Your small business idea must start with profit in mind

The first priority for your new small business must be to make money. Many entrepreneurs are inspired to start a small business based on an idea that excites them. This is a great way to stay motivated in the tough times, but it does not always pay the bills.

What does pay the bills is the success of your business with your customer. A practical example that we can take a look at is the green, renewable industry. I spoke with Jyl Dehaven, CEO of Earth Thrive, about the challenges business startups have with initial vision. Earth Thrive is a Dallas/Fort Worth based educational and technological hub.They concentrate on teaching, providing resources and empowering entrepreneurs in the green industry.

Jyl told me there are 3 important things starting out to develop a viable business in the renewable energy sector.

  1. Economic Impact

First and foremost, what impact is your idea going to have from an economic level? Will you be starting or supporting solutions that create jobs and income? Are you replacing a current need with something more renewable, or just a solution with a green label on it?

  1. Social Impact

What impact does your idea have on your community? Will your product or service enrich or empower your community to make smarter choices? Is it going to help people make a difference, or just add a bumper sticker to their car?

  1. Environmental Impact

What impact does your idea have on our available resources? Are you truly replacing other options with something more sustainable? Do you give people the opportunity to reduce, reuse or recycle outside the traditional thinking?

These thoughts are a great jolt for any business. Even if you are not in the green industry you can accomplish a good assessment of your business model with what I call the ‘who, what, & why’ method. Ask yourself these questions at least once a week.

Who is my best customer?

What problem am I solving?

Why will customers continue to choose me over the competition?

In the spirit of finding ways to give back during earth month, let’s remember to focus first on our customer needs, not our business model.

Out of the above mentioned important questions, to know who is your customer is most important. If businesses know their customers well, no doubt they can make more profit. There are several methods like single sign-on solution, customer identity and management platform, social login etc. that can help you to find who is your customers.

Single sign-on not only businesses to know who their customers are but also helps users to authenticate multiple websites only by using the single username and password. It improves user experience by providing seamless websites authentication. It saves users from remembering passwords and usernames, thus increases the chances of more login and generates more leads and sales.

Leave a Reply

Your email address will not be published. Required fields are marked *