Contnd. WRITE THIS DOWN

  • Who are your intended customers? What are they like? Write down all the important information about them (age, gender, location, income etc.).
  • Secondly, select a good number of people and contact these people for an interview so you can discuss your product/service with them to find out if they would be interested in it.
  • Make a list of your competition- people or companies who are already selling your product and learn why they are successful.
  • Finally, write an Action Plan based on what you learned from your research.

POINT THREE

The business name can be one of the most valuable assets of a firm; careful consideration should be given when choosing it. You should choose a name that will appeal to people, inspire them, and reflect what you are selling.

This is the very first phase of starting any business. If you already have an idea, try to reflect on what you learned and answer the questions. If you don’t have any ideas yet, we’ll be posting another article on how to come up with great business ideas.

To sum up, starting your own business is not easy and puts you on an uncertain and difficult path, however it can also be exciting if you avoid some of the commonly made mistakes.

  • Only choose the type of business that you will enjoy doing.
  • Do thorough market research before starting your business.
  • Take care with choosing a good name for your business.
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