Start Your Own Business Know Your Business

You need to clearly define the business you intend to set up. This will enable you to remain focused on your core business. A clear definition of your core business is necessary to identify your market, your customers, your competitors etc.

Experience and research shows that you need to have knowledge and expertise in the area of business you are entering. It is unlikely you would consider a software development business if you have limited computer knowledge.

To assist your thought process define your business idea by preparing detailed answers to the following questions:

  • What exact product or service do you intend supplying?
  • How will you supply product?
  • Will you supply it yourself or through partners, employees or distributors?
  • Will you manufacture, assemble, distribute or provide a service?
  • Should you consider a franchise?
  • Should you purchase an existing business or start a new one?

Reflect on your answers and use them to create a precise definition of your new business idea.