Important Steps For Starting A Business

As you get started, your business will likely dominate your life so make sure that what you’re doing is stimulating and challenging, but not completely outside of your expertise. You’re going to be in it for the long-haul. Use what you learn from the SWOT analysis to think through what you want your life to be like, not just what you want from your business. Some good questions to ask yourself include: What would you do if money wasn’t an issue? Is money really important? Or rather, is making a lot of it really important? If it is, you’re probably going to be cutting out a number of options. What really matters to you? Do you have the support of your family, especially your immediate family? They may have to make sacrifices at the beginning, so it’s important to have them behind you. Who do you admire in business? Maybe there’s even someone in the industry you’d like to go into. Why do you admire them? What are their likable traits? What can you learn from them? 


 To determine how attractive your prospective market really is (your own desires aside for the moment), we suggest doing a market analysis. It will guide your research as you think about: How urgently do people need the thing you’re selling or offering right now? What’s the market size? Are there already a lot of people paying for products or services similar to yours? Have you honed in on who exactly your target market is? Being specific will help you focus your marketing message and investment. How easy is it (and how much will it cost you) to acquire a customer? If you’re selling enterprise software, this may require a significantly larger investment than a coffee shop. How much money and effort will it cost to deliver the value you would like to be offering? How long will it take to get to market? A month? A year? Three years? How much up-front investment will you need before you can begin? Will your business continue to be relevant as time passes? A business that repairs iPhone X screens will only remain relevant so long as the iPhone X sticks around. If your business is only relevant for a specific period of time, you will also want to consider your future plans. If you like, you can even take things a step further and consider the consumer needs currently not being met by businesses in the industry. This is a good time to take a look at potential competitors. And remember, the presence of competitors is oftentimes a good sign! It means that the market for your product or service already exists, so you know that you have potential customers who are willing to spend money on your product or service.
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It will guide your research as you think about:
How urgently do people need the thing you’re selling or offering right now?
What’s the market size? Are there already a lot of people paying for products or services similar to yours? Have you honed in on who exactly your target market is? Being specific will help you focus your marketing message and investment.

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