Evaluate Your Big Business Idea With This Simple Checklist
Small businesses are on the rise, are you ready to be a successful entrepreneur?
Before you throw everything you have into your new venture, be sure you've properly planned for the future of your company with this checklist:
- Evaluate your business to confirm there is a real need for your product or service. Focus on your company's mission and what you aspire to provide, and know the benefits you have to offer.
- Adequately analyze the various costs of starting your business. Make a list of initial expenses, ongoing financial obligations, potential liabilities, and don't forget to pay yourself as well.
- Understand your competition. You should know what they are offering, and how they are advertising their products. A key factor in boosting your business is creating characteristics that set you apart from the rest. What can you provide beyond your competition's standards?
- Research your target market to discover those most likely to be interested in your product or service. What are their common preferences, and what rates will be affordable to them? Remember that the more narrow your target niche, the more difficult it will be to reach them.
- Keep up with the current, future, and long-term trends that will influence your success, as this is vital for ensuring your business stands out in a good way. Make sure your product or service is available when the timing is right, planning around appropriate seasons and holidays.
While no business can prepare for everything, it's a good idea to brainstorm probable issues and prepare efficient solutions. Know your limits, and plan ways to be successful despite setbacks.
Timothy Valentino - CPA, CVA
Tim has over 28 years of public accounting experience to bear on his clients' challenges. He is among our firm's best instructors and works often and successfully with clients' accounting staffs. Tim is a Certified Valuation Analyst (CVA) and is certified to perform business evaluations. Tim is a graduate of Miami University. Read More