Starting a new business:
Starting a business is exciting, it’s filled with a sense of pride when you decided to conquer your fears and achieve your goal. Did you know the perfect moment to start your business is now. However, when starting a business, it’s difficult to know the correct steps you should take. While each business in unique based on the industry, goals and knowledge of the owner, there are some items you must perform.
Conduct Market Research:
Conducting market research prior to opening your business will allow you to determine if there’s an opportunity for your business to succeed. It provides a way to gather important information by understanding your customer base. It’s in this stage where you determine if your business is likely to succeed, if you conducted proper research.
I understand, you want to launch your business NOW!!!, You don’t have time to conduct proper research. You may think it’s not worthy of your time to conduct proper research. I’m telling you that’s it’s one of the most important steps you will take during the early stage of your business. Starting a business without research is like jumping into the Bermuda Triangle not knowing how the swim.
Here are some action items you can start right now to guide you on your research.
- Demand: Is there a desire for your product or service?
- Market size: How many people would be interested in your offering?
- Economic indicators: What is the income range and employment rate?
- Location: Where do your customers live and where can your business reach?
- Market saturation: How many similar options are already available to consumers?
- Pricing: What do potential customers pay for these alternatives?
The next step would be preparing a business plan, it gives you direction, it defines your objectives/goals, it maps out your strategy, it increases your changes of being successful and it can help obtain funding. The reason why I started with conducting research first is because you would’ve gathered majority of your information you need for your business plan. Thus, increasing your chances of a successful plan.
There are two types of business plans, Traditional and lean.
- Traditional plans are very detailed, it takes more time to write, and is comprehensive.
- Lean- plans are high-level focus, fast to write, and contains key elements only.
Action Item: 1 Hour Challenge
I challenge you to create a 12-month business plan in 1 hour (I recommend you conducted research prior to building your business plan.)
The rules are simple, set the timer for 1 hour and ensure you have little to no distractions during that time period. It’s not about “finishing” your strategic plan in an hour, it’s more of jumpstarting your progress. You can do it. What are you waiting for? Go get started.
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