Looking to start a business? Make sure to take these precautions before jumping right into it. Below you'll be able to locate a brief outlook on whether you'd make a good business owner or not.


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Checklist for starting a business

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Looking to start a business? Make sure to take these precautions before jumping right into it. Below you'll be able to locate a brief outlook on whether you'd make a good business owner or not.

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4. FINDING A NICHE — Is Your Idea Feasible?

  1. Identify and briefly describe the business you plan to start.
  2. Identify the product or service you plan to sell.
  3. Does your product or service satisfy an unfilled need?
  4. Will your product or service serve an existing market in which demand exceeds supply?
  5. Will your product or service be competitive based on its quality, selection, price or location?

5. MARKET ANALYSIS

  1. Do you know who your customers will be?
  2. Do you understand their needs and desires?
  3. Do you know where they live?
  4. Will you be offering the kind of products or services that they will buy?
  5. Will your prices be competitive in quality and value?
  6. Will your promotional program be effective?
  7. Do you understand how your business compares with your competitors?
  8. Will your business be conveniently located for the people you plan to serve?





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