Why You May Have More Commercial Insight Than You Assume

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Written by TeamIdentity

Run your modest business with confidence.

It’s easy to doubt yourself when launching a new business. Not only are you trying to convince individuals to give you their hard-earned money for a product or service you’ve thought up, but there are many competitors out there who, while perhaps pleasant and welcoming, would like to take your possible market share if given half a chance.

For this reason, you may question, re-question, and then re-re-question if you have the insight and capability necessary for achieving your business goals. This is especially true if you’re launching a small enterprise by yourself, even if the company structure itself has a relative tradition you can lean into – such as the basics of owning your first local cafe.

But don’t discount yourself. The odds are that you have more commercial insight than you assume. While learning and picking up skills, insights, and tricks as you go is natural, having the right perspective can be helpful. Let’s see what that could look like:

Using Past Industry Experience

If you’ve worked a job, in almost any capacity, you have experience with organizational planning or have been directed by it. At the very least, you have proximity to jobs and how they function. You know, then, that you have a limited amount of time in a day, and focusing on the most important tasks (with time blocking) is key.

You know you prefer businesses that use a credit card provider which allows for easy payments no matter where you are. These insights inspire you to use the same principles in your own firm. Please don’t dismiss this experience, it could make all the difference.

Customers Give Feedback & So Do You

The great thing about consumers is that they talk to you. They let you know what business moves they prefer, which they find difficult to understand, and those they outright dislike.

Now, that doesn’t always mean they’re 100% right, but having this information to hand teaches you about your market. Better yet, you too are a customer of at least one business. So consider, what feedback is important for you to give? How can you learn those lessons within your own business, or make sure no consumer ever has to raise them against you? It’s not an easy question to answer, but doing so can be fantastically rewarding and insightful.

You Switch Services Where Value Is Found

Every smart consumer knows that brand loyalty, especially practiced without criticism, is a bad move. Maybe you switched banks this year because one of them provided a fantastic bonus for doing so, or offered better interest options for your savings account. If you switch services where value is to be found as a consumer, review this, and ask if you can implement such insight into your own business. Doing so could potentially help you nurture lost customers back to the fold, inspire them to spread the word, or just give you a third shot.

With this advice, you’ll be certain to give yourself the credit of having more commercial insight than at first assumed. This can help you run your modest business with confidence.

Photo by Microsoft 365 on Unsplash

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TeamIdentity

Our mission is to empower women to "Get All A’s in their Game of Life" by discovering their powers and transforming through Self-Acceptance, Appreciation, and Personal Achievement—through all of our content and collaborations.

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