1. What need is my product filling?
If your product or business does not have a clear purpose, you might want to take a step back and really analyze what you're getting yourself into.
2. Who else is doing what I'm doing?
Analyzing the competition is a great way to get to know your market. You can review what others have done and decide what you think will work for your business and what will not.
Are you doing something no one else is doing? Excellent... you have an original idea! If this is the case, be sure to thoroughly pick through your business plan and ideas before you jump in. Sometimes no one else is doing something for a reason. Get advice from others in your field to see if they have a different perspective.
3. What makes me competitive?
So, you're not the only bakery on the block. This is often the case. Figure out what makes you special... a secret recipe, a innovative way of serving your customers, a great location... something that makes you stand out when compared with others in your field.
4. Who is my customer?
Everything from what you create to how much product you create to how you advertise all boils down to this question. Who is your target customer? Interview people. Use market research and statistics. Talk to industry leaders. You'll really need nail down who you want to sell your product to before you spend any money speaking to the wrong audience.
5. Am I 100% in?
A business is a large responsibility. In the beginning and often further down the road you'll be working more than a typical 40 hour work week and everything will be on your shoulders as the business owner. Before you start signing papers and getting loans, be sure that you're committed to the success of your company. Whether it be a passion project or a way to earn more money, be prepared to make it an important part of your life.
There are a lot more than 5 things to consider when you start you own business. Beacon's business experts are always available to answer any of your questions regarding business loans, checking, savings and much more. Call us today at 434.237.1566 to speak with someone today.