Way back in college and preparing for my practicum for Entrepreneurial Management; my adviser asked what kind of business I will make or venture into after graduation. I just smile at him and said maybe my chocolate business – that is my dream business even though I was a little.
I’m a chocolate lover and a fan of making desserts so when it comes to starting a business; we need to consider some things before we enter the process. For me, having or running your own business will have a more flexible schedule and allow you to make your passion into a profession.
I listed 5 Things here to consider before starting a business.
1. CONSIDER WHAT NEED YOUR BUSINESS FILLS.
Check what is missing so that your business fills in. Either it is a problem that needs to be resolved or a process that your product can speed up.
2. IDENTITY AND BEING UNIQUE
I started my small chocolate business becAuse it is my passion and I want people also to try my homemade chocolates and other desserts. Like this, being unique is good considering what your business can do that no other business does. Be unique and check what sets you apart from them.
3. WHO IS YOUR MARKET? DO YOU HAVE A SPECIFIC AUDIENCE?
Think about what geographic range you can cover for your business and what kind of people might have the need that your business answers. Whether it is for Millenials or Generation X, check and consider your broad market.
After you’ve discovered and checked your market; narrow down your focus by checking your customers’ age, hobbies, location, income level, political, religious convictions, and more.
4. WHAT WILL BE YOUR STARTUP COSTS?
Being into this kind of business needs about your startup costs. How much to pay for the rent of the business or place to open a physical location; or consider the vehicle for shipping your products or maintenance cost.
5. EMPLOYEES AND MARKETING
You can’t start your business with your employees that are for sure unless you will be the one to make your marketing and advertise your business. If this will be like online selling it will be possible but if it is business, for sure you need to have your employees and subordinates.
And of course, before you enter the business – have some financial planning so you can estimate your liabilities and cost.