Make Sure Your Business Idea Will Work
Before you try to take off and start your business, you need to make sure your business idea will work. You need to have done thorough research on sales statistics for that type of product or service in both the area you targeted and nationally.
Before you try to take off and start your business, you need to make sure your business idea will work. You need to have done thorough research on sales statistics for that type of product or service in both the area you targeted and nationally. If the market isn’t flooded with what you want to offer…if the service or product is in demand…you can probably succeed with your business.
If you are planning on providing both service and a product, it might be wisest to start by offering service only. By doing it this way, you acquire customers, start to fill your coffers, and have not gone into debt by using your cash to stock product. Once things are running smoothly, and you are enjoying return customers, you can then include product sales. It can save you a lot of stress and worry.
Go calling on businesses that are servicing or selling similar products to yours. Are they downsizing or hiring? Talk to them. How long did it take them to get it running smoothly? You can learn a lot from their experiences; both what to avoid and what really worked.
Make sure you know everything about your business. Yes, you can hire professionals to fill in the gaps, but you need to know everything that they are doing, and be able to stay on top of every aspect of your business.
To summarize, have a solid business plan before you start. Make a solid presentation to your venture capitalists. It helps if you already have a few customers lined up. Identify the size of the market you are going after. Have facts and figures showing how long it will take to show profits. Outline how you will generate growth though sales, marketing, and other strategies.
You also need to consider whether you are going to stay local, go national, or add internet access for your sales. There is nothing wrong with thinking big, as long as you start small enough to handle things without running out of cash. Going on the internet with your business reaches possible customers over a far greater area , but there is a huge time commitment involved. Make sure you can handle it all before you expand on your ideas, and it will work!