Are you considering starting your own business? Being a business owner can be an extremely rewarding industry, but it’s not for everyone. Although statistically more new ventures and business ideas fail, there’s still a percentage that succeeds.
Before you set out on your entrepreneurial journey, we’re giving you 4 questions to asking yourself before you start a business, presented by Intuit.
4 Questions to Ask Yourself Before You Start a Business
Question #1: What problem am I looking to solve with my business?
Before you set out to start any business, take some to identify a problem in the market you are trying to solve with your business and ensure your business does just that. If there are gaps within your said industry that aren’t being served accurately by anyone else, take that as an opportunity to insert yourself so your business can solve that problem.
Question #2: Who is my target audience?
Your target audience plays a major role in the success of your business. Knowing what your target audience looks for and providing that for them is key. Not only does narrowing down your target audience help to set your business marketing and development strategies, but it also can lead to larger returns on investment for your business’s overall growth.
Question #3: Is my business idea scalable?
For any business to be successful and actually stand the test of time, it must be scalable and capable of handling an increase in growth. If you’re a business owner and you can’t see growth for your business’s future, then you must implement changes within your business model to make your business scalable.
Question #4: What makes my business different from my competitors?
Imagine: there’s a business currently with the exact business model as you. As a business owner, what are you doing to ensure you’re better than your competition and provide even more to your customer. Although you may be in a competitive industry, your product or services have to provide such a unique experience and value to your consumers that they’ll have no choice but to use your product over any competitors.
