and capitalize on the unique traits of your focused subject as you determine your business niche, revenue model, and marketing strategies. Again, I must emphasize: you will only be able to compete profitably by staying out of the crosshairs and the direct path of the big boys. How many businesses have closed their doors because they couldn’t compete with the Walmarts and Amazons of the world?
Take note of these particular principles by which you will operate as a solo entrepreneur:
1. You answer to no one. You, and you alone, decide the path you’ll take at every crossroad. There is no faster decision-making process in the business world. When time is of the essence, you will rule! You can execute or change your business on a dime. You can react immediately to outside influences and market opportunities.
2. Because you operate alone, there is no need to ask for the blessing of bosses, managers, or the finance department in order to implement strategies or changes. Very literally, “you da man!”
3. Unlike big business, the solo online business model is very risk-averse. You can begin your business on the proverbial shoestring, and try different strategies and products on your customer pool very quickly and with relatively small investments of capital and time. Poor decisions will happen; but they won’t cripple your ability to continue to function profitably. Begin your projects and campaigns on a small scale then test them, tweak them, and optimize them prior to scaling. It’s the safe and smart way to roll out products and marketing.
4. The lone wolf is an efficient hunting machine. He picks his prey, chooses the battleground, sets the time and circumstance when he will attack, and maximizes his chances for success with his stealthy approach and quick retreat. Your small business can thrive if you do likewise.
5. There is no pressure to dominate or crush your competition. You should strive to be unique, exceptional at what you do best, and to become the only logical choice in your customer’s purchase decision. Customer trust, satisfaction, and loyalty to you will take care of your competition. Learn to treat your prospects and customers the same way you would want to be treated.
6. A one-person operation, by its very nature, should be laser focused and extremely concentrated on a very narrow mission. Forget diversification and breadth – you want to go deep, deep, deep! Let the big guys chase mass appeal . . . “your mission, Jim, should you choose to accept it is” . . . specialization!
7. Use your personality, your individual experience, your successes and failures, your likes and dislikes to personally relate to and communicate with your customers. Take them to the “edges” of your subject where big business never treads. Given them a unique and exceptional business experience that they won’t find elsewhere. As you become successful at doing this, you will be building natural barriers around your business model that will not allow copycats or knock-offs to clone your ideas.
8. Maybe surprisingly, there are fortunes to be made by catering to personalization, customization, and whims of your paying customers. Give them exactly what they want and you will be rewarded handsomely. Here’s a tip: If your goal is $1,000,000 in sales, go after $10,000 from 100 customers rather than $100 from 10,000 buyers. Better yet, figure out a way to satisfy 10 wealthy spenders at $100,000 each.
9. You can afford to step on a few toes. Don’t apologize for being “you” and try to appease everyone. Don’t cater to the masses and become a consensus-building expert trying to pull opposite sides together. Be yourself and let those who accept you and your style become your followers. The prospects that don’t accept you and your ideas will either hang around for the controversy (which can be good) or they will leave (which can also be good). Democracy is for big business. Finding a unique voice, taking a particular stand, and holding fast to a strong opinion shared by others will endear you to your fans. You’ll be surprised at the power you will command as you and your audience have the same common enemies!
10. Lone wolves are creative, fearless, independent thinkers. Leave the pack and hunt alone. There is nothing so ill conceived, so doomed to failure as a copycat, boring, dime-a-dozen, herd-mentality small business in an over saturated market.
Certainly there are challenges to overcome and barriers blocking the entry to every profitable small business niche market. But if you’re smart about choosing your subject and waging your battles on your terms, you too can create a wildly successful and profitable online business that you can be proud of!
To your online business success,
Steve Browne
www.SteveBrowneDirect.com