Everyone these days has a business or is actively considering starting a profitable side venture- something to bring in some extra cash. But a successful business isn’t created by mere wishful thinking. In fact, it will take more than a few plans here and there.
To start and sustain your idea to profitability, you’ll need a systemic, well-thought out strategy and you’ll definitely have answered the most important questions for any proactive business owner.
Here’s our own compilation of questions you should ask before you set up your product or service for sales, i.e right before you get yourself into it:
1. Why do I even want to start a business?
Make sure you’re not being pressured to own a business. Having the right “why” will be your motivation to continue when the going gets tough. Write down 3 solid factors influencing your decision.
2. Can this business idea make me money?
Your business isn’t charity. Are there actual prospects for real, significant profits both now and in the future?
3. Who is my target audience?
Define a specific user persona and modify your product or service accordingly while knowing the exact pain points of your customer and know how best to meet them.
4. Who are my competitors?
Scout for businesses with a similar product/service and those who also target your audience. Learn from their strategies and create a unique selling point from what you’ve gathered.
5. How will I price my products?
Research with your competitors and customers, consider your preferred profit, work around future discount prices. You don’t want to be overpriced or underpriced.
6. How will I market my business?
Having a good product just isn’t enough. People need to constantly see and attach value to your brand. Go out there- get started with social media and get listed on Kwiberry.
7. How will I fund my business?
Make a list of your prospective expenses. Save up enough capital to sustain the early stages, or even ask for funding from people who are convinced about your business.
The more you invest up front, the more you’ll be motivated to keep going. However, if you’re not sure about your business idea, then take even lesser risk to ‘avoid stories that touch the heart.’
8. Do I need a team?
Maintaining a business is not easy. But managing people is also hard work. Decide whether or not you’ll need help, then consider hiring highly motivated, highly effective people to get the job done.
9. How will this business affect my lifestyle?
Balance is key. You will need to make sacrifices and invest quality time to grow and improve yourself and your business operations every single day to successfully make it through this journey.
10. Are there any legal implications?
It is important to research any legal, insurance or tax requirements that relate to the kind of product or service you are offering. Don’t be ignorant. It’s like starting YouTube without learning about Adsense🌚.
Am I ready?
If you’ve been honest in your assessment of all these questions, you should know if you’re able to pursue this business at this time or if you still need to make a few changes. You can be prepared and still be unsure- talk to people, get to know their opinions and make that ultimate decision.
“Whenever you see a successful business, someone once made a courageous decision”- Peter Drucker.