31 May 11 6:46 pm
Firs list down what type of business you are interested in starting but don’t forget to consider that whatever it is, has to be something that matches up with your abilities, interests, skills, lifestyle, time available to work, and the money you have available to launch the business, next is to know your goals, vision or mission for this business; after you have an idea of your direction you can start the research process.
You can fully research everything about the product and the business itself by talking to others in the industry, reading the newspaper and searching online; here are some of the key questions you could use:
“Who will my customer be?”
“Where will I sell my items?”
“How much do I think I will sell and in what time frame?”Or you may also get some ideas on what to research from the phrases below:Know the market;
It’s important to research the possible size of your market and, in turn, what sort of response your service or product will attract. Try to discover who your customer base will be, it may be a market different from your expectationsThe cost;
searching how much is going out the door in expenses is essential in estimating how much you'll need to bring in to stay in business.The Location;
Search the location, check out walk-in traffic, parking spaces and other nearby businesses that may help or hinder your customer flow , evaluate buying data and trends for people who live in that area.The Competitors;
you need to search out what they're up to, understand what your competition is doing so you can do it better and don’t forget also to talk to your competitor's customers, ask them what they like or don't like about your competitor's product or service.
Start the business! :-)