Planning on becoming a business owner in 2020? Then, Byron Johnson, a nationally recognized serial entrepreneur and founder of a newly trending insure-tech company, Cheap Car and Homeowners Insurance has some starter tips for you. Through these insights, it will become easier to be prepared for what the business world can throw at you and you can be ready to take advantage of any opportunity that comes your way.
Find a Problem That Needs a Solution
All successful business ventures offer solutions to problems, whether they are widely known or not. In many cases, the public was not even aware that there is a pressing need for a product. Take personal computers, for example.
Before Apple brought the Macintosh to the market, no one even knew that they needed it. But now, personal computers are everywhere. Byron Johnson notes that you don’t need to have similarly lofty goals. Instead, you can focus on smaller, more achievable solutions to problems.
Take the current pandemic, for instance. Now, more than ever, people are staying at home and can’t access their usual amenities. You can take advantage of the current market trends by specializing in products or services that serve as substitutes to luxuries that aren’t accessible in the current environment.
For example, if you’re browsing through social media, you’ll notice there are several times more adverts for at-home workout products than there were ever before. Since gyms are closed and people are forced to stay home, exercising at home is a must. The search trends for at-home workouts on Google have also skyrocketed in 2020.
Research Like Your Life Depends On It
Once you have chosen your niche, product, or service, Byron Johnson emphasizes the need for in-depth and thorough research. You must know absolutely everything about the solution you are going to offer. This includes all the reasons why customers would want it, why they wouldn’t, and what problems may come up.
The level of preparation that startups require cannot be stressed enough. Too many businesses fail because the owners couldn’t predict issues pertaining to what they were selling. In many cases, entrepreneurs choose to ignore these issues and press forward, and oftentimes, ignoring important issues can affect the business down the line.
It’s not just the product, either. Diving blind into a market that you might not understand or have any experience in is not something that Byron Johnson would advise.
Become Hyper Aware of Your Target Demographic
It is always a good idea to remember who you are making your business for and it isn’t you or your family. That’s a good sentiment to have, but it’s not one that counts the most. You are making your business for your customers. Your business must make their needs, preferences, and interests more important than anything else.
Saying that you need to become obsessed with your target demographic would be underselling it, Byron Johnson notes. You need to know them even better than they know themselves. This way, you can sell them things they didn’t even know they needed but would be more than willing to buy.
Make plenty of allowances to changing market trends, shopping patterns, and shifts in the awareness of the populace. You need to be able to predict the changing moods of your customers way ahead of time. This means knowing what will affect those moods, to begin with.
This is why market research is so important and why it needs to be one of the first things that you do.
Have an Explosive Start
Once you know what niche you will be doing business in and what products or services you will be offering, it’s not enough to just open. You need to do it with a bang, Byron Johnson says.
These days, it’s no longer enough to stay under the radar and just let your product speak for itself. You need to market like crazy and be as loud and boisterous as possible. People only care about the things that they can see. If your business is not visible to them, it won’t matter to them.
Use every avenue you can find to advertise your business, even those that might not seem relevant anymore. This includes newspapers, radio, and event flyers. Of course, you can’t forget about social media, YouTube, and websites that are in the niche you have chosen.
Then, when the time comes to open, you need to announce it like ringing a church bell. Everyone needs to know about it and needs to know that everyone else knows about it. People like to discuss new businesses opening up, especially if they serve products that they care about.
Word of mouth would then become your best marketing tool after that.
Plan Ahead and Keep Adjusting Those Plans
When starting a business, Byron Johnson emphasizes the need to plan ahead and plan well. This means having specific goals and ways to achieve those goals. It’s also important to focus on achievable targets, both for the short-term and long-term.
Over the course of operating the business, your plans will need to be adjusted again and again according to the situations that arise. In this manner, plans basically become guidelines rather than rigid structures to follow to the letter.
In many cases, you might have to adjust plans to accommodate slow periods. But this does not mean that you are planning for failure. Business is a slow burn event with a big payoff in the end.
By being flexible and adapting to market trends, your business will not only survive but also thrive.
About Byron Johnson:
Byron Johnson is a nationally recognized entrepreneur who launched his first business by franchising Liberty Tax in 2012 and then built his own insurance agency in 2014. Johnson’s credibility in the insurance industry is topnotch and he has since opened multiple agencies based out of Tampa, Florida and now offers coverage nationwide for his customers, all through online. As an entrepreneur and a business owner, Byron Johnson gained expertise in Advanced Marketing and SEO, which made his business grow along with technology in an ever hot market for insure-tech.
Byron Johnson is a well-rounded individual and a man with multiple talents. He is the man behind the YouTube channel Cheap Cars Insurance Guru. In this channel, he guides people on saving money on car insurance while providing wise advice and strategies on cheap car insurance. Byron Johnson has also been an avid poker player for the past 18 years. He won the 2020 WSOP Circuit Event in Las Vegas. He is not only an excellent poker player but also a great athlete. He was a part of the basketball team in high school that won a state championship. Byron Johnson is not your ordinary businessman. He is a multi-talented individual with a strong grasp of success.
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