Thinking about starting a new business? It is a huge and exciting decision -- one worth contemplating. You may be starting a business because you 1) lost your job, 2) dislike your current job, 3) need extra money, or 4) want to work for yourself. No matter what the reason, there are 7 things to consider before jumping into it.
1) Creativity: Have a Marketable Business Idea
The first thing to determine is if there is demand for your idea. The best way to determine that is to ask “Is this something people complain about? Will your product or service ease their pain?" If your answer is yes, then you should find out if there is already something out there – your competition. Competition is healthy and usually means there is a demand for your idea. Just make sure that supply does not exceed demand. If there is no competition and nothing like your idea is out there, then doing some simple market research should help you identify your target market.
2) Business Capital: How to Get It
The amount of money you need depends on the idea. Most small businesses try to use personal funding and may borrow from small business lenders. If you have an idea that requires financial backing, you should consider approaching venture capitalists and angel investors. First you will need to have a solid business plan and a strong team. In the Office of Advocacy Working Paper by Pankaj Patel and Rodney D’Souza from the University of Louisville, it was concluded that “entrepreneurs need not only to assemble an effective team, but also to clearly demonstrate the venture potential of their proposed business.” It is also crucial to have a clear exit strategy in your business plan.
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