So you have decided to start that business and are anxious to get moving. Now is the time for your initial analysis of your proposed business. We will assume that you have decided on an entity type and have done all the steps required to get you in good standing with the state and IRS. There are now lots or questions and few answers.
Have you drafted a business plan? Do you have a rough draft of an outline of a business plan? Have you evaluated your service or product? Is there a market for what you want to do or sell? Are you creating a “Blue Ocean” niche that will take the world by storm? Have you developed a patentable product or service? How will your product or service benefit your clients and customers? Will it be a unique experience that can be easily replicated?
Who are your competitors direct and indirect? How does your product or service differ from theirs? How are you pricing your product or service? Is there enough value for the price?
Do you need a location? If so where should it be? Do you need foot traffic? Will you be the destination anchor?
As stated there are many questions and these are just some generic questions that we grill our clients with when they come to us to start their businesses. We work with them to get any and all questions answered. Some benefit from this experience, other learn the magnitude of what they are trying t do and bail. Better to do so early then put time and money into something not worthwhile.