Now is the time to be realistic and get your facts right!
Do market research on what is out there. Understand what commitments running your business will involve.
What you need to do to set up depends on your type of business, where you work and whether you take people on to help.
Your business idea should solve a problem for people, fill a gap in the market and provide long-term value.
To identify whether your idea is viable, start by running SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
Try to answer the following questions about your business idea:
- What makes your business better than the competition? Do you have a better product? Can you compete on price? Do you have greater expertise or industry experience?
- What might hold you back? Are there things the competition does better? Do you lack in certain areas?
- Why is now the right time for your idea? What problems do consumers have that you can solve? Are there fewer competitors in this area? Are market trends shifting in your favour?
- What is your business likely to come up against? Are there emerging competitors? Is there a risk of the market changing? Could regulation changes cause problems?
If you see your idea clearly and know what you could create, its all about your dedication and belief in yourself. All creations are a lot of work, but the key is, if you’re enjoying it, then it’s not really work...it’s pleasure! At the Secret Warehouse we believe that intention is everything so go at your idea guns blazing. A few pointers we would recommend is to put the foundations of your idea in place so you’re not going in blind.
Research your market and get to know it.
What is already out there?
How is your idea different or what difference could your idea make?
BUILD YOUR FOUNDATIONS - ANSWER THE FOLLOWING QUESTIONS, HONESTLY:
- What makes my idea better than the competition?
- Is my product better or as good?
- Can I sell my product for the same price as a comparable business and still make a profit?
- Do I really know the ins and outs of the industry I want to work in or can I learn more at this stage that will help me be more successful later on?
- What might hold me back at this stage, what problems could I encounter and do I have the resources and resilience to tackle most situations head on?
- What exactly do my industry peers do to be successful and what are they not doing that I could do to get ahead of the game?
- Am I ready, am I prepared, have I done my due diligence, can I handle a few set backs both financially and emotionally...Until the answer to all of these questions is a resounding YES, then keep learning, keep motivated, keep putting the hours in now because you’ll reap the rewards in abundance later on!