The Best Business You Need to Have Now

You have a good idea and now think about starting a business. Okay! But where to start? This is the question every entrepreneur faces before founding his first business. But do not worry, we propose here a step-by-step plan to start on a solid foundation.

Validate your perceptions

We do not fare alone. If you have a good idea of ​​a product or service, first meet your potential customers to validate if your idea meets their needs and if they intend to pay for your solution. With the small business management this is the perfect bit.

  • Approach them with open questions to get as much information from them as possible. One by one, perhaps you will identify in this way the person or persons who will first test what you have to offer.
  • The company sells soft drinks with maple. Before launching their products, they conducted tastings. They then adjusted their revenue based on participant feedback.

The mistake to make in this case is to approach only those around you. As loved ones tend to encourage rather than tell the real substance of their thoughts, their comments may be a bad guide.

Identify how you will stand out

We rarely arrive in a market that is not already occupied by competitors. So be sure to identify what will make you stand out. Will it be the price? The quality of the product? The possibility of offering tailor-made? It’s up to you.

And that’s not true just for the products. We can also stand out when offering a service, be it through customer experience, speed of response and quality of service, for example.

It is therefore important to know your competitors well and to identify how to avoid becoming a “me too”, that is to say a company that offers exactly what another offers, without distinguishing itself.

Evaluate the cost of the project

Entrepreneurs tend to underestimate the costs associated with a business. For example, they will underestimate the size of their working capital, or the cost associated with leasehold improvements. Some also overestimate their debt capacity.To avoid miscalculation, it will be necessary to knock on doors! Turn to suppliers, businesses and traders who know your environment. For example, a baker will meet flour suppliers to evaluate the costs of raw materials. A real estate broker might well inform you of the costs associated with leasehold improvements.

Your competitors, or the people who do business with them might even want to help you. We must dare to ask them.

A contractor should not stay behind his screen to learn about his market. He must be in the field and talk to people.

Estimate realistic sales figures

First sales may be slow in coming. On the one hand, you will need to make known your potential customers, but also to break every step of the production and delivery of your offer.

Take a conservative approach when it comes time to make sales forecasts, and rely on your market research to get there.

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