When you are getting ready to start your own business doing your research is the single most important thing you can do to prevent failure. Before you commit a single dollar to your new business make sure you become an expert in everything to do with your business. Find out who and what your competition is. Is there a market for your product or service? Is the market already saturated with other businesses that are already fulfilling the needs of your target client? What do you have to offer that is unique?
What is the price point for your service or product? Are you able to sell at that price and still recoup a reasonable profit beyond your overhead costs? How much volume is required in order for you to make the funds necessary in order for you to survive? Are you capable of creating that volume or do you need to hire additional employees? How skilled do your employees need to be, what wage are those types of workers getting in today’s market? Is your business something you can start part time while you continue to work your current job? Can you effectively hire employees to work for your business while you continue to work your job?
When starting a business you want to think outside of the box, but you don’t want to have to reinvent the wheel. Is anyone doing what you want to do in a different market?
When possible try to put yourself in a position to have a working knowledge of the business you want to start before committing to it. If you want to open a window washing business that specializes in tall buildings take the time to visit a nearby city and observe a successful window washer as they go through their day. Don’t stalk them…call them and ask them if you can observe them, if your markets are far enough apart they may be willing to let you pick their brain. Take advantage of it!
Research everything you possibly can about your prospective business and you will save yourself time, money and heart ache, not to mention energy. In the next Article we will discuss formulating a business plan.
To learn more about Starting Your Own Business, check out www.sandrabeck.com and www.motherhoodincorporated.com. You too can work from home, have time with your family and make a great living with what you already know!