Today, we’re going to have a quick look at 5 important points that you need to keep in mind while planning your startup business. Some (or all) of these points might be obvious, but sometimes, “the obvious” is what we fail to see and usually they’re things that are crucial for a successful business.
This is part 2 of 20 posts, so please make sure you read the first post: Getting Into The Right Mindset.
6. Star In Your Field of Interest
Motivation is easier to find if you are working in your field of interest. So when coming up with a business idea, it is a good start to consider the things that you are personally interested in. For example, it is more likely that a computer store will be managed more correctly if its owner and managers are personally interested in computers. Also, an auto supply shop is more likely to be successful if its owner and managers have a passion for cars.
7. Work In Your Field of Qualification
Interest and passion should not be your only basis. You also have to ask yourself, “Do I have the qualifications to do business in that area?” If you are planning to open an auto supply shop for example, you may ask yourself, “Do I know enough about cars? Do I have a vast knowledge on car parts and how they work?” Of course, you can always hire people who are knowledgeable in the field. But it is better if you also have some know‐how.
8. Work on a Field Where Resources Are Available
The continuity of a business is also partly dependent on the availability of resources. Resources may include suppliers, service providers, utilities, and such. If you are planning to open a fruit store for example, you may ask yourself, “Do I have access to fruit suppliers?” Also, you have to analyze the supplier’s ability to, well… supply. It will be bad for your business if your supplier suddenly becomes unable to produce fruits. If that happens, you will have nothing to sell.
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9. Work on a Field Where Talents Are Available
In a business, you are not the only person who will be involved. Eventually, you might hire some employees that will help you. In some businesses however, it is necessary that you find people of unique talents and expertise. If you are going to open a salon, you will need people with expertise in haircutting, hairdressing, makeup, manicure, pedicure, etc… So you need to ask yourself, “Do I have access to such individuals? Where can I find such people? Are they easily available where will put up my business?”
10. Do Business That People Will Go For
Businesses are there to make a profit. In order to make a profit, you will obviously have to offer something in return. But you must offer something that the people in your area will be willing to pay for. So you have to ask yourself, “What services can I offer that people in my area will be willing to avail? themselves of? What products can I sell that people in my area will be willing to buy?