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You have your million-dollar idea for a new business. Maybe it flows from your passions. Maybe you’ve spotted a need or a pain point that the marketplace just wasn’t addressing.
Whatever the genesis of your idea, it’s only the first step in a long process. Coming up with the big idea for a business is the easy part. Making it successful for the long run takes careful planning at the outset, smart choices along the way and the commitment to see it through.
7 Things to Consider Before Starting a Business
Here are some elements to keep in mind when you’re getting ready to make your great idea into a great business.
Write a business plan
You should spend time thinking about who, what, where, when and why. Who are your customers? Who is your competition? What is your product or service and what differentiates it in the marketplace? Where will you locate your business? When is your target launch date?
And the most important aspect: Why are you doing this? What are your end goals? A well-researched and written business plan is your guidebook. It’s also the key to securing possible funding. If you need a small business loan, for example, you will have trouble securing it without doing your homework first on a solid business plan.
Do market research
You’ve thought about your consumers when compiling your business plan. Now think deeper.
Do some market research (hire a firm if necessary) to find things like demographics of your target customer, their needs, preferences, buying habits, and more.
The Small Business Administration is a great resource for compiling demographics for small businesses, so you can get a clear picture of how you’ll fit into the marketplace.