First and foremost you need to establish what product or service you will render to the market. Once you have established what you will be offering, you need to look into finding all possible obstacles.
Let’s make an example cupcake company. So the first thing you need to do is determine a budget. Without a budget you will be making uninformed decisions that are crucial to the business.
Let’s draw up a questionnaire to explore what the business will be.
- What need are you fulfilling?
- What is the start-up cost?
- Will you be running a home based business?
- Where will your branding and marketing come from?
- How many benefits/features for your product, service or idea can you list?
- What makes your service or product different?
- How many suppliers or vendors are already in your area, town or country?
- Who are your competitors?
- What are their prices compared to quality and can you measure up to them?
- What is your target market and what percentage of the market can you reach that your competitors have not reached yet?
- Do you have a list of suppliers or vendors who will be assisting and supplying your business with the requirements you may face? Vendors such as a marketing and branding company, material, ingredients, supplies company, retail and office rental company, accountant and layers, recruitment agencies and more.
- How much is needed to break even?
- What can you offer investors?
- Does your business have franchise potential?