So You've Decided to Start a Business...
Congratulations, on the momentous decision to start a business. Starting a business does require a lot of research, but at the same time, you need to understand the point where you're ready to stop researching and get started. Before you start any business you should ask yourself these five questions.
Do you know what your product is going to be?
What are your margins?
Who is going to work for you, what experience will they have, what will you pay them?
What's already on the market?
What is my RENT?
You can check out the whole article here Answer these FIVE Questions BEFORE your Start your Business, but these are tried and tested questions that will get you into the right mind set before you start your business. It is important to also ask yourself these five questions and check out this article on Tips and Steps to enter Crowded Markets.
Who is my competition?
After you know your competition ask, who is the biggest competitor in the market, and how is my product different?
Next, think as a consumer and imagine you are in a store, ask yourself why would I buy product “A” over the brand I’ve heard of?
This may be an obvious answer to you, but you need to make sure that your packaging and idea is clearly defined to the customer when they pick your product up. You want them to be able to say oh, product “A” looks better because.
What variations of my product can I make?
For example, if you make a cookie, you could make chocolate chip, Peruvian chocolate chip, Swiss Chocolate Nut, and ect. The idea behind this question is to be able to enter the market with a few different products to test and see which one is the most loved and so you can start Building a Brand.
I am happy with what I’m going to be doing?
This has nothing to do with the product, customer, or business but is one of the most important questions you can ask yourself before you start your business. You need to make sure that you are entering a field or idea that will make you happy. It has to be something that you love to do and isn’t just a job because owning your own business isn’t a 9–5 job, it can become like having another child.
Overall, starting a business isn’t easy and won’t happen over night, but by asking yourself these questions you can make sure that you are prepared to handle all the tough choices and decisions you’ll have to make once you get started. For more awesome articles and information on starting your business, building your business, and growing your business check out The Daily Nickel - Money, Entrepreneurship, Productivity, & Education.