Starting A Business: 7 Factors To Consider When Starting A Business

The Idea

To start a business you need a great idea. To sustain that business you need a great idea that solves a problem in your chosen geographical location. It needs to be great and unique because the market is saturated already and you need something that will stand out and set you apart.

The Mind

What is the status of your Mindset? You need to believe in yourself and your business idea. If you do not believe in your idea, I can bet you that no one else will. You need to stay positive. Because there would be challenging times where you might even feel like you want to quit, but the only thing that would keep you going is your mind, what you believe in and your passion.

The Customer

Identify who your ideal target audience is going to be. Because let us face it, not everyone will be your customer. Identifying your target audience will help in understanding what problems need solution and you would know how to use you great idea to provide that solution.

The Problem

You need to identify and specify what value your business idea is bringing to the market. What problem is it going to solve? What is the solution? Your business idea becomes sustainable when it actually solves a problem.

The Market

What is the market like? Who are your competitors? What are they doing? Is there a missing gap in their process? Could you possibly leverage on that? Can you develop a more effective strategy that could give you an edge over your competitors?

The Help

When you start, you will need help. You cannot do it alone. Be prepared to ask for help when you need it. Feel free to reach out to your friends and family, I am sure they would be happy to help. You will be surprised the amount of skills and talents your friends and family members have. If you don’t ask, you do not get.

The Mentor

If this is your first time of starting a business, it would help a great deal if you have someone that has business experience in the same line of what you are about to do or just in general. They would be able to give you some information that you do not have.

So with these few tips, I hope you have learnt something and you are even more geared up to start that business. There is no better time to make that business happen than now. If you have any questions or need help in getting started, feel free to contact me and I sure will be happy to help you.

Till Next Time,

MaryFash

Your Startup Coach & Consultant