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A Quick Guide to Finding the Right Business Idea

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Word!

Word!

Do you already have a business idea?  Coming up with a business idea is the first step to entrepreneurship.  Consider these questions.

What are your interests.

Most times the best ideas come from doing what you enjoy most which is why personal passions or hobbies. Do you have a special talent or skill that could be an idea generator? Even minor interests can lead to innovation.

What do you have to offer?

What do you have to offer the world, ask yourself what aspects of your work do you do well and what you don’t do so well. Knowing what you can offer and in which areas you excel are essential to building a business. It is the key ingredient when creating a strong foundation.

What do you want?

What is your end game, one of the most important considerations when planning a business is pinpointing what you want to get out of it. Whether it’s making money, working with and creating something you’re passionate about, or just being your own boss it’s important to know whether your business idea will give you the life you want.

What are the current market and consumer trends?

Successful entrepreneurs are always on the lookout for new opportunities in the market. While these ideas don’t always have to stem from what you already do, it certainly helps if you can combine what’s hot with your existing know how, expertise, or passion in life. Your Fashion design skills can spring into Ankara bound books business. Explore the current market trends and keep innovating and refining yourself.

 

 

 

20 Questions You Should Ask Yourself Before Starting a Business

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Everything in life starts with an idea

Everything in life starts with an idea

So you’ve got what it takes to be an entrepreneur, cool. Now, ask yourself these 20 questions to make sure you’re thinking about the right key business decisions:

1. Why am I starting a business?
2. What kind of business do I want?
3. Who is my ideal customer?
4. What products or services will my business provide?
5. Am I prepared to spend the time and money needed to get my business started?
6. What differentiates my business idea and the products or services I will provide from others in the market?
7. Where will my business be located?
8. How many employees will I need?
9. What types of suppliers do I need?
10. How much money do I need to get started?
11. Will I need to get a loan?
12. How soon will it take before my products or services are available?
13. How long do I have until I start making a profit?
14. Who is my competition?
15. How will I price my product compared to my competition?
16. How will I set up the legal structure of my business?
17. What taxes do I need to pay?
18. What kind of insurance do I need?
19. How will I manage my business?
20. How will I advertise my business?

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