How to Choose the Right Market Segment for your Online Business #2

This article follows on from a previous where you build a list of your personal catalogue of skills, interests and knowledge – click here if you missed it. As a reminder we are looking at How to Choose the Right Market Segment for your Online Business. So that you are building a business that matches your set of core inner strengths and also in a subject that you enjoy.

Ultimately what you’re aiming for in this exercise is a short list of your 4 to 8 core inner strengths.

Basically this will give you a clear view as to what makes you unique as a person.

The reason for doing this is that you’ll be able to play to your own strengths and delegate the tasks that someone else should be doing as quite frankly they are better at it than you!  This is important as fairly soon there will be a number of different activities that need to be done well for you to stand out to your future audience. And its not possible to cover off ALL of the tasks that need to be done without involving someone else.

What this means you can now focus on working ON your business rather than IN your business. If you are lost in the minor details or running with the business then you’ll not spend the important time thinking about where you want your business to go.

So look again at the personal catalogue of skill, interests and knowledge that you complied on the previous step. Initially group the items together into general sets of topics that link together.  There are generally themes that become clear as to start to do this. So when I was working on categorizing my list I came up with ‘People Skills’, ‘Technical Skills’, Sports, Medical, ‘Personal Development’.

Once you have some group headings list the items that fit under that. Note that where a subject covers more than one group just list it separately under each.

So you should now have a table with group headers and a number of related items underneath.

Finally look at each group list and come up with one or two phrases that summarize them all.

This stage alone could easily take a couple of hours, longer if you’ve put the effort in and got a big list to work with!

So now you have your short list. How good does that feel?

Finally, for extra value, send out the short list to a small number of people you trust would give you honest feedback. Ask them whether they agree with the list of your core strengths and is there anything else that should be included.

Thats it for this stage, next is how you apply this to choosing your market segment.

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2 Responses to “How to Choose the Right Market Segment for your Online Business #2”

  1. […] What’s Your Inner Game Got to do with Online Business Success? How to Choose the Right Market Segment for your Online Business #2 […]

  2. […] This article is 3 in the series on choosing the right market segment for your Online Business. It follows on from the previous article where you built a list of your skills, interests and knowledge. Then from that list you picked out your main qualities – click here if you missed it.  […]

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