I Have an Idea
Every business starts with what you know, what you want to make and what you think others want to buy. You will need to test your product or service, to research who will buy it, to determine how you will sell it and to figure out how you're going to pay for it and make a profit.
Questions to Ask Yourself
- What am I selling?
- Who will buy my product or service and why?
- How will I reach customers?
- How will I make my product?
- Who will I compete with?
- Why would someone buy from me and not my competitors?
- Is there a history of growth or failure in the industry I am about to enter?
- What experience do I have in this industry?
- How much money will I need?
Things to Watch For
- Overestimating sales potential
- Underestimating expenses cash flow requirements
- Inadequate market research
- Not understanding the break-even point and the time needed to reach it
- Making commitments to suppliers and not keeping them
- Not patenting your products or trademarking service names
Keys to Survival
- Define your short and long-term personal and business goals
- Take your time, do your research, test your market
- Understand your personal strengths and weaknesses
- Develop a well-thought out, concise business plan
- Identify potential sources of capital
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