There are questions we should ask before we even start our own business.
- Are you passionate about your business: Passion is often correlated with business and products. It takes plenty of energy to properly build a business. So, it is important for us to articulate why we want to do this and we should remind ourselves often about our motivation. This should help us weather the usual ups and downs. In many cases, people do business because they want to connect with people who have the same passion.
- Would the world be worse off without our business? This should be an essential question and it is related to the fact that whether consumers do want out products. A sense of usefulness is an essential motivator and this can be above fame, power and money. We should do business because we want the whole world a better place with our products and services. This will declare the purpose or the meaning of our business. This will help us to become highly motivated, magnetic and unstoppable to succeed.
- Are there needs in the market that our products can fill? We should know who our customers are and whether our products can solve their problems. If we can’t answer this question, then we don’t really have a viable business. Commerce should be based on sustainable demands in the market and if we can’t fill a need in the market, then we will be dead in the water. We should find a niche and asses it honestly.
- What’s remarkable about our services and products? Assuming we have identified specific demands in the market, we should make sure that these products are marketable and unique. It is important to know how we can capture the market segment that we are targeting. If our product has a good enough appeal to be in demand, then we could survive in the changing and competitive marketplace.
- What’s our business model? Business model could simply be considered as a sales mechanism and it will make sure that money will continue to flow to us. If our fitness store can generate revenue through sales, then it is probably a good idea to set up an online membership to offer deals and discounts to maintain loyalty. Good business models will deliver a sustainable return on investment.
- What resources we will need and do we have them? We should know how much time, support and fund we need. What kinds of skills that are needed to ensure sustainable business process. Many managers immediately throw in the towel because they are overwhelmed with personal frustration and stress. We should make sure that our foundations and personal habits are strong. It takes enough money to make more than enough money. We should be realistic and try to raise the needed capital. We shouldn’t fail to devise a proper funding plan before we start.