Share:

Finding out that particular thing you love doing and turning it into a business can be quite overwhelming and somewhat challenging. Sometimes after you’ve found what you are passionate about, it’s still not a good business model and will fail.

 

3 Things To Look Out For When Starting A New Business

 

 

Finding out that particular thing you love doing and turning it into a business can be quite overwhelming and somewhat challenging. Sometimes after you’ve found what you are passionate about, it’s still not a good business model and will fail. Luckily for you this post will give you 3 simple tools which can help you get started on setting up your successful business!

There are 3 major things to look out for when starting out a new business which affects a lot of other factors. These 3 important factors are not physical objects. They are solved with series of brainstorming sessions and research. Once you can determine these 3 factors, then be sure to be on the right path to success in your business.

Remember hard work and persistence is important in succeeding as a business man or woman.

 

 1. Problem: This is the first but births every business you can think of in the world. You need to locate the problems you want to solve with your business or product. Human wants/needs are unlimited but resources to meet these needs are limited. This is the one of fundamental problem (scarcity) that has plagued humanity since the beginning of time. At this stage there are several questions you will have to answer.

 

  1. What are the human fundamental needs?
  2. What are the human resources I have?
  3. What are the natural resources I have?
  4. What human needs do I want to meet?
  5. Will I be rendering a service providing a service or both?

Answering the questions above successfully means you are 30% ready to start up your business!

 

  1. Audience (Demography): Determining your audience is key to creating a        business that will thrive. Who are your target audience? I mean the prospective customers of your goods and services. You need to determine the demography of your consumers. For instance; Are they young and trendy girls?, classy and elegant women?, or Are they young and dapper guys? or just fathers and mothers?, whatever the case may be, ensure you have the key element to capturing their hearts and personalities. This way you can appeal to every aspect of your customer or client which in turn would help your business grow immensely.
  2. Solution: For every problem, there should be a solution.  So when starting out a business after identifying the problems you wish to tackle,  the key question to ask yourself is; “How do I wish to solve this problem?” How you intend to solve a problem or cater for a particular need from your customers is very important and it determines how well and far your business would go.

Once all these 3 major factors are considered and looked into then you are good to go. You can now start your business with no fear or failure!

If you have an comments or questions feel free to drop them below in the comments section.

 


P.S: As a reader of PrognoStore Blog, we have decided to offer you a free trial of PrognoStore. Prognostore is the best point of sale software for your retail business. Join the league of our many users by signing up on www.prognostore.com/signup to enjoy  2 weeks free trial period! It’s all you need to run your small business.  

 

About Author

Amaka Oguike
Amaka Oguike
Digital Marketing Analyst @ PrognoStore
Share:
1 Comments
Add Comment
LUCY
28 days ago
A GREAT SPELL CASTER (DR.TAKUTA) THAT HELP ME GET MY EX HUSBAND BACK, AM SO HAPPY My name is LUCY SETHI from USA .I am here to give testimony on how I got my husband back. My husband left me for no reason 3 years ago. He moved in with another woman, I felt like killing myself, my life became very bitter and sorrowful. Then 1 day, a friend of mine told me about a great spell caster that is very good and, he said he gave him some lucky numbers that he played in a lottery and he won. I didn't believe it because I've worked with so many of them and it didn't work. He begged me further so I decided to try this great spell caster called DR TAKUTA. I still didn't believe. I used the spell he gave me and the next day I received a call from my darling husband Thomas last month. He apologized and came back to me. He even gave me 10,000USD as a means of compensating me. I'm very happy now. please i will advise you to contact him now and see for your self his Email is via____ takutaspellalter@gmail.com or whatsapp him through the following contact on +27788634102 Dr.TAKUTA also cures: 1. HEPATITIS A,B,C 2. HERPES 1/2 3.DIABETES 4.STROKE. 5.AIDS HERBAL CURE, STDS and STI 6. MARRIAGE COUNSELLING 7.LOVE SPELL CASTING 8.JOB PROMOTION SPELLS 9.MARITAL PROBLEM 10.MAGIC MONEY SPELLS