Do you have what it takes to start and succeed in business. Most people who are ready to start a business believe that the time is right to turn that idea into a business. The big question is How do you start your own business? You need to have the right combination of research, planning, management and help. You don’t have to get it all right the first time, but it’s important not to go into any industry with little or no idea or knowledge about the business. If you are very passionate about making an impact and changing the way business is done in that sector, you can look for a partner who has the industry know-how.
You need to get answers to the following questions if you intend to start a business in any field.
- It is critical that you know the long term vision and purpose of the business.
- Do you have the time and skills to start the business?
- Is there a market for the particular product or service you intend to offer? Don’t waste your time and energy building a business without a market.
- Have you done a proper feasibility evaluation of the perceived business opportunity before starting the new business venture?
- Do you know your market and your customer?
- Is there an already existing market and how will you communicate your culture and brand to deliver an exclusive customer experience
- If there isn’t a market, how responsive can they be to your new product or service?
- What is your motivation for starting a business
- What is the percentage of growth of your target market?
- How different is your product from the one you want to compete with?
- Do you have the right team to execute the business strategy?
- How do you intend to go to market ?
- Is there a need or a want for your product? You have to establish it.
- Do you have a business plan? If not a detailed plan, at least you should have an executive summary to guide you
- Do you have a ready market for your product? How difficult will it be to take your product to market?
- How do you intend to raise capital for your business?
- Do you have at least one good client on board before you start?
- What is your exit strategy?