6 Things You Need Before Starting Your Own Business

Posted on May 6, 2016

Our site manager, Rachel, told me that she’d be interested in hearing the things that I think people need to know before starting a business. Here is what I came up with on the fly. Do you think differently? I’d love to read your thoughts…

  1. The need. Why do people need your product/service? What void is it filling?
  2. The customer. Who are you selling to? Who is your demo? How old are they? What do they do? Where do they shop? What are their interests?
  3. The competition. Who is already playing in your space? Who are the people behind the companies? What do you bring to the table that they do not?
  4. Revenue stream. How are you going to make money? It’s great that you are passionate about your concept but how are you going to make sure it pays the bills?
  5. Your goals. What is your timeline on creating, launching, and executing the business? When do you need to start making money? How long can you survive on your savings? What numbers do you need to hit (and by when) so that you meet your personal and professional financial goals.
  6. The plan. You don’t need a fancy business plan – you just need a quick plan of action. Okay, you want to turn your idea into a business but what is your execution strategy? How are you going to do that? How are you going to spend your time every day? How will you spend your time on the business next month? What about the month after that?