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.
- 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?
- 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?
- 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?
- 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?
- 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?