Many new business owners underestimate the importance of being able to easily reach their target market. If you cannot easily reach your target market, then it’s not a market you should go after.
In the first business I started, my first product was a product geared towards helping law students do well in law school. In many ways law students are a very good target market: lots of them have student loan money and their parents’ money at their disposal and will go to almost any effort to get ahead. The problem with this market, however, is that they are very difficult to reach.
Good mailing lists of them are difficult to acquire as are magazines and journals and other media. The best way to reach them is to physically go to the law schools. And as you probably know, manual labor marketing is generally a very low-leverage actively that should be avoided.
This turned out to be a profitable business for me, but never approached the six figure level. I’m sure that if I spent more time and manual labor energy on this market, I could have built it into a low six figure per year business. But this effort was difficult to justify when I knew that there were so many other markets out there that were just as good and much easier to reach.
Reachability is an overlooked reason why many business owners are very successful. For example, there is a long list of very successful business owners that have built very successful businesses by providing marketing and business growth materials to various types of small business owners, including chiropractors, lawyers, restaurant owners, dentists, etc. These and other types of small business owners are very easy to reach through readily available mailing lists, emails lists and trade magazines.
Finding out whether your target market can be reached is relatively easy. You can do this by going to your local library and searching through the Standard Rate and Date Services (SRDS) directory, which lists all commercially available mailing lists. You can also check out http://www.magazines.com to find out if there are any specific magazines devoted to your target market.
In conclusion, if you’re starting a new business, one of the first steps you need to do is make sure that your target audience can be reached. After you do that, it’s just a question of getting the right offer if front of them and the money will start pouring in!