Eureka !! You have found a great business idea and you can not wait.
The excitement is great, but you have to do several things before opening the doors. You are about to invest money and time. Taking time right from the start will help you make the most of your investment.
One of these initial tasks is to develop a business plan. It does not have to be a complete business plan. Consider what are your crucial elements such as:
- Who is your market? Is the market growing? How many competitors will you have?
- What makes you unique compared to your competitors? Can you keep this benefit or another benefit?
- What is your pricing strategy and how does it compare to the competition?
- Conclusion: Do people need your product or service? Do you solve a problem for your customer?
Once you have your plan, get as many comments like you can. Family and friends can be part of it, but the best people are the ones who will ask the hard questions and will not necessarily agree with all your assumptions and ideas. You want people to challenge you.
Another task is to plan where you want find funds. Business owners often say that to open and maintain the doors, it takes three times more time and money than expected. Before you begin, it is time to determine where you could get a business loan, how long you will need, when you need it, and who, including you, has funds to invest immediately and at the same time. to come up.
And that's the moment of consider your market strategy. You thought about your ideal client, but how do you reach that person? And more importantly, how do you get them back? Do not assume that using online marketing is all you need. Use all the traditional and online tools available.
The last task to do before opening your business may be to give it a try. This may mean selling your product at trade fairs or trade shows before moving on to the last step. You may also want to keep your job full time while you test the market to see if you have a viable idea.
These are just some of the tasks to do before starting your business.
Opening a business is risky. He will eat your time and money. The more you minimize the risks, the better you will feel about your decision.
About Glenn Muske
Glenn Muske is an independent expert in rural small business, working for GM Consulting – Your Partner for Small Business Success. He provides advice and writes articles for county extension officers and newspapers in North Dakota. Previously, he was a specialist in rural and agri-food business development at the Extension Service of the North Dakota State University – Center for Community Vitality.
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