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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.

 


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About Author

Amaka Oguike
Amaka Oguike
Digital Marketing Analyst @ PrognoStore
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