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You Need To Ask Yourself This Questions Before Starting Any Business - Business - Nairaland

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You Need To Ask Yourself This Questions Before Starting Any Business by Kingsleyumeh007(m): 5:33am On Dec 12, 2016
One of the biggest mistakes that aspiring business owners
make is overlooking the importance of digging deep into
what their true motivations are for starting a business and if
their life is truly ready for this change.
They get so busy in trying to figure out the logistics
involved in getting their idea off the ground that they don't
pay attention to some of these very vital aspects that are
crucial before you launch your business.
If you're thinking of starting any business, then there are
many different things that you will want to consider.
Starting a business isn't a simple task, and jumping in
without doing the necessary research is never a good idea.
So, before you decide to start a business, be sure to ask
yourself the following ten questions.
1. What type of business would you want to own?
This is the first question you need to ask yourself before
starting any business. There are typically two types of
people who want to start their own business: those that
know exactly what they'd like to do, and those that don't
have a clear idea of what they want to do.
In order to ensure success, you need to have a
clear, definite idea of the type of business you'd
like to run. Otherwise, you risk getting in over
your head and being unable to define a clear
path for your small business.
2. Who are your target customers?
Choosing your target market is extremely important, as it
will help you to figure out how to approach marketing and
actually selling your product or service. Consider what your
target customer wants and what they are like. It's
important that you enjoy working with the type of people in
your target market.
3. How Passionate do you feel about the Business
Your desire to escape the typical office setting is a good
motivating factor to start a business that you can call your
very own. However, that desire is not enough to help you to
withstand all the challenges that you may encounter as an
entrepreneur along the way.
You need to truly love what you are doing to be excited
about the business that you are going to start. Even if you
love to design dresses, you cannot assure yourself that you
will love running a boutique. They are absolutely different
categories.
You don't have to be passionate about the product. What
really matters is that you have to be passionate about
running the business for it to become a success.
4. What Services or Products will you be Selling
This should be one of the first things that you
should figure out before beginning to launch
your business. Figuring out what you're going
to offer goes hand-in-hand with determining
who your target market will be
5. What is your UPS?
USP stands for Unique Selling Proposition. If you are
entering a competitive market, your product or service will
need something that will distinguish itself from its
competitors. This USP is what you will ride on; what will
help you sustain the initial costs and also what will help
you make profit.
However, it does not take very long for competition to catch
up, and you will have to keep thinking up new USPs or
revising them all the time. Your USP should be your
competitive advantage.
6. How will You fund your Business
This is another important question you need to find an
honest answer to. Every business needs start-up capital.
How and where will you get yours? Will you dip into your
personal savings or get a loan from the bank or somewhere
else?
It takes a year or two, sometimes even more, to start
bringing in money. It typically takes twelve to eighteen
months to break even, and two to three years for profits.
Do you think you are financially prepared for this? Do you
think you are ready for giving up a steady check?
The amount that you'll need to start up your business
depends greatly on the type of business you want to own.
Will you need a store, or can you work out of your home?
Will you need employees, or can you do it on your own at
first? Carefully evaluate exactly what you'll need financially
to get started, and then determine where these funds will
come from.

7. What is Your Growth Potential?
Do you see yourself making expansion plans, adding
services and products, diversifying? If you wish to sustain
and compete, you will need to keep growing. Some
businesses do make it big doing exactly what they did
when they began but these are very rare.
And also, it takes the main purpose out of business -
Growth. It is essential that your venture be such that can
expand in many directions; that you can build on. This is
what will give you a competitive edge all the time.
8. What Strategies and Tactics Will You use to find Leads?
More than anything, you need to hit the ground running.
You need to find potential customers fast so that you can
make deals happen. My advice is to delay building your
marketing materials - including your website, brochures,
and tools - until you know where and how to reach potential
customers.
9. Are You good at Dealing with People?
This itself is a skill that you need to learn if you want to
succeed as an entrepreneur because not everyone knows
how to deal with people.
10. Can you Handle Failure?
Statistics show that within the first five years small
businesses fail at a rate of 80% and only 20% of
entrepreneurs tend to succeed in their undertaking. So, ask
yourself if you will be able to live with failure since not
everybody will have the luck to belong to the 80%. And also,
will you still have the strength to start all over again?
If your answers to all these questions are positive, then go
ahead and embark on a journey that would bring more cash
to your bank account. Be an entrepreneur!
Re: You Need To Ask Yourself This Questions Before Starting Any Business by jamalnation(m): 5:50am On Dec 12, 2016
Noted

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