The Building Blocks Of Business

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?

The Customer

  • Who will buy your products or service?
  • How many potential customers exist in the market area?
  • How will you attract and retain buyers?

The Competition

  • 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?

The Alabama State Bar requires the following disclosure: No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers.

 

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