Business 101 Tips from Ramon Ray on the Small Business - Smart Solutions WebTalkRadio Show

Business 101 Tips from Ramon Ray on the Small Business - Smart Solutions WebTalkRadio Show

Ramon Ray, publisher of Smart Hustle Magazine, recently appeared on the Small Business: Smart Solutions WebTalkRadio show hosted by Mick Hawes. The two spent time talking about Business 101 and the fundamentals of any small business. Ramon offered his view on what fundamentals are essential and tips on the types of questions you should be asking not only yourself, but your customers, to ensure you have a strong business foundation.

As Ramon points out in the interview, there are two essential questions that every person starting a business has to ask:

  1. What is the pain point (or problem) I am looking to solve?
  2. Who am I trying to solve that for?

You can watch the full interview below to see exactly how Ramon suggests you answer those two questions as well as Mick's take on why they are so important to ask:

 

As you can see in the video, it's essential to fully understand and have a clear focus on what you are creating and why. But to go further, Ramon offers these additional tips on developing your business service or product.

  1. Understand what it is that people complain most about with regards to the problem you are trying to solve.
  2. Understand what is wrong, or lacking, with existing products or services.
  3. Determine how you can make your product or service better than what currently exists.
  4. Understand why people would buy this type of product or service.
  5. Determine if you are creating a premium product or service or just a commodity and how that plays into the market.

By developing a strong business foundation, and taking the time to constantly revisit it to ensure you remain focused and on track, your business will have more of a chance of surviving the rigors of the small business industry.