You only have a concept thus far, so it’s worth starting with that. Answer a few basicsto determine whether establishing a business is worthwhile.
What services do you provide to clients?
Try to be objective in determining whether your product or service is required by clients and how it differs from comparable products and services. Look at what your rivals are selling and analyse what they are doing well and what they are not doing well in order to discover your market niche.
To whom would you market your product?
Determine your target audience, or people who may be interested in your goods. Find out what their express or hidden need is that he can aid them with. You must introduce your prospective buyer’s gender, age, marital status, and social standing. Ideally, you should also comprehend the client’s issues and aspirations, as well as the characteristics of his behaviour and character, and envisage circumstances in which he could require your service or product. This will aid you at every stage, from the selection of a location through advertising and marketing.
Where are you going to market your product?
Perhaps your target audience is used to buying everything on the Internet, or perhaps your product needs to be handled or tried on – in which case you’ll need a shop. Should it be in the city centre or in a residential neighbourhood? Consider whether you still require a warehouse or an office. Consider delivery if you want to sell your goods only online. Pool delivery and jewellery delivery are two distinct services.
How much does it cost?
Consider the pricing at which you will sell the goods. Estimate the anticipated cost of products and determine the price at which your goods will be available for purchase. Keep in mind that you must pay all expenditures while also making a profit.At the same time, it is critical not to overcharge for your goods or services; otherwise, there will be no demand and you will burn out. Concentrate on the market.
If you conclude that the company concept is good and profitable, put it to the test with your target audience. Your concept may change somewhat after the initial tests.
This first research should result in a business strategy that will assist you in turning a concept into a tangible action plan.
Think about recruiting investment.
You can now consider ways to attract funds to your company. This can be accomplished in a variety of ways:
Seek government assistance. If your company is vital to the people of your region or perhaps the entire country, the government can assist you with guarantees, low-interest loans or loans, preferential leasing and rent.
Crowd funding can be used to raise funds.
If you are confident that your project will be of interest and benefit to a big number of individuals, you may try to reach out to them directly via specific Internet sites. The format of your crowd financing campaign will be determined by the nature of your business.
Getting an Investor
Private investors will occasionally invest in companies, most commonly in technology startups. There are also dedicated websites for locating venture capitalists.