One of my favorite comedy shows is Raising Hope. It’s a heartwarming story about an often misguided, but loving family with a lot of things stacked against them as they help their son raise a baby he fathered with a serial killer.
Seemingly complicated plot aside, hubby and I were finishing up watching the series when we came to Episode 19 of Season 3. It’s the one where Jimmy’s parents help organize a huge birthday party for their granddaughter. Everything seems to be going so well and they managed to arrange some big things on a very small budget.
And then Virginia says….
Yep…“We should be party planners for poor people. We’d make a fortune.”
It just made me think about how many people start out their online businesses, thinking they’ll make a bunch of money, but they’re targeting the completely wrong market. They assess there is a need for a product or service, but unfortunately, they don’t figure out if there is a desire or ability to spend money on such a product or service.
Now, don’t get me wrong, I’m not suggesting we all only target our businesses to people who ooze money or tend to spend a lot (even when they can’t afford it). The latter is troublesome, for sure and there is something noble about providing affordable products and services to people who can use them, but we have to be realistic. And sure, in the case of products sold in large volume, offering low prices can be a great way to get ahead. Not so much with a labor-intensive service like party planning, though.
With that in mind, are you targeting the right audience with your product? Can you really make your own definition of a fortune or are you holding yourself back?