Having a great business idea is exciting and motivating. But you’ll need to translate that idea into a business concept if you want to move forward with your business start up. That is, you need to describe how your service or products will meet new or existing needs, and offer a more competitive edge than existing companies in your field. Take some time to think through these questions and write down your answers.
Answering the following questions will help you clarify your business concept:
1. Is your business a trail, service, manufacturing, distribution, or internet business?
2. What industry does it belong to?
3. What products or services will you sell?
4. What improved features/services or added value will you provide? What makes your business unique or special?
5. Who do you see as your potential customer?
6. What is your overall marketing and sales strategy?
7. Which companies (or types of companies) do you think of as your competitor?
8. What do you think will make customers buy from you instead of your competitors?
Questions are from the Six Week Start-Up, A step-by-step program for starting your business, making money, and achieving your goals!