So you want to start a small business…. What attracted you to take this step? Was it a passion you have in something? Was it an opportunity you overheard somewhere? Do you have a special skill that you want to capitalize on? Whatever the reason, there are a few key principles you should consider before starting:
Problem? You got a problem pal?
The most successful business ideas start with clearly identifying a problem, a problem that your business idea can clearly solve. Many entrepreneurs think they have a workable idea, but the ones that survive through the long haul start by remedying an issue that enough people are in need of. What problem are you trying to solve? Can people deal with it on their own, or do they need help? Are there enough people in a given geographic area (that you can reach) that have the same issue?
Know who else is in the game
Another important aspect is knowing who else is aware of this problem – and how they solve it. Do they have a method better than yours? Is it cheaper, or easier to do? This is important, because you need to know who else is offering your product or service, and how you stand up compared to them.
And perhaps the most difficult point is this:
Why should anyone care what you’re selling??
This is perhaps the toughest question anyone can ask themselves. Think of it this way…. If you have a legitimate answer to this question, then you’ve got a chance to succeed. If not, chances are you’re not. This concept is also known as the “Value Proposition”. But simply stated, you must clearly know why ANYONE would take the time to consume whatever you're selling. If you can’t do that, you probably wasting your time, and everyone else’s.
Once you have answers to these questions, you will know your next move. And if your product or service isn’t the right fit, don’t worry! 80% of businesses fail. But don’t let that stop you. If you want to keep at it, remember to start with a problem, and take it from there.
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