Which Business? Pt 3

This post was written by Tony-Online on February 19, 2010
Posted Under: Uncategorized

Here are another four questions to finish this draft checklist
o    “How could I compete in this business?”*9
o    “How can I deliver more value than the next guy?”*10
o    “Do I have any unique ideas for this business?”*11
o    “Am I going to enjoy operating this business?”*12

*9-Why does this business appeal to you? Is it one that you’ve been involved in, on the internet, in a brick and mortar world? Has a member of your family operated a similar business or have you worked in a similar business before? Do not choose a business you know little to nothing about, your learning curve is likely going to long and tough and your chances for success not so good.

*10-Beyond knowing something about a product or service, you must be prepared to examine what the competition is doing, otherwise, you risk going on the market with a product or service inferior to what is already out there or marketing poorly. You want to compete as an equal. Identify and investigate what the best competitors in your marketplace are doing and make certain that you what you offer is equal. An excellent way to accomplish this is to subscribe to the products or services they offer. By doing this you will experience everything their customers do and you’ll learn a lot about how they market to customers and how you should be marketing.

*11-When investigating what your competition is offering, keep asking yourself questions such as; how can I do this any better? How can I do this differently? How can I provide customers with a better experience? Is there a way to improve what I am offering or improve the way I offer my product or service?

*12-You have any one of a number of reasons to start this business but, it is very important that you choose something you’re going to enjoy. Operating a business is going to be a lot of work and the quickest way to get discouraged is to get involved in a business you don’t know much about and don’t enjoy doing.

One important thing to be aware of is that the questions included in this checklist are ones that occurred to me while writing this. The list is not complete I am trying to include things that I believe you should keep in mind before taking the plunge.

I believe that each of the questions I’ve included in this list of 12 is essential to any business startup but, any list of questions results from “brainstorming”. This means that any idea can be included and that nothing may be eliminated until it has been checked out.

So, don’t limit yourself to asking only these questions – you must add other questions, ones you believe will improve your choice. These include things that are specific to your situation; how much time do I have available? Do I need money very soon or can I finance myself until I make sales on a regular basis? Is my family going to support me? Do I have a plan “B” in case my first idea turns out to be a dud?
Plus, any other questions that occur to you.

You are not looking for excuses, and you are not looking for reasons to not do something. You want to have answers to questions to help you get off to a good start.

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