4
Questions to Answer Before Starting that business.
Before starting any business, you should have
correctly answered these questions. Just because you are convinced that a
business idea is profitable, does not mean it will work for you.
Below
are the questions
1. The Customer Question – Who
are your customers? Do they exist? Before venturing into any business, you need
to be sure who your customers are.
Your
understanding of your market is very important – whether you are starting a
business, introducing new products or services.
Your
clarity about who your customers are and where they can be found will help in
your reach out and campaigns.
2. Do you really want to do that
business? You have to be sure about your choices. Business
can be discouraging sometimes, especially in the beginning of the business. It
takes consistency and perseverance to pass that stage. You must be sure you
want to get into the business.
Find
out if the business is consistent with your core values. So that at the end of
the day, you don't come regretting for spending such a large amount of money on
something you don't even like.
3. Who are your competitors?
This is a very important Question to answer. You must be clear about who they
are. You need to know at least 5 – 10 other people doing the same business in
your location.
Example:
If you intend to start pure water production company in Abuja. You must be
knowledgeable about other pure water producers.
4. Where is your location? Your location can single handedly make you a success or a failure. Therefore take
it very seriously.
If you study our Nigerian markets carefully you will discover
that Sometimes people don't succeed because they employ the right business strategy,
but simply because they are located in the right place. Your location should not
be far from your customers. It should be in a place very accessible. An
accurate answer to the customer question above will help you here.
Labels: Business Advice, Business Cost, Starting Business
