Having your own business means you run the show – no bosses breathing down your neck. However, being a business owner is more than just being your own boss.
It entails a lot of hard work, persistence, perseverance, discipline and focus. Before you put your hard-earned cash into a business venture, consider a few important factors that will help get your business off the ground.
1. Decide on your business. Perhaps one of the hardest parts about building a business is deciding exactly what type of business you want to venture into. What are you passionate about?
Your business should be something that you are not only well-versed at but also something that you are truly passionate about. Is it a service-oriented business or a commodity-type of business?
Whatever you decide on, consider something that you love to do and start from there.
2. Who is your target market? After you’ve decided the type of business you want to get into, the next thing to consider is your target market. Knowing who you want to patronize your business will enable you to work on a strategy that will entice your audience to do business with you.
3. Location. Location plays a very important role in starting and building your business. You may have the best products or services in the world but if you are not exposed to the right market, you may soon see your business going down the drain.
Put your business up in a strategic location where your target market will see you and where traffic is heavy.
4. Study your demographics. Since you already know your target market, what you need to find out now is the purchasing power of your market. You can do a survey here to help you find out the household income of your market, their buying habits, if they have a need for your products or services and their lifestyle.
5. Make a business plan. This is one of the most important things to do when starting a business. Having a sound plan will help you determine vital things such as budget for overhead expenses and other expenditures, the time frame by which you would expect to break even and start earning, marketing strategies including advertising and branding.
This may also include building a vision for your company.
Once you have incorporated all of these in your feasibility study, you can now start addressing each item on your list and be on your way to building your very own business.