Don’t skip lessons! Check out “How To Write A Business Plan: Part 1“
This is the part EVERYONE hates! But hey, if you don’t do it, it’s gonna be a long road ahead of you. The next step is:
You need to find out EVERYTHING there is to know about the business you plan on venturing into.
- How many other businesses are like yours?
- Why is there a NEED for your business?
- Who are your customers…Where do they eat, sleep, travel to? How old are they, what tv shows are they watching, what other products are they buying?
- What are your competitors doing right? Where are they failing?
- How can you improve/innovate in the areas they are weak?
- What is the size of your market?
- Does your market have the potential to grow? How big and at what rate?
You have to be able to answer all of these questions. But, don’t be overwhelmed. At this stage you will start reaching out to people to gather this information. The library will only take you so far. You will have to start acquiring mentors. These mentors will be in various industries, depending on the questions you have. You can start by visiting the SBA, SCORE, and the SBDC at your local university. Trust me, people are there WAITING to answer your questions. Please take the time to seek them out and actually complete this step. Its beneficial to your business, and it also will give you a strong sense of confidence when you move forward.