Before you start your business you should look for the answers for the below questions
- Is there a requirement for your product in the market?
This this the first and foremost question that should be answered before you get down to any other step. There are business which have been started and then understands that their product/services are not required in the market or there are other cheap alternatives. Think from the customer point of view and try to answer this question genuinely.
- How my product is going to be different from other products/services in the industry?
Once you conform that your product or service has a requirement in the industry now its time to find its uniqueness that is going to make you stand out in the crowd. You can use a famous tool that most people use to conclude this and to know more about their competitors, it is the SWOT analysis tool.
- Strength of your business
- Weakness of your business
- Opportunities that you have in your market
- Threats you have in the market
To know more about how to use this tool Google it. There are lot of videos and articles to guide you.
- What would be the investment?
After gathering the above details now it is a time to think about the investment. What are the cost involved in creating the business and the time line when it will reach the break even point and the time line when it will start earning the profits?
- What type of company you are going to incorporate?
There are 5 options available for any one to start a business they are
- Private Limited Company.
- Public Limited Company.
- Limited Liability Partnership (LLP)
- Sole Proprietorship.
Based on your requirement it is best that you select the right company type as each of the m has them has their pros and cons.