6 Key Questions To Ask Yourself About Your Business:
- Does your business fit into your life’s mission? Have you carefully considered why are you doing this? If you aren’t sure what your life purpose is or would like help in writing your life mission statement, check out our list of recommended books: http://homeschool-entrepreneur.com/books/books-goals-finding-your-lifes-purpose/
- What problem are you solving? This is your key to success. It can be as simple as improving on an existing solution, but if your customers need your product, you are on the right path.
- What is your solution? Exactly how are you solving your potential customer’s problem?
- Who are your future customers? Know who your ideal customer is and where you can find them. Be as specific as possible in describing them. To know them is to find them!
- Who is your competition and how is your solution better than theirs? Research the choices your potential customers have currently. Is your solution better, cheaper, or more sensible? Your product or service needs to stand out from the crowd.
- Is there profit potential? Seems common sense, but many new entrepreneurs allow their enthusiasm cloud their judgement. Do some basic calculations of your costs vs marketable price and figure how many you will need to sell to meet your minimum income goals.
How you answer your questions will give you the foundation for a good business model and clear direction for your business. The most difficult part is finding the answers! There are many ways to do this other than paying a fortune to a marketing research firm.
Your Own Focus Group!
If you have some friends to gather together you could form your own focus group. It’s easy to find friends and family that will tell you they like your idea, however, the ones that don’t like it will give you the best feedback!
Free online data is easy to find if you know where to look. Our best finds are listed in our post, 15 Free Market Research Data Sites>>