Are You Planning On Creating Your Own Business?

Today, people are frustrated with their job and are trying to figure out ways to work from home , get out of debt or supplement their retirement.  They are doing this all online.  Are you one of them? With today's economy, people are working longer, retirement income has been affected and who knows the state of social security will be in the future. Not sure your reasoning behind starting a home based business, but there are things you should consider before starting one. 1. What problem are you solving, and how will you solve it? Do not make this difficult.  Whether it is a product or service, simply think of a problem and write out the solutions to that problem that your business could offer to people. 2. Who are your competitiors? Are other people solving the same problem that your are?  Don't panic if they are.  If there is, go check them out and see how they are solving people's problems.  Do some research.  If you could change something about their business model with your product or service, you may be able to capture a larger audience. 3. How is your solution better or different from your competitors? You must determine how your business model is different from your competitors.  What can you offer people that they are not?  You need to bring something new to the table than what is already out there. 4. Is there a want or need for your product or service? Many people fail as they do not do their research.  I know it is boring but you need to find out if there is a genuine need for your product or service in the marketplace. 5. How big is the potential market? You don't need a huge market for your business as many businesses do well in a small niche but there has to be a desire for your product or service.  Find out how many people are already using your product or service.  You need to determine how much of this market can you capture from your marketing skills and finances. 6. How much is it going to cost to start your business? Depending on your business type is going to depend on your costs.  Are you inventing a product that will need capital to get if off the ground or are you building an online product or service that would not have a lot of overhead involved.  If you are creating a product where you are going to have to build a prototype for is going to cost you some money as well as getting it manufactured.  There is so much to consider when starting your own business. 7. How much time do you have to spend on your business? If you are working fulltime, chances are you are only working on your business on nights and weekends.  It will take you longer to do it this way but many people, including myself, built a business by only working nights and weekends.  Some people are still doing this. 8. What are your goals? Are you planning on making millions of dollars or just make enough to supplement your income or retirement?  Are you planning on building a business to sell someday or create a business for a lifetime?  With any business, you need to set goals for your business and come up with a plan on how your are going to achieve them. There are many things to consider when building your own business.  Make sure you do your research, raise capital if needed, and you will be up and running before you know it.  Goodluck! If this article was helpful, please leave a comment and share. To Your Success, Anita Levesque http://facebook.com/anitawaltonlevesque 207-619-0307

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