BEFORE YOU START THE BUSINESS - PART 1

Setting up your own business is exciting, but can also be challenging if you’re not prepared. You may be thinking of starting a new business, or you may be looking to take over an existing business. Perhaps you have decided to turn your hobby into a business. 

The first and most important step to take before you start the business is to anaylise your business idea, to understand the differences between a business and a hobby and decide if you are aiming to run a business for fun or for value creation.  

Before you get started, think through your business concept and decide on your goals and objectives. Find out if there is a need for your products or services, and who are your competitors.

Research all aspects of your business idea by gathering, analysing and evaluating information, and then decide whether the market can sustain your business.

Some questions you could
consider are:

• What product/service are you providing? 
• Is there a market for your product/service?
• Who are your target market? 
• What are the values your products / services are adding to your target market? 
• Is your idea feasible?
• How will you protect your idea?
• What skills do you need to develop your business idea?
• Who are your competitors?
• What difference will you bring to the market?
• Do you have the financial capacity? 

Read - Part 2 - Know your strengths and weaknesses