Questions you need to ask yourself before starting your own business.
July 3, 2017
Many people having a great idea & a dream of building a successful company with a motive of making marginal profits. However, setting up a new business isn’t as easy as to make an ice cream, it requires your hard work, total dedication and also you need to look after so many things that seems to be new for you.
If you’re thinking of starting a new business, here are some questions that you might wanna ask to yourself :
1) How much capital would you need to set up the business initially?
You need to go through the budget of the company at initial stage, i.e how much money you’ll be investing in your business. Calculate the cost in terms of raw material, labor, rent .etc. for a better understanding.
2) Why should I introduce this product into a market?
You must know why you’re going to launch your product into market. If you don’t know about this, that really means your product isn’t unique and isn’t able to meet requirements of the market.
3) What is the end goal of your business?
If you don’t know a goal or a target that you set for you business, then it’s gonna result in failure. You must have a target set up for your business besides the profit that you must reach within certain time.
4) What is your product’s USP?
USP means Unique Selling Proposition. It distinguishes your product from other products in terms of quality and services it provide. If you know your product’s USP, go on with your idea and launch your product without any doubt.
5) Who are your competitors?
As an Entrepreneur, you must have knowledge about your competitors that are already established in the market. You must learn and follow their business skills and you can upgrade your product to look more appealing to the customers.
6) How and what will you price your product?
Pricing is a very important aspect of an business. The pricing of the product must be like that it goes in the favor of customers with a particular marginal profit of yours as customers want the product at least amount. You can opt for sales maximization or profit maximization depending upon the nature of your product.
Related post:- https://socialbird.in/2017/06/12/no-to-yes/