Suggested by “Small Biz for Dummies” & enhanced by Peter/CXO Wiz4biz
1. Is starting a Business for you?
What are your skills, experience & interests? What do you really love to do?
Advantages: 1) the Satisfaction of Creation, 2) You do it your way, 3) a BiG Risk, but could be a BiG Reward, 4) Flexible – if you can control it, 5) Perks: Tax Write-offs, Passive income
Dis-Advantages: 1) full Responsibility is on your shoulders, 2) challenging Competition, 3) have to adapt to Changing conditions, 4) ups & downs of Economy, 5) Red Tape of Regulation, 6) Chance (you never know if you’re going to be Lucky, but the more you try different opportunities, the luckier you’ll become.
2. Don’t give up your Day Job.
You need $$ to survive until your business replaces that income/mo. Live lean to buy as much time as you can – till you get lucky, get discovered (& other factors)
3. What’s the big Idea?
for a Product or Service? Have you talked to your family & friends about it? How about experts in your Network? Have you talked about it or demonstrated it to future Customers
4. Analyze the Opportunity.
Is it in a growing field? that’s not already crowded? Is the market big enough, that it’s worth the opportunity?
5. What does a Customer need?
Arrange a Meeting or a Demo of your Product, to determine their needs. Get their Feedback. Does it satisfy them, as is? Do they need a modification? Do you have the Solution to their Problem?
6. What’s it going to Take to Make?
What are the costs of development? or creating a system for a Service?
7. You’re going to have to do it all, when you’re real Small.
If you don’t have the skills, are they easy to learn? or do you need an outside Expert. Not all want Cash (which you’re short of, well sort of). Maybe you could offer the so much in Stock Options for the work they do.
8. You can’t Sell it, if they don’t Know about it.
You need a plan [a Marketing Plan] to set your Pricing, do your Promotions, figure out the best Distribution channel, etc. Get Attention, with free & low-cost publicity, demos. If you’re not good at all this, by all means, but still stay lean, get help.
[ Mean to Lean, Good Cash Flow, Ask for Advice, Better, Faster, Cheaper, Biz Plan in Premium Content ]