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Think Big, Work Smart Hustle Hard: Business Start Up Series Part 3

Identifying Your Target Market

In Part 3 of this Business Start-Up Series, we will be taking a look at the Target Market and correctly identifying your target market for success. Find a PDF version of this presentation  Here


Identifying Your Target market

In part one and two we took a look at what type of entrepreneur you are, and you came up with a great idea for your business so now you are ready to rumble. However not quite, now that you have your business idea, you need to now try to figure out your market. Generally you can sell to consumers and also to businesses, and in some cases to both businesses and consumers.
One of the mistakes businesses make, especially small businesses is that they try to be everything to everyone. The best thing to do here is to segment your market, the narrower you can make your market the better. Many business experts recommends this approach, it is a process known as creating a niche. Many businesses try to do everything and are surprise when things don’t work out , not realizing they may be confusing themselves and their potential customers.
There are demographic and psychographics one can use to segment their target market some demographic factors include:
  • ·         Age
  • ·         Location
  • ·         Gender
  • ·         Income
  • ·         Education
  • ·         Occupation
  • ·         Ethnicity
  • ·         Marital Status
  • ·         # of Children

Some Psychographic factors include:
  • ·         Personality
  • ·         Attitudes
  • ·         Values
  • ·         Interests/hobbies
  • ·         Lifestyle
  • ·         Behaviour


According to Lynda Falkenstein, the author of “Nichecraft: Using Your Specialness to Focus Your Business, Corner Your Market and Make Customers Seek you out”. Creating a good niche is a seven step process.
1-      Make a Wishlist- This involve taking a look at with whom you want to do business and try being as specific as possible.
2-      Focus- You need to clarify exactly what you will like to sell, you should already have identified this from part 2 of this series.
3-      Describe your customer worldview-  Look at the world from your customers view point and try to determine their needs and wants
4-      Synthesize- Your niche should start taking shape by now
a.       It takes you where you want to go
b.      Somebody else want it
c.       Its carefully planned
d.      Its unique
e.      It allows you to develop different profit centres and maintain the core business
5-      Evaluate- evaluate your product or service against the qualities in 4 above
6-      Test- This happens once you have found a match between a niche and a product, test market it
7-      Go for it- Now it’s time to go hard or go home, it’s time to implement your idea
Identifying your target market is of utmost importance because it allows you to build a solid foundation for your business.  And as a small business, it becomes easier to compete with the larger companies if you go after a niche market.  All this does not mean however that if someone who isn’t part of your target market comes to buy, you will not sell. You will, however, you will direct all your marketing and promotional effort to a particular type of people.


Having a target market is crucial, ensure that you identify clearly who your target market is, and follow the steps above and comment below if you believe anything is missing or you wish to add to this post.

Part One of this Series can be Found Here  Part Two can be  Found Here

4 Extraordinary Programmes and Resources for Caribbean Entrepreneurs

Caribbean Entrepreneurs Resources


In my day to day dealings, I come across Entrepreneurs and Aspiring Entrepreneurs from the Caribbean all seeking information and resources for their businesses. This has prompted me to put together a list of some of the resources and programmes that I believe Caribbean Entrepreneurs and aspiring Entrepreneurs can fully benefit from. The top four (4) resources are as follows:

 1- SME ToolKit Caribbean- the SME toolkit is one of my favourite resources. Here Entrepreneurs and aspiring entrepreneurs will find information on starting and running a business. This is one of those resources that Caribbean Entrepreneurs should constantly have access to when managing different aspect of their business. There you will find, How to Articles, Business Forms, Tools and Resources and many more. The best thing someone can do right now is check out this amazing resource at The Website Here


 2- Caribbean Innovation Challenge- the Caribbean Innovation Challenge (CIC) is a regional competition and business start-up accelerator for young entrepreneurs in the CARICOM and OECS Member and Associate states. The CIC is a Programme organized by the Young Americas Business Trust (YABT), in collaboration with National and Regional Partners in the Americas. The CIC identifies and awards innovative ventures led by young people, which respond to the most urgent economic and social issues in their communities, the programme supports projects becoming sustainable businesses. Citizens between 18 and 34 years old (by 11:59 PM, May 31, 2015) of CARICOM and OECS Member States are eligible to participate. Participants can register under any of the following categories: • Social Innovation • Economic Innovation • Environmental Innovation Aspiring and existing Caribbean Entrepreneurs who fit into the criterions should make use of this opportunity. More information can be found here On this Link




 3- Branson Centre for Entrepreneurship (Caribbean) - The Branson Centre of Entrepreneurship – Caribbean was opened in Montego Bay Jamaica by Sir Richard Branson In September 2011. The Centre is a hub for aspiring entrepreneurs. Their mission is to offer practical business skills, access to coaches to offer guidance, mentors to share their experiences, professional services to build strong businesses, exposure to networks, finance and investment opportunities. Though located in Jamaica, the Branson Centre is for all aspiring Caribbean Entrepreneurs and it’s a programme that entrepreneurs can benefit greatly from.

 4- Caribbean Small Business Academy- This is a resource; started by a Caribbean Entrepreneur (Sandra Baptiste) is one that Caribbean Entrepreneurs and Aspiring Entrepreneurs should definitely take a look into this. Their mission is to support Caribbean Entrepreneurs and small business owners to grow their businesses to live the life they desire. Within the Academy, you'll find audio and video training, resources, templates, expert interviews and much more to help you grow your business. While it is a paid membership site and business, there are a number of free resources that Entrepreneurs can use including a three part business series and a copy of the book, Unlock the Code. More information can be found  Here

Related Content: Business Start-Up Information

 These resources and Programmes are not all that there is, however they are a great place to start as an entrepreneur or if you are thinking about taking the plunge into entrepreneurship. If you know of any more resources that can benefit Caribbean Entrepreneurs, please mention them in the comments below

Top Content Marketing Tips for Entrepreneurs doing Business Online



The internet has made it easier for Small Businesses to compete effectively with larger Companies in terms of marketing online. The large budgets of the larger corporations no longer give them an advantage over everyone. Everyone who does business online or has some sort of online presence, should be involve in content marketing. It is said that Online, Content is King, thus content leadership in your space is essential to your success. Here is a List of the top resources for Doing Content Marketing correct. It is a List on List.ly created by CopyClique French.




Content Marketing Tips & Tools

Want to tell your Brand Story online and not sure how to do so, Stay tuned to this Blog for more information on Creating Contents and branding yourself online.

Click Here to learn more about Starting and Growing a business with Content Marketing 

Caribbean Entrepreneur Barnadette "Camille" Warren: St Vincent and the Grenadines

Today i present to you Vincentian Entrepreneur, Camille Warren, we had a very interesting chat and i wish to present some of the things we spoke about. I do hope this will inspire aspiring entrepreneurs and actual entrepreneurs.



Bernadette “Camille” Warren is an entrepreneur from the Village of Belair in St Vincent. She is the wife of Taireen Warren, who is also her business partner. Taireen loves business, He has a degree in Business Administration , has acquired knowledge in management, communication and, organizational skills that is quite essential to starting or having a successful business. Camille is creative, charismatic with keen business insights from her previous work experiences. Their passion for business and helping people gave birth to their business Brio Che. 


1.       Tell me about your business, what is it about?
Brio Che is an eco-friendly brand/business offering an array of natural, handmade, health and beauty coconut products. Brio Che means, “A life of fun and vitality.” We currently offer; Organic Virgin & Pure Coconut oil, Organic Coconut Soaps, Eco Friendly Scented Candles in Coconut Shell, Exfoliating Body Scrubs, and Moisturizing Lip Balms all made from coconut goodness. It is also an agricultural, environmental and health initiative to encourage persons to utilize the natural resources here on our island.

2.      What ignited the spark in you to start a new business venture? How did the idea for your business come about?
The spark was the moment I was at my grandmother’s house and she was busy processing coconut to make coconut oil. It was something she has been doing for over 50 years and seems to enjoy. I got in on the fun as she passed on her knowledge and expertise to me. My fascination has always been to use the coconut milk to make Gelato (Ice Cream) but this was a bigger idea that required much more financing. It wasn’t long before we decided to start Brio Che with a coconut line to make our own natural products as it was also getting hard to keep up with purchasing healthier alternatives.

3.      How many hours do you work on your business a day on average?
Oh wow no sleep, just kidding. 7am-9pm or 9am-11pm, so like 14hours a day, sometimes 18hrs. Hubby has a fulltime job so he has work at work and work when he gets home, exactly what he says all the time.  We do believe working hard and smart is one of the main ingredients to success so it is necessary. I will get up and get dressed in my work overall/attire as if I was going to work, so that I stay focus and discipline.  

4.      What motivates you?
I draw motivation from every positive thing that surrounds me.  God, nature, love, great people, good books, my desire to accomplish phenomenal things in life amidst the challenges and making people happy. It brings such satisfaction to see the smile on someone's face after I've just helped them in some way.


5.      What is your greatest fear, and how do you manage fear?
I despise dealing with overly negative or difficult people. Hubby seems to have a knack for that though so I am learning a lot from him. I can’t think of anything else that I am fearful of right now. I do get nervous about things I don’t necessarily have control over, but at the same time I can manage that by proper planning or improving. I now understand things don’t always go the way you anticipate even with the best plans, so being able to move forward is important.

6.     How do you define success?
Success to me is about being happy with where you are at in life, having accomplished specific or personal goals and making your dreams a reality.  I don’t believe I am successful just yet, but I will be in a few years.

7.      Who has been your greatest inspiration?
Everyone who supports our journey inspires us to persevere.  Happy customers, other business people or organizations that offer their guidance, friends and family that genuinely wants us to succeed inspires us because they believe we can do great things and this gives us the confidence and motivation to always do our best.

8.      What book has inspired you the most? (OR what is your favourite book?)
My favourite book, Wow, i have a ton of favorites, smiling… especially in audio format like Anthony Robbins, he is my source for motivation. However someone lent me a copy of David Novak- “Taking people with you,” which I thoroughly enjoyed. I really need to get my own copy. His book is a unique insight on personal development, and how to bring out the best in others. It is one of the best, most practical hands-on books on leadership I've ever read. My plan is to apply the principles I’ve learnt, to be a charismatic and successful Entrepreneur, and assist other persons along my journey… it really is the only way to make big things happen.

9.      What is your favourite aspect of being an entrepreneur?
What I love about being an entrepreneur is the ability to make the decisions. Though hubby is the decisive one, having my hubby as my business partner, with his great set of skills and keen business perspective is awesome. The flexibility to work from anywhere is my greatest love and knowing the success of our business is up to us. I also think it is quite fulfilling creating an opportunity for ourselves that may someday create opportunities for others.

10.   Do you think that entrepreneurship is important to your local economy and why?
Yes, I think entrepreneurship is good for the growth of our local economy and is very important. One of our goals was to utilize our resources on our island to reduce imports, while inspiring persons to support more locally made products, so more money stays here to develop our communities.  It is high time we as a small island start exporting too. This will intensify competition, create employment, increase productivity, and offer customers value. So entrepreneurship really does benefit everyone along the way.

11.  Where do you see yourself and your business 10 years from now?
I see myself as a very successful entrepreneur by then, with our very own Brio Che, Health Store and Gelato Cafe not only in St.Vincent but several places around the world. I see myself traveling around the world. I will also like to have an establishment that assists other entrepreneurs. I know how hard it can be to have great ideas and not being able to make them a reality.

12.  What three pieces of advice would you give to students who want to become entrepreneurs? An entrepreneur is one who takes initiative, creates his or her own opportunities and accepts some risks…so be prepared to take risks. Secondly being discipline is important I think the hardest part is the discipline it takes to get everything together. Finally, stay motivated and focus on your goals, you have to have a clear vision of where you going or what you want to achieve.  Finally as long as you are passionate about your business and committed to delivering your best, people will notice. The rest will follow.













Please check out their  Website here
Like Brio Che on facebook: Facebook.com/briochesvg

Email briochesvg@gmail.com for more information

Click Here to check out more inspiring stories from other Caribbean Entrepreneurs



10 Brilliant Business Insights i gained from Wayne "Waggy T" Redhead


Photo Credit: weefmgrenada.com

The Caribbean have some of the most astute businessmen and women and Grenada is no exception.One of the most influential and most prolific businessmen in Grenada is Wayne "Waggy T" Redhead and i have learned so much from just observing the way he does business. Below is an info-graphic showing top Business Insights gained from him.

Business Lessons From Waggy T

Click Here to some of the other post  about up and coming Caribbean Entrepreneurs and others making a huge difference in their respective countries

10 Commandments of Entrepreneurship for Caribbean Entrepreneurs


The Caribbean is filled with many successful entrepreneurs, and many of them understand what is really means to be a true Entrepreneur. However, as talented as many Caribbean Entrepreneurs are, many of them do not do many of the things listed below. The info-graphic highlights the 10 Commandments of Entrepreneurship for Caribbean Entrepreneurs. 

Caribbean Entrepreneurs

 
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