Starting a new business is an exciting, heady proposition. Whether it’s coming about as the result of a long-held passion or simply because you can’t take another minute at your desk job, a business can be an incredibly fulfilling and hopefully, lucrative venture. However, before you dive head first into this, there are a few questions you need to satisfactorily answer.
Let’s have a look at these.
What funds do you need, and how are you going to get them?
Whatever your business idea is, you need to figure out the absolute minimum funds you’ll need to get it off the ground. It’s important to use the barest minimum amount of funds in the beginning so you can grow organically. You also need to figure out how you’re going to get these funds. Perhaps you need to empty out your personal savings account, or maybe ask friends or family for a loan. Take some time to think about the amount that you absolutely need to get started.
What problem is the product or services solving?
All good products recognize and solve some kind of problem or need for the customer. This is where the product derives its value from in the first place. You need to give some thought to the question of what problem your product will be solving for the customer.
What makes you different?
What’s your USP, or Unique Selling Point? In other words, how are you different from the competition? You have to determine what it is that makes your company stand out from the rest. Your USP could be anything: where or how the product is made, its unique quality or design, its pricing or availability, or the customer service you provide. Once you know what makes you different, you can start communicating that difference to your customers.