February 15, 2018
What to do before starting a business?
Do you dream of being your own boss? Do you have a great idea for a product or service? Are you looking for a way to give back to your community and to your country? If so, you could make the right choice by starting your own business.
We offer resources to help you assess whether you have the personality of an entrepreneur, to explore business ideas and start your business.
Starting a business can be a rewarding and rewarding experience. However, this professional choice may not be for you. Before you make the jump, take a few minutes to find out if the opportunities and challenges of entrepreneurship fit your personality.
Try the self-assessment of the online entrepreneur .
Explore ideas and ask questions
You may have the talent to spare and be eager to start your business, but it’s important to take the time to think about how you can turn an idea into a successful business .
Is your project original?
If your idea is really innovative, you need to check if it needs intellectual property protection to prevent others from copying it.
If your product or service is not innovative, ask yourself how you can compete. How will you differentiate your offer ?
How will you make money with your product or service?
Even if you believe that your product or service is exceptional, you need to take the time to find your target audience and your sources of revenue.
Here are some of the questions you need to ask yourself:
- What is your target market?
- How much is your target audience willing to pay for your products?
- If your customers do not want to pay for your products and services, do you have an alternative business model?
How will your product or service end up in the market?
Will you take care of all the steps required to put your product or service on the market (development, production, packaging, marketing and distribution) or will you choose a partnership with other companies?
For a novice entrepreneur, the challenge of mastering all these steps is considerable. That’s why it might be better to focus on what sets you apart from the competition. Then, you can partner with other companies to help you with non-core activities.
For example, you might choose to focus on the design of your product and license the production, marketing and distribution management to a well-established partner.
What resources do you need?
When you know when and how to take action, you will need to evaluate your costs.
You will need to determine the number of employees required , set a time frame for marketing, and determine the recurring costs to pay. Be sure to include in your estimate expenses such as office space, supplies, various insurance and benefits.
When you have answered these questions, estimate your income forecasts for the first year. Base this estimate on the size of your market, industry trends, and your expected market share.
Once you’ve done this, you’ll be ready to write your first business plan , which you can use to attract investors and lenders.