McEvoy and Associates Start up Business Article
30th November 2010
Start up Business Article
Questions To Ask Yourself Before Setting Up a Business
Before contemplating a startup business some questions are worth considering, because they can help structure your thinking prior to making some important decisions—and without burning any bridges
1. Does it have legs?
A great startup plan is achievable, has an identifiable market, and makes a powerful proposition to that market. But a lot of people fail to ensure that their plan meets the fundamental criteria.
- Is there a difference between what you're offering to the market vs. that of your competitors?
- Will your market understand your proposition quickly?
- Can you easily identify your market?
- Are your startup costs low?
2. How will you reach your market?
- What are the efforts and costs required to target, educate, and convert your potential customers?
- Can you reach and persuade your market cost-effectively?
3. What do the costs, gains, and profitability look like?
- A good business plan, drawn up with the help of an accountant, is the foundation for starting up a business. At McEvoy and Associates we can help ensure all the major financial and operational factors are considered.
- Google is a great tool for quick research. One search result can lead to others and, before long, you can find forums, reviews, industry bodies, competitor reviews, and other information that's gold. Such simple research can give you great insight into opportunities, problems, methods, targets, and so much more
- What can you do to improve the math? More profitability? Lower costs? Greater returns? Conventional planning exercises can be limited in their ability to break through and identify ways in which you can re-create the metrics for your new venture.
4. What will you do if it doesn't work out as you wanted?
- With startups, you need to be able to judge that difficult point between knowing when the business is going well or not. If things don't start happening as planned, you need to work harder and smarter.
- If you are in trouble don’t be afraid to involve others or ask for help- you will find a wealth of help in others.
- Be realistic. This will result in better thinking and reactions.