1. Do you have a good business idea? This should be something you are passionate about, since your new business will consume a great deal of your time and money.
2. Is it viable? Before you’ve spent loads of money take the time to think about how viable your idea is. Is it something that people want and would actually pay for? Will it create enough of a profit to make it worth your while? Get a business plan template from a business bank or there are loads of resources online which can also help you. Make sure you complete it with a good level of information and real hard data.
3. Who is your Target Market and who are your competitors? Be specific as you can, there are lots of benefits to you to know you market. Be as clear as you can about this as it will help you in your communication, marketing and PR activities which should help you to have a better chance of creating selling opportunities.
4. What will it cost to provide or produce this product/service? Use a business plan to ensure you have all the information to judge if this is viable or not. A good business plan will cover everything you need to creating a sound business, cutting corners could cost you dearly. There is also another tool called a SWOT analysis can be used to assess the strengths Weaknesses Opportunities and Threats internally and externally.
5. Do you have the people resources or do you have the necessary skills, expertise and experience necessary to make this idea work? It might help you to pay close attention to your competitors to help you identify all the resources needed. So should you go it alone or is time to get someone else involved?
6. Are you being professional? It is so important to create a good first impression at all stages in the process. Be professional in your communication and dealings with the bank, investors, potential alliance or supply chain partners and don’t forget recruitment, as you never know who will be instrumental in helping you and your business succeed.
6. Do you have any suppliers or alliances? Can these relationships also help you get to your target market – choosing the right supplier is important as your business will be judged on their work.
7. What tools or services will you need to be effective and free up your time? A website is essential these days as its the most important tool to help you with your marketing, social media, PR creating sales opportunities. There are an amazing array of other web based tools that could be useful in running your business smoothly and cost effectively?
8. Are you competitive? By either offering something your competitors don’t, make sure you spend time on your pricing and promotions. Social Media can also play a significant role in helping to actively promote your business. You can do it yourself as there is training widely available or employ an expert.
9. What is the customer experience? Often the key to a successful businesses will be ‘repeat’ business, so how can you make sure your product and/or service is the the best it can be.
10. What makes your customers ‘happy’? If you don’t know you should find out through direct contact or surveys.
Its so easy to get caught up with the ‘proposition’ is for the customer, we forget how important to mention more about who we are, why we are passionate about what we do and how we are differentiate ourselves from the majority of our competitors. We all know that people buy from people (with some exceptions). In the services world your main competitive advantage could be as simple as ‘you’ – all your knowledge which could be considered your greatest asset. The combination of your skills, your experiences and your personality that can make all the difference.
My top tip is to briefly describe your story and make sure you really highlight what is special/diffferent about you or your business. If you need some help contact Sarah Brambleby for a free initial consulation on 07734104421 or email sarah@sarahbrambleby.com.