5 Things To Consider Before Starting a Business

“Rome was not built in a day, but Hiroshima and Nagasaki were destroyed in one day”

These words perfectly apply in building businesses. Before a business is created, thorough research must be made, and absolute care must be taken. In making this research, five important subject matters must be considered. They include:

1. Build an Innovative and Solution-Driven Business: Many businesses have failed because they do not provide an innovative solution to the problems that customers face today. As such, in creating an idea for a business, the solution(s) it creates must first be considered before any capital is invested.

2. Learn About the Market: Before you start a business, you must also understand the market you are entering, and the customers that you seek to serve with your solution. You need to know the trends, what customers value, and whether your business is a good fit for the market.

3. Create a Customer Niche: For many business owners that fail to make a profit, a reason could be because they failed to target the right customers for their products or services. You must first carve out a specific niche before growing to a wider audience. This niche could be Makeup Artists in Ikeja, Lagos, or Fashion designers in Gezira, Cairo.

4. Write a Solid Business Plan: A business plan shows how a prospective business will achieve its objectives and helps business owners analyze what needs to be done to ensure success, even before they start the business.

5. Build your Business for the Long-Term: Profit does not happen in business in one day, or sometimes even one year. Every successful business owner must be able to forecast the future and take calculated risks. They must also be determined, disciplined and consistent with their businesses.

Additional Resources:

1. Innovation in Small Businesses – Link

2. Understanding What Customers Value - Link

3. How to do Market Research for Small Businesses – Link

4. Simple Business Plan for Small Businesses - Link

5. Creating a Strategy for Long-Term Growth – Link

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