A customer persona is a fictionalized representation of a specific type of customer based on demographics and interests. Typically, a business will have several customer personas if they are selling to multiple customer types. You need to figure out which customer personas fit your business, because it’s important to know the demographics you should target in your market research.
If getting money from friends or family is not an option, consider applying for a loan from peer-to-peer (P2P) websites. P2P platforms like the LendingClub match borrowers with investors. They offer small business loans from $5,000 to $300,000 and allow you to pay them back over one to five years with a typical APR of 9.77% to 35.71%. This gives you quick access to funds, while investors enjoy solid returns over time.
Beta is when you’re testing out your product or service with the goal of receiving feedback. Find potential beta customers at trade shows, festivals, farmers markets, and other types of events where you can sell your product or service to a relatively small group of people. Consider offering discounts in exchange for customer feedback. While you can make some money with the beta, don’t let it distract you from your goal of testing and improving your idea.
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Bob Lotich is a Certified Educator in Personal Finance (CEPF®) and has over 10+ years experience writing about Biblical personal finance and is the best-selling author of 4 books including Managing Money God's Way and has been named a top 20 social influencer in personal finance. His writing has been featured on Forbes, The Huffington Post, Yahoo Finance, CBN, Crosswalk, Patheos and others. He has been a full-time writer since 2008 and loves uncovering financial wisdom in the Bible as well as discovering the best tools and strategies to help you put more money in your pocket.
Instagram isn’t the only platform that can make you money. YouTube is becoming a full-time video blogger platform. One of the fastest, most efficient ways to grow an audience is to create a YouTube channel and make engaging videos that provide value to your audience. You can create craft or cooking tutorials, conduct interviews, or use whiteboards videos to teach lessons about a topic.
Once you determine your customer personas, it’ll be time to do research and ensure there are enough customers available to make your business a success. The type of market research you do for this depends on your business. If you’re servicing local customers, you want to ensure there are enough prospective customers physically located near your business to make it successful. If you’re an online-only business, you need to focus on where customers are spending time online versus if they live near your home.