There are lots of things to put into consideration before venturing into a business. The common questions to ask yourself when you are about to set up a new business are the who, why, what and where?
The who, why , what and where simply defines your target customers, your reason for setting up the business either it is passion driven or profit driven, the type of service you would like to render in your supposed business and the place you would like your workplace to be located respectively.
Stephanie Burns, the CEO of Chic CEO points out some important things to consider before starting a self-owned business.
- The Idea. There are hundreds of people who has the idea of business you are about to venture in. What you should do is to make a good research about your desired business idea, then you are to look for a creative angle to that business, things you can innovate to make your own brand different from others. Another thing to do is to investigate the economic productivity. If there is a particular model people involved in such a business follow? Then, you should evaluate if such model is worthy to emulate or not.
- The Business Plan. Most people start their business without a plan thinking they would flow with the business. Having a business plan at the beginning would help guide your path in the entrepreneurial journey.
- Who’s on your bus? Your company is the bus, you are the driver and your employee are the passengers. You have to be careful when it comes to choosing your passengers. Most times, the passengers in your bus determines its condition.
- Create an online presence for your company. No matter the type of business you are putting up, make sure it has a website or social media page. If a local food vendor Mamaope could have a Facebook page, I see no reason why you should not have one too. The online presence is like the bridge between your company and your potential customers. Customers could read up about your company or brands before they contact you.
- Sourcing for funds. Financing is something you should also think of when setting up your business.