Untitled Document
| Business Resources |
|
|
| |
Starting a Business
Starting a business is a huge challenge. A new idea, innovation or the
desire to fill a gap in the market can all be the beginning of a successful
new business
Many people choose to set up a business in an area related to their current
job, while others have an interest or a hobby that can turn into a profitable
business.
Whatever your idea is, you need to be sure that it is appropriate to you
as an individual, as well as being a good business idea.
Women in Business have some questions that you could ask yourself
What is unique about your business?
How will you pay for your business?
How much money will you need to set up your business?
Can you sell your product or service to the market?
How much money can your business make?
How many people need you service or product?
Who offers this service or product already?
What can you as an individual bring to the business in terms of relevant
experience and expertise?
Who will your biggest competitor be?
What is the worst case scenario?
Business models
Some businesswomen choose to buy an existing business which can carry
fewer risks than going it alone. This has a number of advantages such
as:
Innovative ideas may refresh the existing marketplace.
Recruiting experienced staff should not be a challenge.
Some of the challenges and problems may have been discovered and solved
by your competitors.
It can be easier to achieve financial support. The product or service
may already be in the market place and therefore a need does not have
to be demonstrated. Buying existing businesses can also carry some
disadvantages such as: The business may be up for sale as it has
failed to perform financially.
The business may have a fundamental floor or problem that has proved insurmountable
to its current owner. The service or product that the business runs may
not be in demand.
A specific business opportunity
Some people plan for a specific business opportunity for years. this can
be a good approach as you will have a clear understanding of how you want
you business to look and what challenges you may face.
However, you still need a great deal of commitment as well as the resources
to make your business a success. Some advantages of a specific business
opportunity are: The hard work of planning and product marketing
should have already taken place.
The business may already have existing customers who will form he base
of a future market expansion.
You will probably have experience of the relevant market and will be able
to bring your knowledge to the business. However, you may be taking
on a static or inflexible business structure that requires serious overall
or change. |
|
