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Will your business be successful? Shouldn’t you be the first to know?

So you have a great idea, you are ready to be your own boss so how do you get started? Well sit down with a pen and paper – a few trusted friends also help and see if you have answers to the following:

Yourself

Do you think that you have the skills necessary to make a success of running a business? These include the ability to work alone for often long periods and a great deal of perseverance.
Do you get on well with people and do they think that you are great to talk to?
Can you step back if need be and let someone else contribute to your business?
Do you have good time management and are you able to prioritize your work?
Are you able to see “the big picture” but still be able to see each individual item and action that makes up each individual stage?
Do you have some financial stability?
If your business is craft based or an off shoot of your business, are you also able to handle managing the business?

Your Ideas

How is what you are offering different from what is already being offered by others? – This is your Unique Selling Point.
Are there any legal, ethical or moral reasons working against your success?
What kind of company do you want to run?
How much of your time do you want to devote to your business?
Do you have the skills and attitude to make the business a success?
How will you make money from your business?
Will you make more money than it costs to run the business?
Have you made sure that you are not copying someone else or you are copying them?
Is someone else doing the same thing but better?

Your Market

Will it meet a real need or solve a problem?
Who are you selling to? Who do you think will be interested in your offerings?
Will they want what your are offering, at the price you are asking?
How much do you think they can afford to pay?
How big is the market?
What share of the market do you want?
Can you establish a niche in this market?
Who are your main competitors?
How is the market changing? Is it shrinking, growing or changing?
How will you tell people about your business?

Your Financing

How much will your company cost to start and run for the first year?
How will you raise the capital required and how much will you being contributing?
Where will you raise it from?
If you have investors or partners, how do you think they will get their money back and how long will it take to give it back to them?
What risk is there that you will not get your investment in time and money back?
Will you raise enough money to run the company through the first difficult year?
Do you plan to sell your company or go public (list the company on the stock markets) one day? – This is your exit strategy.
Anyone is capable of making a product, process, or technology better. Isn’t it time for you to become your own boss?

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Lee Lister, writes as The Biz Guru, for a number of web sites including her own sites www.BizGuru.us With over 20 year’s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses. Also visit www.CDTrain.com for project and bid management training solutions.

This article may be freely distributed if this resource box stays attached.

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