Starting A New Business

Starting a new business and being successful takes a great deal more than just having a business idea. It requires long hours of work (some 12 to 16 hours a day), determination and being well informed. Before blindly investing in a business idea it is important to assess its viability and profitability of your plan business venture.

Your truthful answers to the following questions will help you in doing so.

1. Do I fully understand what it means to run and operate my own business and more importantly am I really prepared to make the sacrifices it takes to run and maintain the business?
2. What products/services will my business sell/provide?
3. Who will by them?
4. Where are these customers?
5. How do I attract them?
6. How do I market my products/services to the customers?
7. What will it cost me to provide this product/service?
8. Where will I locate my business?
9. Who are my competitors, and how much of the market do they control?
10. How will my business stand apart and/ or be different from my competitors?
11. How much money will I need to open/start my business and operate for at least the first six months?
12. Do I have the needed funds to start this business? If not, where can I get financing?
13. What profitability margin can I reasonably expect from this business venture?
14. In the unfortunate event that the business is failing do I have an exit strategy?

Your responses to these questions could prove valuable in assessing the viability and or profitability of your business idea.