The most successful kinds of businesses are those that meet a need. It could be something as simple as a spoon for eating, or something as large as a car for faster and easier transportation. It could be anything, as long as it meets a need AND people are willing to pay you for that service or product. Remember, you can have something people THINK they need but if they don't pay for it, then it is not a business.

Here are some business guidelines
1. Define your business: Determine if your business is a niche or the underlying problem or need that you want to solve. How big is this need or opportunity?

2. Communicate your product or service well: After you have defined and determined what business opportunity you have, make sure to communicate this idea very well to potential customers, investors etc. It is one thing for you to have a great business idea/ opportunity and it is another to communicate that idea of vision to people around it. So be sure to articulate your idea well and in terms that the layman will understand.

3. Capital: How much funds will you start to start up your business, what sources are you looking at in raising this funds eg. financial entity, individual loan, self, etc

4. Target Market: Who are the main consumers of your product? Who is your target market? Meaning who do you think your product or services will be of the most help to, that is your target market.

5. Marketing: This is not an initial requirement but if you have enough funds for it, then create an advertising blitz focused on your target market. You do not want to spend useful available funds on people that are not going to even buy your product or services. In this age of social media, you can build a base by getting interactive with your potential customers.

Write and share with me helpful tips that you used when starting up your business.
Coming Next Time: How to Grow Your Business