What decisions are critical in starting a business for the entrepreneur? How do you know where to start and what to look for in a business opportunity? With so much information out there about business building and starting a business, it is easy to get confused and aggravated. Most of the information conflicts with each other. How do you decipher what you need to know and what is "fluff"?
You'll be surprised to learn that starting a business is actually pretty simple as long as you have a few key elements in place before hand. In our experience, the hardest part of launching a successful business is the idea or concept you are selling. Most people are unclear of their product or service. They have not focused their idea enough for the masses to agree to their idea enough to turn a profit.
The first thing a prospective business owner should do is write out their idea on paper. There is something very liberating in putting pen to paper. This simple exercise will help set the tone for the rest of your business plan. Some questions to ask while completing this tasks are:
- What is the product or service in 10 words or less?
- Who is the primary target audience? Who will be able to use the product or service the most?
- Who is the secondary target audience? Can any spin-offs be developed with the product?
- Who are the competitors? Who are the competitors' now serving?
- What makes the product or service stand out from the competitors?
These questions will focus your efforts and allow you to see if your product or service is really marketable. All too often, people think they are doing themselves well to jump into a market that is not now served. One can do themselves an injustice to start their first business in this way. Historically speaking, new businesses have thrived as long as they entered a market that was functioning before.
Another area of concern for the development stage is whether there is a demand for the product or service. Some of the best businesses started as a solution to a problem the consumer experienced. For instance, if a person visited a local business and received horrible customer service, they could essentially start a business in the same field with the emphasis on excellent customer service. There is no reason to reinvent the wheel.
The last suggestion for establishing a dynamic business out the gate is to pursue a passion. It has been proven that a passion will make for an easier business venture. If you love doing it for free, then being paid to do it will be that much more fulfilling. Whenever you can mold passion and business together, you should jump at the chance.
These suggestions are basic evaluations that have helped our clients save massive hours and time in the business planning stages. If applied, they can help you as well.
If you find that you are not where you are in your business or you need help starting your business, we'd love to partner with you and offer our professional expertise. We have a proven track record of delivering sound advice on how to avoid the pitfalls common to new business owners. We take the guesswork out of business development and make it easier for you to focus on your product or service. Contact us today to take advantage of our solid experience. We're in business to help your business succeed. http://workwithmymommy.com/private-coaching/
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