Mar 29, 2022
OVERVIEW:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, talks about choosing the right market for your business model. To achieve favorable outcomes, entrepreneurs should offer products or services to a market with the best possible opportunities. Jason shares five ways to scale up and expand the right market to achieve growth.
EPISODE HIGHLIGHTS
- In episode #238, Jason talked about how entrepreneurs can bottleneck their businesses. Another bottleneck to consider is the market you serve.
- A good market has five attributes: it's large-sized, has a solvable pain point, has purchasing power, is easy to get in front of in a cost-effective way, and it’s growing.
- Large-sized markets ensure the business has customer reach.
- Your products or services must be the solution to an existing problem in the chosen market.
- Purchasing power is especially vital – a business cannot thrive if customers cannot afford it.
- Choose a market where advertising is easy and cost-effective.
- Make sure the chosen market is growing and not declining.
- Jason has spoken with other high-level entrepreneurs and they all say your choice of the market is key. Ask questions, do research, and analyze.
- There are five ways you can scale up or expand your market.
- One option is to upmarket by serving bigger players to increase your reach and improve efficiency in growing sales.
- The second option is to downmarket and get in front of potential clients before they need your product or service.
- A third option is to go to an adjacent market as they have similar needs.
- The fourth is to offer more services in general.
- The last option is to go deeper within your existing market by buying competitors, opening more locations, or offering different delivery platforms.
3 KEY POINTS
- The market has a direct relationship to the success of a business.
- A good market for your business has five attributes: it’s large, has a solvable problem, has purchasing power, is easy to get in front of, and is experiencing growth.
- As an entrepreneur, ask questions, do research, and analyze your market to scale up.
TWEETABLE QUOTES
“If you have a poor entrepreneur in a fantastic market, the market is going to win, and that entrepreneur is going to look like a rockstar.” – Jason Duprat
“The choice of the market is key, and you’ll see investors, those big players are always asking questions and analyzing the market.” – Jason Duprat
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RESOURCES:
- Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
- Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
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