Will Your Business Succeed?
copyright KAS Placement 2010
How to Tell if Your New Business Initiative Will Succeed
Starting a new business? Worried about whether or not you will succeed? Ask yourself these questions…
1. How Original is Your Idea?
Business ideas must be somewhat original. With the spawn of the internet, you are almost never going to be a solo player within your field. However, you want to try do something unique that is going to distinguish you from your competition.
2. How good are your Sales Skills?
In almost every business, you need to learn sales skills. Let’s say that you have been able to market your business where clients come to you. Within the first minute of conversation, you need to present certain buzz-words and energy that allows for your audience to become interested. Don’t just be another vendor – have something unique to say to your potential client which will separate you from other businesses.
3. How much Capital Do you Have?
At minimum, your business should have fifteen thousand dollars in capital. In certain instances, a mere $5,000 will be sufficient. This will allow you to advertise to a certain extent, put up a website, pay vendors which you must use and, additionally have living expenses for three or more months during hard economic times.
4. How Reliable are Your Investors?
If you get investors for your new business, you must be cognizant of a few things. First, it is best that they are American. If, for some reason, your investors are not living up to their word or contractual agreement, you are going to be hard pressed to go to Asia in hopes of winning in court via an American contract.
Also, you need seasoned investors. Seasoned investors bring a lot of good ideas to the table and, most times, do not get finicky regarding pulling out their money when times are slow.
5. How are Your Marketing Skills?
Just like sales, you are going to have to learn marketing techniques from scratch. First and foremost, you must learn different marketing and advertising techniques from the web. When starting a sole business, Google is nearly the only friend you will have; learn how to make the search engine like your business.
6. How Much Research Did you Do?
The absolute worst thing a business owner can do is to dive into an industry without doing the necessary research. You must know who your competitors are going to be as well as their strengths and weaknesses. You must have a realistic budget which, from extensive online research, is a fit for success. Finally, you should have done enough research to roughly gauge what your first year’s profits are going to be.
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