What is the perfect business for you? Is it a home business, or will you operate it outside your home? No matter where you decide to run your business, the first thing you need to do is do a self-assessment.
In performing your self-assessment, you list your skills. You outline your interests. You describe your family's preferred lifestyle. You come up with a business idea.
Next, consider such questions as: Are there customers for my product or service? How do I know? How will I find them? Who are my competitors? What will I charge? How will I promote my product or service?
Finding the answers to these questions is the challenging and sometimes tedious homework that will help you determine your chances for success, and whether you should look for another more marketable idea.
In planning your business, look for a unique niche that will give you freedom from strong competition, or that which makes your product or service more valuable than others in the market.
For instance, if you decide to open a daycare center, and if you find none in your area is open before school, early opening might make your service more competitive. If you discover that local caterers have overlooked the office party market, you might highlight that in your brochure.
The more you can learn about your competition, the better you'll be able to decide how to position yourself in the market. The Internet, newspaper ads, and trade magazines are other good sources of market information.
Check also with the Chamber of Commerce, your county office of economic development, the Census Bureau, and business and professional organizations to gather market and pricing data about your market.
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