Ten Questions to Ask Yourself Before Starting a New Business
Ten Questions to Ask Yourself before Starting a Business
What problem does your business solve, or what need does it fulfill?
Who is your target audience or ideal customer?
What is your unique selling proposition or competitive advantage?
What is your business model or revenue stream?
What is your marketing strategy to reach your target audience?
What are the start-up costs and expected return on investment?
Who will be your key partners or suppliers?
What are the potential risks or challenges your business may face?
What is your long-term vision for your business?
What are your personal strengths and weaknesses as an entrepreneur?
After you answer these, digest the answers. Look at them from an outside perspective and see if this business makes sense.
As someone who brainstorms new businesses in her sleep, I know not everything is a business for right now. Asking yourself some questions and testing out your idea's validity before diving in is a great tool that many don't use.
Another version, more professional of this, is to do a SWOT Analysis.
Let's say you own a spa business...
Sample SWOT analysis for a spa business: Strengths:
High-quality services and experienced staff
Unique features such as signature treatments, exclusive products, and luxury amenities
Strong reputation and loyal customer base
Convenient location and accessibility
Online presence and social media engagement
High prices may limit customer base
Limited marketing and advertising, reducing brand awareness
Dependence on seasonal business
Competitors offering similar services at lower prices
Limited services or lack of diversity in treatments
Expanding services and introducing new treatments
Offering packages and promotions to attract new and repeat customers
Collaborating with hotels and resorts for exclusive partnerships
Creating a loyalty program to retain customers and increase referrals
Developing a mobile app or online booking system for easy access and convenience
Economic fluctuations affecting consumer spending habits
Increased competition from new and established businesses
Changes in consumer preferences and trends
Negative reviews and ratings affecting the reputation
Disruptive events such as natural disasters or pandemics affect business operations.
Here is a free SWOT template to use if you want to go that route.
Either way, have a good time discovering your mission and passion, and ENTREPRENEURSHIP is awesome. No matter how hard it is, it's beneficial IF IT'S RIGHT!