my own biz logo
Photo of Beehive hair salon In the beauty biz the key to success is all about knowing what your customers' want.

Know Your Customers

Identifying your customers is an important part of a business startup. Donít spend time, energy, and cash developing a product if no one is going to buy it. Large corporations spend big bucks researching customer needs and wants before manufacturing a new product or starting a new service.

Ford Motor Company makes many different styles and models of cars. If Ford designs a car that nobody wants to be seen in, they take their losses and move on to a new design. You are not quite that fortunate. If you put out a product or service that nobody wants, you have nothing else to fall back on, and you're out of business.

Some things you need to know about customers include:
  • If they are interested in your product or service and why
  • If they already use a similar product or service
  • How much they would pay for the product or service
  • What are the demographics of your customers
  • How big the audience for your business really is