Many of us dream of having a business and everyone wants to succeed on it. Is it just a dream?
Most of the time, it is just a dream. Why? Well, before you get into business, you must do research (feasibility study) or you will just waste your money and time. You must have or get all the information you can in order for you to learn the business you are getting into. Basically, do your homework before you even get into any business and you may just see reality from doing research. This is not to discourage you from getting into business but basically informing you that you need to be aware so you can make a decision from that point on. Do you continue or do you just look for another business idea?
What are the information you need?
Check for your competition. This is very important because you are going to be selling the same service or product. We all hate the competition but you have to remind yourself that it is a free enterprise and you have to have a unique selling point with your business. Are you competing with an established business? That is something to consider when getting into business. If you do not have any competition, then you might have a niche product and service and be on your way to start earning income.
Check your products and service. How do you differ from your competition? Don’t underestimate your competition because they may have deeper pockets than you do and you may just become another failing business. How are you going to introduce your product or service to your target market.
Check your pricing. Are you at a profitable price point? If you are not going to have profit (since you are starting), you might want to reconsider your price. You must make profit. You have to price it right where you still make money. If you cannot adjust your price higher to make a profit, then you must find ways to cut expenses, in order for you to make a profit. What is the right price? That is totally up to you but you have to consider the expenses when you grow.
Who is your target market? You must know this. The old myth of “build it and they will come” is not true. You have to know how to inform and connect to your target market. You must know the – where, when, how, what, about your target market. Better yet, start small and test the market and learn from them.