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5 Questions For Your New Business


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If you're thinking of starting your own business, you probably already have a great idea and a lot of passion for your work! Now it's time to ask yourself these five questions in order to turn your business from an idea to a reality!

1. Do you have a plan?

Organizing your ideas on paper is essential to starting a business. Many factors depend on this plan; funding, suppliers, promotion, marketing, etc. This plan is the road map to your new adventure. Make sure that your business plan is comprehensive so that you have the best chance of reaching your goals.

2. Who will your customers be?

A business can’t survive without customers, so identify your clientele first. Network, make contacts and allow them to sample your product or services for free. It is never too early to market. Hopefully they will love what your offer and come back for more--this time as paying customers, of course!

3. Did you do your research?

Whatever your business may be, become an expert at it. Read, read and read some more- you want a total information overload. Also, join related professional associations and learn from others. Yes, you want to be creative but there is no need to reinvent the wheel. Drink from their pool or wisdom and learn from the mistakes they made when starting out.

4. Are you ready to invest in than yourself?

If you are not able to borrow, whether it is from the bank or a friend, finance it yourself. Work a part-time job, consult or freelance, anything to make extra money to build your business. Once your start-up begins to generate income it can be used for further expansion. This may seem like a slow process, but at least there won’t be any collectors or creditors on your back.

5. Who can you lean on?

Be an expert on your business, but you are not expected to have an expertise in everything. If you are not a book keeper, accountant or web designer do not be afraid to hire one. If you need to write up a patent or contract and you are not a lawyer, then find one. There is no need to waste time and money trying to become a jack of all trades.

Your business is your brain child and of course you want everything to be perfect and to be involved in every aspect of it. But, there will come moments when you have to step outside of your comfort zone and allow others in. It doesn’t have to be a terrifying process, join a business center. Not only will you have an office space to conduct your business but there will be an administrative staff to assist with all your needs and plenty of other entrepreneurs to learn from.

Written by AdvantEdge Staff

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