There are certain functions common to starting or creating any business. Regardless of the type of business, carefully consider the following issues:
Experience and Motivation
- Do you have experience in the type of business you plan to start? If not, how will you gain the experience and knowledge before starting your business?
- Do you have sufficient drive and motivation to make your business successful?
- Are you prepared for the difficulties and adversities you may encounter in the startup phase?
Market Analysis—the Product or Service
- How is your product or service different from that of your competitors?
- What is unique about your product?
- Is the price and/or product competitive?
- Why will customers prefer your product or service rather than the competition’s?
- How can you measure the demand for your product or service? Is the demand changing?
- Will you guarantee or place warranties on the product or service?
- Who will buy your products or service?
- How many potential customers exist in the market area?
- How will you attract and retain buyers?
- How will you identify your competitors?
- What advantages and disadvantages do you have compared with the competition?
- How many businesses in your field have succeeded and failed, and why?
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