Got a great idea for a new business?
The next stage is of course, taking that great idea and making it real.
There’s a lot to think about and a lot to do, but to help you succeed, here are a few helpful ‘challenge’ questions you may find it useful to ask yourself.
The good news is, if you can get a good handle on these questions, then you’re seriously on the way to shaping a successful and sustainable business.
OK, your first challenge question is…
1: Do I really want to do this?
Here you’re actually asking yourself, ‘Have I got the drive and passion to do this and see it through’?
Drive and passion are just as important as having a great product or a great service to sell and, at the end of the day, it is your passion that will see you through.
2: Can I afford to do this?
It is not uncommon for a start up business to take some time to become profitable.
Having a realistic expectation of how this will work will ensure you can budget accordingly and cover any gaps until the money starts to flow.
3: Have I got the right experience and skills
When it comes to setting up and running a new business you will need a wide variety of business skills.
However, if you feel that you do not have all the business skills you need don’t worry, you just need to ask yourself ‘What skills do I need to gain?’ as well as, ‘Who do I know that has the skills I don’t have and can help me?’
4: Will people want to buy what I offer?
You need to have a good understanding of where and who your customers are.
This will help you shape your marketing.
5: How am I going to tell people about this?
Following on from the above, you’ll also have the challenge of getting your prospects to buy (your sales).
The more you can do to assess how much and how often your customers will buy from you, the better.
Understanding this will also help you set your prices.
6: What is the competition going to be like?
It likely that whatever product or service you’re offering, someone will be offering something similar.
They may also have been doing this for some time.
Will you be able to go in competition with them and make a success of your own business?
It is also a good idea to be very clear on what your USP (Unique Selling Point) is.
This is how you differentiate your offer from that of your competitors.
Well done, if you have been able to come up with answers to these questions, you obviously have a very good handle on your business and what you’ll need to do, to get started.
Do remember that if you’d like some help to come and talk to Impetus.
As well as providing start up business loans we also offer supportive business financial mentoring sessions.
These are great for people starting from scratch and there is no commitment and no fee.
For more details call the friendly Impetus team on 01386 556000.