5 Questions to Ask Yourself before Starting Your Business
Believe it or not, almost everyone has an entrepreneurial dream… to own a successful business or company.
But most people would tell you that it is not easy to start a business today.
In fact, before launching your business, you might want to ask yourself a few important questions first… to give yourself a clear direction of where you’re going with this business.
Take your time, figure out specifically what you are really up for before executing. This will greatly decrease the risk of failing in your first entrepreneurial experience.
- WHY am I starting this company? What kind of company will it be?
First and foremost, you need to set the company’s objectives and concept. You need to be clear and focused on these 2 fundamentals before everything else, because they decide the company’s value proposition, direction, branding, etc.
- WHAT am I going to sell?
Next, decide on what problems you can solve for your target audience, and what product (and/or service) you wish to offer as solutions. It’s best for you to do what you’re already good at (for higher success rate). Besides that, you must do your research to understand the current market trends.
- WHO are the target customers?
With the plethora of market research resources out there, you can easily study and pinpoint your target customers nowadays. By using these resources and asking the right questions, you can have a deep understanding of your customers burning desires and their urgent pain points – so you can consistently craft great offers for them.
- HOW much can I afford to invest? How much return do I expect ?
To be frank, for everyone who wants to start a business – and the ultimate goal is to earn MONEY. So, it is crucial for the ones who are just starting out to plan their budget properly and take into consideration all possible expenses – and not be over-optimistic about potential profits at the early stage.
- WHAT marketing strategies to use to drive targeted traffic
In the early stages of your business, one of the most difficult challenges will be MARKETING — choosing the most effective ways (and channels) to increase your brand awareness and to promote your offers. You need to be present (and grab attention) on social media platforms because most of your potential customers are there (Facebook, Instagram, Snapchat, etc…)
Success is for the ones who prepare.
With enough preparation and clear understanding of your business (and your target market), you’ll stand a better chance of making predictable and scalable income.
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