It’s exciting times starting a business, coming up with the concept of what your business is all about, then you may hit brick wall in trying to work out - where to from here. A goggle search on “starting a small business” will get you 915 million hits in .88 of a second, gosh what a wealth of information, but it is so overwhelming. We live in a world of information overload and are constantly bombarded with “stuff” on do it this it way, do it that way, buy this, read that etc.
So, to provide some clarity I have put together a list of the top questions I will walk/ talk through with clients that are starting their new business venture, before we even get to the nitty gritty of business structure set ups, tax and all the other exciting advice!
1. What is your business idea? Let’s get really clear on exactly what your business will do. What are you selling, services, products, a combination of both?
2. Are you passionate and excited about your idea? Running a business, you are passionate about will put fire in your belly and knowing why you want to go into business will set you apart from your competition. Simon Sinek has a great TED talk – on “People don’t buy what you do people buy why you do it”.
3. Have you tested your market? Pre-selling and validating your ideas with friends and colleagues will give you a good gauge as to the demand for your business. A friend willing to part with cold hard cash for something you have to offer can be a validator of your business idea. When I first started my accounting business, my first clients were family and friends, then they refer and then it is a snowball effect.
4. Who is your ideal customer? client? Who are you selling to – what problem are of theirs will you be solving? What needs of your customer does your product or service satisfy? Then, who is the ideal customer for what you are selling? If you can explain to someone how you can solve a pain point for them, they are much more likely to buy from you. Your ability to clearly define and determine the best customer for what you are selling, will save you wasting a lot of time and money than with a scatter gun approach and set you up for business success.
5. What will set you apart from your competition? How will you stand out from the crowd? This is a whole other topic in itself, but things like outstanding service (everyone says they deliver it – but do you walk the talk), fixing customer pain points, being passionate about what you do, be a little different, focus on a narrow niche, offer a money back guarantee – these are just a few things you can do to make your business different to the one down the road, and potential customers more likely to buy from you.
- The Wealth Genie
Michele Purvis is an advisor with over 30 years experience working in the accounting and financial services industry helping clients to define and create their wealth.