Have you had an incredible business idea? One that you think will take you far and leave you feeling fulfilled? Maybe you’ve started having doubts asked whether you have everything you need to move forward with your business. It’s true—there is so much to consider when deciding if your business is feasible and profitable, but there are many resources out there to help you decide. Start with these basic questions to get you started.
What Problem Are You Solving?
Ask this question before you move forward with your business. To have a business, you need customers. To have customers, you need people who need your product. They will not need your product unless you are solving a problem that they need help with. Approaching your business idea with this perspective will help you know whether your business will be successful.
It is of the utmost importance to consider whether you are meeting the needs of your potential customers. According to the Montreal Chamber of Commerce, it’s a good idea to get to know these potential customers and find whether your business idea solves a problem that they have.
How Will You Fund It?
Starting up a business can be very expensive, so it is important to consider all the costs that you might encounter and plan for how you will fund your business. Besides considering the costs of getting the supplies or space to start your business, think about your employees’ pay and benefits, unexpected loss, insurance, legal fees, permits, utilities, supplies for your employees, software, and hardware.
Even with all these costs, you have many options for how you will fund your business. You can take out a loan or search for a grant from the government. You also take things into your own hands by raising money yourself. Consider crowdfunding, asking for help from friends and family, and searching for investors as well. According to Franchise Gator, retirement accounts can be another source of funding for your business. However you decide to fund your business, consider if you will have enough funding for your particular business idea.
How Will You Market?
You already know that you can’t have a business without customers, but how are you planning to find and draw in those customers? According to Vendasta, much of the money that goes into starting up a business should also go into marketing. Think carefully about your target audience, their needs (like you read about above), and how to best reach them. Is the product that you have developed marketable to this audience, and do you have a good way to reach them?
Starting a business isn’t for everyone or every idea, but these questions should help you know whether it is for you. If you have a plan and a way to move forward, go for it. There are few things more fulfilling than building a successful business that meets your customers’ needs. But it’s okay if this isn’t the right path for your idea. Maybe modify your idea and plan slightly, and you, too, will be able to start a successful business.
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