Franziska: Hi and welcome back! Today, I would love to talk to you about the four questions that you can ask yourself when you choose a specific market to go into. As business owners, we have this privilege, really, to choose who we want to work with. We should really use the advantage of having this privilege because you get to choose if you want to work with someone who is a little bit painful or someone who is a delight to work with. So, I have four questions that I use when we going to a new market, whether it‘s a new business or an existing business. But we‘re going into a new market.

The first question is, who do you like working with? So who do you enjoy working with? Who is fun to work with?

The second question is just as important. That is, where can you have the biggest impact or from whom can you get the best results? So where can you make the biggest impact with your services or your products?

The third question is, are these people looking for a solution? So, do they actually want a solution for their challenge or their frustration or for their problem? Or they just want to talk about their frustration, challenge or problem without solving it.

So you want to go into a market where people actually want to solve the challenge, problem or whatever their frustration is that you can solve for them. You don‘t want to be in a market where you have to constantly convince them that they want what you‘ve got. You want to be somewhere where they actually want to have a solution.

Number 4 is you want to go into a market that can afford your services. So let‘s say if you are more premium, you have a more premium service or product, you want to go into a market that can afford that. Recently, we have one of our Clever Bunch members. Actually, he loves working with young adults, with people that are going through some tough times and they‘re young adults who have hardly any money. He loves working with them. So he wanted to work with them. Now, what we suggested is that, that‘s great as a passion project. You‘re passionate about it. You definitely want to work with that market because you can help them.

But if you‘re running a company, you might also find another market that can fund your passion project. So you basically find a market that can afford your services or your products. Then on the side, you might do a passion project. You might actually work with that young adult market that might not be able to afford your services. That‘s a really good way to go about that sort of outcome for this specific business.

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