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Basics to Business

Where Do I Start?

Ask yourself the following questions to organize your thoughts:

What is your idea?

Do you have a product or a service? Describe your product or service in as much detail as possible.

 

What is the opportunity in today’s market?

Research what the market potential of your business could be and show how great your idea could be.

 

What is the value your product or service brings to the customer?

Describe how your product or service is different then everyone else. Show how it is solving a problem in today’s society.

 

How will you make money?

Think of all the different ways you will sell your product or service and how much you would charge them.

 

How will you make it long term?

Write out a plan of why you are going to make it and create an action plan of how you are going to do it.

 

Who is your competition?

Look up and find out who else has attempted or is doing what you want to do.

 

What is going to hold you back from your idea?

Write down all the things you may need to help your business be successful: Mentorship, Guidance, Resources, etc.

 

How are you going to educate/communicate your idea to your customers?

Write down all the different ways you can tell potential customers about your idea and create a plan.

 

How much money do you need for your business?

Write down all the startup costs associated with your business: employees, technology, marketing, taxes, etc.

 

Are there legal issues?

Write down potential IP (intellectual property) and legal issues that are associated with your business.