Know-How Exchange : Student Questions

Start by understanding your target market. Talk to people who have purchased boats like the ones you're thinking of building. Ask them what they like and dislike about their boat, about the shopping process, and about how they decide on which boat to buy. Don't try to sell them anything. Just ask high-gain questions and listen carefully to what they tell you. Take detailed notes.

After you've spoken with at least a dozen of these people, look through your notes and see if you can identify a positioning for yourself that is truly unique and benefit oriented. Be sure it addresses the expressed needs of your target audience.

Then create a marketing plan and a business plan. Don't rush. Do it thoroughly and carefully. This is the most important part of starting a business.

Only after you've done the planning should you begin to develop the operational elements of your business. Don't fall into the "if you build it they will come" trap. Write down your objectives, strategies, and detailed plans. You'll probably need them anyway in order to get funding. Even if you're independently wealthy, you'd be smart to plan carefully before you do anything else. You'll find it pays back big dividends.

Hope this answers the question. Let us know. BTW, what country are you in? When you say "domestic," what market do you mean? I have a brother-in-law who spent 13 years building boats, and he says it was the most rewarding, enjoyable time of his life ... even if he never became rich or famous!