— COME AND GET IT!

YOUR TARGET MARKET

In order for your business to have the best chance of success, you need to figure out what type of people are most likely to buy whatever it is you want to sell, whether it’s an item or a service. This group of people is called your target market. Then, you can advertise to these people to let them know about your product or service.

brainstorm

BRAINSTORM SESSION

Make a list of target markets you might be interested in selling to.

  •  Start with groups of people you’re most familiar with, like your peers. Distinguish between local peers, like your friends, and global peers like those over the Internet.
  • Branch out from there to wider groups you might be less familiar with, like the local community of your city, and then a wider community, like your state.
  • Remember that sometimes your target market might not be those who will actually use your product. For example, you might sell toys for children, but parents are the ones who actually buy the toys, so they’re your real target market.  

CASE STUDY

3D Create
3D Printing by Josh

Take a quick peek at this business, run by a young man close to your age! He’s built a business based on something he loves to do. Can you figure out who his target market is, based on what products are being sold on his website?

BRAINSTORM YOUR BUSINESS IDEAS!

Now it’s time for you to come up with your own business ideas! Here are some pointers to get ready for this brainstorming session:

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Work in a group and bounce ideas off each other

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Don’t judge your ideas - Let your imagination flow, even though it might not make sense in the beginning

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When imagining a product, use all your senses (look, smell, taste, etc) - bring it to life in your imagination!

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Come up with as many ideas as you can

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write each idea on a sticky note and post it to a door, wall, or board. Keep them there for several days. Add to them whenever you get a new idea.

Are you ready to come up with your ideas? Here are some ways to get those juices flowing!

  • Target markets (those you know the best) – What do they need or want the most? What would they pay money for?
  • Inventions and technology – Identify a problem. What could you invent to solve it?
    • Keep an eye on up-and-coming technology at https://www.popsci.com/
    • Is there a creative way to sell or market an existing product? Or bring a new invention to your community first?
  • Focus on problems, things that bug you, your friends, your relatives. Can you start a business to solve one of them? What product/service would remove your aggravation?
    • List 3 problems that annoy you. Brainstorm business solutions for each one.
  • Dream/Imagine
    • What product/service would make life easier and more enjoyable?
    • What is the one product or service you’d love to have more than anything? What does it do? What does it look like?
  • Watch or read the news on the Internet. Look for changing laws, situations, and trends that inspire business ideas.
  • Improve on the competition. Can you do it faster, more reliable, cheaper?
    • Improve on a product (but don’t copy it under another name)
      • Improve the quality and manner of customer service.
      • Sell at a lower price
      • Better location, longer hours, quicker service.
  • What do you like to do? Make a list of your favorites. (Your hobbies, favorite games, classes in school, skills, etc.) How could you turn these into a business?
    Next time, you'll sift through all these ideas and narrow them down to the best ones