It’s always easy to criticize something when you’re not playing and say what others should’ve done different, but when you’re in the game, it’s much harder. This is exactly what happens with new entrepreneurs. Normally they have a business idea but lack the execution, understanding of the risks, experience and time to make it a success.
In this blog, we’ll be looking at the questions an entrepreneur should be asking before they start a new business. However, there’s no complete answer to the question as they will apply to some but not others.
- Why have I decided to start a business?
People start businesses for different reasons, some don’t like taking orders from others and some don’t like the 9-5 working day lifestyle, or they just may want to join the bandwagon of creating a successful business.
New entrepreneurs can lack knowledge of a business plan. You must thoroughly research any initiative you are wanting to launch because you may be faced with numerous business ideas. If so, you need to sit down and think about the pros and cons of each idea to gain insight, after that if you’re confident, you can launch.
- What is my target market?
Knowing your target market is very important since your sales and profit hinge on this. You must ensure that you narrow down and identify your target market, which can be achieved through market research. But remember if you target everyone, you’re targeting no one.
You can reach out to your potential customers by providing them with questionnaires or speaking to them directly. If you do this, they can provide you with the information you need to fine-tune your product/service to ensure it works perfectly for this market.
- What is my digital strategy?
2 million businesses in the UK don’t have websites. In today’s current market, a business cannot survive or thrive without digital technology. Everyone’s going digital, customers, clients and competitors, and everyone wants an efficient method for purchasing goods.
By using digital marketing, you can reach out to millions of potential customers globally with ease and begin to automatically expand your business. You can also use automated marketing systems to help simplify business tasks.
- What goes into the business plan?
A lot of people think that you should only write a business plan when you’re seeking external funding, but if you produce a good business plan, it will allow you to see whether your business is feasible or not, by presenting you with its strengths and weaknesses.
When you create your business plan, focus on the financial, operational and marketing. If you produce a good business plan for the foreseeable future, it can help you deal with any surprises later.
- Where are my competitive advantages?
Customers will prioritise your goods if you can offer something better or different to your competitors. You need to ensure that when you are launching your business that the product/service you are providing is what the customers want and not what you want.