I HAVE a business idea and have talked to some friends and family who share my views that it will be successful. What steps do I need to take to set the business up?
I AM going to answer a question you haven’t asked. ‘What are the chances of this being viable?’
The general advice when starting a business is that there are two definite groups of people you should not take advice from ... family and friends. While these groups have given you some great backup and advice there is a real risk, in their efforts to be supportive, that they don’t critique the business as they might if it was someone else’s and give you lots of positive feedback as a way of being encouraging.
Of course, there is every chance that the business could be successful but you owe it to yourself and to the business to conduct a robust feasibility study.
When starting any business you need to be sure that there is a ‘gap’ in the market. In most categories, there is very little room for a product or service which has already been covered by others and you will find it very hard to make enough sales in this space.
You are better off to identify categories where you are likely to have least resistance. Spend some time doing some online research and then test your idea on people not known to you. They will give you the most robust feedback as they have no vested interest.
Well done on having the initiative to start the business and just step back and conduct a little bit more robust research and to validate that everything that you are doing is as good as it should be and you are positioning your product or service correctly. There is no point in finding this out after you launch. Good luck.
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