A number of people want to start a business and some usually don’t know what major factors to consider. In this write up I share some major factors to consider. I have structured this write up with questions to help you find out if your business is viable or it’s something you understand and want to do.

  1. Business Idea

  • is your business idea unique or it’s something that is on the market already.
  • Is this something that you are passionate about?
  • Do you have the skill, knowledge or experience needed for the business?
  • Is your idea profitable, or when will it be profitable?
  1. Target Audience

  • Who are your target customers?
  • Is your business idea addressing the needs or meeting a demand in the market.
  • What are the benefits of your idea to your customers?
  1. Market

  • Is there a market for business idea?
  • Are you creating a new market or entering an existing market?
  • Is the market ready for it? Can customers afford it? Will they buy it?
  1. Competition

  • Who are your competitors in the market you have identified?
  • How is your idea different from that of your competitors?
  • If your idea is something that is there in the market and it’s something your competitors are providing. What is your USP?
  • What will make customers to come buy yours and not that if your competitors?
  1. Financial

  • Do you have the necessary financials to finance the start of your business?
  • Where will you source the money for your business, is it from family, friends or Loan?
  • Will your business have the capacity and be sustainable to pay back the Loan?

Email: griffinsmandanda@yahoo.com

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