Many entrepreneurs call me on a high.
They have an amazing business idea that they just know is going to be huge. They want to hit the ground running, so we jump on board. And then, a few weeks or months later, or even longer, things grind to a halt. Why? Very simply, it all comes to down to a lack of research. Before getting started, these entrepreneurs didn’t take the time to really understand what they were getting into.
So in honor of the #newyear , here are (some) vital questions you need to answer before you start a new business.
1. MARKET NEED: Do people want what I am selling? If someone else is already offering my product/service, is there something significant that differentiates me from the competitors?
2. NUMBERS: How much is it going to cost to get the business off the ground, from the initial investment to the marketing and daily maintenance? How many customers would I need in what period of time to break even, and can I afford to carry the costs for that long?
3. TIME: Do I have the time to devote to getting a new business off the ground? Is my current family/business/social obligations going to allow for another major priority in my life?
Any other questions that you think are important to answer before you start a business?