How to start a business in Oman
ASSESS THE MARKET
It’s also key to understand exactly who you’re selling to so that you can create the optimum strategy.
Defining your target customer
Your idea needs to target a specific set of customers willing to pay for your product that either solves a real-world problem or has a certain value to them.
What is the common trend amongst your customers? This can include anything from:
- educational background
- income status
- hobbies and interests.
You would have covered what problem your product is solving above. So combining that with a clear understanding of who your customers are is key.
Innovators typically create stories about their customers to help them visualise who they’re selling to. This is called a ‘customer persona’.
Who are your competitors?
Make a list of all existing competitors, even if they are indirect. Having a better understanding of your competitors will allow you to know whether you are creating a space for a completely new service or whether you are providing a similar service but with better features.
An example of a popular business development theory is known as Business Model Canvas. It’s a systematic approach to testing the validity of your idea and tracking the innovation process. Download the Business Model Canvas.