Having a business and maintaining is hard, but you know what is harder? To take that first step, to finally decide that you want to become a businessman. I know right, it is difficult. There are so many factors to consider from budget to niche of business. With that it also brings plethora of emotions from sheer excitement to the fear of unknown (whether first step would be successful or not) it can be overwhelming experience. One thing to listen is your heart, if you think you can do it, then believe me you can. Still, there are few questions one should ask before starting their business. Without any further ado, here are they
- What is the problem you are tackling
Let’s face it, every business is about solving a problem. For example, IT services business are trying to solve IT issues of normal people like developing a website, SEO or networking issues. Therefore, you need to define your service first, the service must be solution to present problems in market. If your business is not providing solutions or values to your customers it is bound to collapse at some point.
A business should provide unique solution and effective as well to keep increasing line of your customers, which is the key to success of business.
Okay you dreamed of having a business be it multi-national IT firm or simply a bakery of handmade cupcakes, you need money. Initial investment is necessary. As the risk involved in starting a business is high as success is uncertain, investing loads of money in the beginning may end up in regrets. Therefore, try cutting down as much extra cost in initial stage as possible and focus on really necessary stuffs.
What you can do is start on a small scale, if that turns profitable then use the money to expand your business. For example, if you have dreamt of having branches of bakery in your city, start by opening one store and see how it turns out to be. It would be really a foolish thing to open five store at once, even though your budget allows it.
Business is all about expanding and growing. Therefore, do not be afraid of starting small. Remember, Rome was not build in a day. Start small and expand your business on your profit, and see your empire rise up in coming years
- What is my secret ingredient
KFC stands out of all other similar food chains because of their specialty. People are able recognize just by looking at their food items that it is KFC’s product. Similarly, every leading business have something unique in their product that keep them stand apart from rest of their competitors that they never share with outer world. Even in case of mobiles, there are hundreds of options available, but one brand is known for their camera or other is known for its style. Therefore, you need to find out what will make you stand apart, that one element that will bring your business to the top. That, will be your key to success.
- What resources is needed initially
When starting anything new, there is initial emotion of commotion, tension and anxiety in mind as you mind not have all the resources you wanted. See, instead of focusing upon what you don’t have, let’s try focusing on what you have and what can you do with it. It’s all about mentality and have positive attitude. You might be tensed about the fact that you don’t have enough resources to own a store, don’t worry you can get a place on rent. Just remember, Apple.inc started in a garage.
- Who is in the same business
Have you ever played a game without knowing your opponent? Never. Therefore, before stepping into world of business, research all those who are already thriving in your niche. Know about their strength, and weak points. Keep in mind, just because there are others doing similar business as your, it doesn’t imply that you cannot do it as well. But knowing about your competitors will enable you in planning your own marketing and sales strategy. Learn about what they are doing and decide what you can do to offer better solutions.
These were 5 questions to ask before you start your business. After all, precaution is better than the cure. Make sure you ask the above questions and have proper answers to all those before you set your foot in business world. Above everything, the one question to ask is, whether you are passionate about this or not? Because if you doing your work from heart, it is going to be great. Good luck with your business.
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