P
Patricks
Guest
You have to consider the demand for the product or service that your business will offer
Competition has to do with how many other businesses are offering the same or similar product or service in the same market.Cost and profitability because you can you generate enough revenue to cover your expenses and make a profit.
Are there any legal or regulatory requirements that you need to meet in order to operate your business
Where will your business be located, and is it accessible to your target market
Your skills and interests necessary to successfully run this type of business?
Do you have the financial resources and other resources necessary to start and run your business and the potential for your business to grow and scale in the future
You have to know the risks associated with starting and running this type of business, and are you comfortable with them.
Branding and marketing is also important,as how you wl differentiate your business from competitors and effectively reach your target audience
Consider who will be on your team, and do they have the necessary skills and experience to help your business succeed?
The ethical and social implications of your business, and how will you ensure that you are operating responsibly.
How will you provide excellent customer service and build a loyal customer base.
What technology will you need to operate your business, and do you have the necessary expertise to use it effectively
Exit strategy is your long-term plan for the business, and how will you eventually exit (e.g. selling the business, passing it on to a successor, etc.)
Competition has to do with how many other businesses are offering the same or similar product or service in the same market.Cost and profitability because you can you generate enough revenue to cover your expenses and make a profit.
Are there any legal or regulatory requirements that you need to meet in order to operate your business
Where will your business be located, and is it accessible to your target market
Your skills and interests necessary to successfully run this type of business?
Do you have the financial resources and other resources necessary to start and run your business and the potential for your business to grow and scale in the future
You have to know the risks associated with starting and running this type of business, and are you comfortable with them.
Branding and marketing is also important,as how you wl differentiate your business from competitors and effectively reach your target audience
Consider who will be on your team, and do they have the necessary skills and experience to help your business succeed?
The ethical and social implications of your business, and how will you ensure that you are operating responsibly.
How will you provide excellent customer service and build a loyal customer base.
What technology will you need to operate your business, and do you have the necessary expertise to use it effectively
Exit strategy is your long-term plan for the business, and how will you eventually exit (e.g. selling the business, passing it on to a successor, etc.)
