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  • โญ๏ธ Finding Your Goldilocks Locks Tribe: A Community That Is Just Right Is Key ๐Ÿ”‘

โญ๏ธ Finding Your Goldilocks Locks Tribe: A Community That Is Just Right Is Key ๐Ÿ”‘

๐Ÿฆ„ When looking to build a business we want to find a community that is just small enough but also one we can make money from!

Like a unicorn or goldilocks when bootstrapping a business need to find the perfect community to sell to, it shouldnโ€™t be to generic, but it also canโ€™t be to specific and small.

Contrary to popular belief, I think that for a bootstrapped company, in particular, some markets can be too big. Some audiences are too generic, some industries too vast for a great niche to exists.

๐Ÿ‘‡ Lets deep dive into finding a tribe that is just right! ๐Ÿ‘‡

๐ŸŽŸ๏ธ Audience is too big?

When you start out looking for your tribe if you find that your community is to large start niching down by adding constraints. We can go back to our frequently used example with dogs, this might be to large for us to start with so we are going to bring it down even further to a specific type of dog owner, Italian Grey Hounds. The one thing that we want to think about when we start to niche down our large audience is do these people communicate with each other, and do they have a community already built up that they interact in?

We also want to make sure as we niche down our community that we like the target niche b/c we are going to be spending a significant amount of time with them. โ€œTalking to prospects about their problems is not only necessary sales tactic, but also necessary for good product development.โ€ - Traction.

๐Ÿ’ธ If you build it, will they pay?

Sometimes this is described as โ€œProduct Market Fitโ€, but if you build a solution to a niche audiences problem will they be willing to pay for it is what we are trying to figure out ahead of building the product here. Some things to look for areโ€ฆ

  • Is there an existing product in the niche?

  • Are niche members typically low-wage or have low disposable income?

Nothing else much matters until you can come up with a strong product that meets the needs of an initial market.

Think about how easy it might be to scale your company to this community, is there multiple problems they have, opening up opportunities for multiple products. You should also look at is there an existing large player in the field that the community has rallied behind, as this could spell problems for your bootstrapped project.

๐Ÿ’ช Does this count as a good fit?

โ€ฆpurchasing is done with emotions and justified with logic after the face.

You want to find a niche that includes decision makers, this allows you to market directly to the person making the purchasing decision, there is a reason door to door sales people ask โ€œCan I speak to the owner of the homeโ€. You donโ€™t want to get tied up with corporate BS here. Ideally this market will be underserved and the customers will appreciate that your looking to solve their problems. This allows you to continue to grow your tribe.

๐Ÿšฉ Red flags in your community!

As a bootstrapped company picking the wrong community could spell the end of your journey before it ever starts. Look out for a few red flags when looking for your tribe.

If I had asked people what they wanted, they would have said faster horses.

  • Someone else is selling something similar to my product or service in the community

  • The target community isnโ€™t already buying this or its not a problem costing them time or money.

  • The community isnโ€™t emotionally charged over the problem.

  • Someone else has tried and failed to sell to this community.

Things to weed out in your search here are lazy offers, something like a post for 10/20% off posted directly to the community. This offer didnโ€™t build value or trust so doesnโ€™t count as a red flag in my book.

As I learned from growing a past company if you are going to bootstrap your product expect a long hard road in the B2B space and more so if you will need C-Suite approval or are selling a product that will need company wide by in to use. If you see these problems in your community look for something else.

๐ŸŽ Wrap Up

When you find your Goldilocks community it will be just the right fit for your bootstrapped startup. It could feel just like sleeping in the right bed but come with a life changing outcome. Spend time doing the research to find the right community b/c they are the ones that will give you your next business idea.

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