Starting a Business
Where Do I Start ?
First things first: Identify a need or a “gap” in the marketplace. Don’t limit yourself by your current surroundings think BIG – even global! Try to think of something that has changed in the market and think of ways you can benefit from these changes. Every change produces an opportunity; for example, increasingly demanding schedules may leave little time for people to grow personal gardens which could produce the need for a new garden market. Or, an influx in the amount of manufacturing in the area may trigger a need for an increased number of lodging facilities.
You also need to ask yourself: “What am I good at? What do I LOVE doing?” The best way to choose your new business opportunity is to look at your
experience and educational background. Do what you know best. Furthermore, you really need to enjoy the business field you enter in order to have the desire and confidence to push through the hard times. Once you have identified your opportunity, it’s now time to define your business. Here are two questions you need to ask yourself:
What exactly am I selling?
Your likely response is “I am selling shoes to anybody who wants to buy them.” Unfortunately for you, this is the wrong answer. If a construction union rep. walked into your store and demanded 11,000 pairs of the same shoe by Friday would you be able to supply them? Unlikely. Defining the scale of your business helps you to identify who your potential customers will be; who is able and likely to buy your product.
Who is going to buy my product?