Today as you all would have known from the title, i am going to tell you about the questions you have to ask about the business you are gonna start. And these are some of the QUESTIONS you have to ask :
1. BUSINESS PLAN: What is the plan for your BUSINESS which you are gonna start? How are you gonna explain it to others? Hmm, I will start with this...
The PLAN should be simple and should end in just 30 secs.. And it should be more effective so that you can impress the person whom you are telling it to.. You should not drag it to more than 2 mins or your business plan is a flop...
TIPS: The business plan should be very simple. To make it simple, you just have to do these simple steps...
1. You prepare your business plan very briefly first (it maybe in PC , A notepad, Blackboard etc... ) and then Delete the unwanted sentences you are using in your plan...
2. And then say your plan to your coach or parents or any others who you trust the most. And ask two things
i) If they understood your business plan?
ii) If they got bored listening that or not?
3. If they understood the plan then its good otherwise you have to simplify your business plan further more..
4. If they din't get bored then its good otherwise you have to present it as more understandable or you can add more examples or you can add more illustrations... Illustrations makes them understand better.
2. UNIQUENESS : What is unique in your business? What is different in your product other than those products which your competitors are selling?
You have to make your product somewhat different than your competitor's products, otherwise it will not last that longer... If you don't have any uniqueness in your product, you have to make it unique.. for e.g., You are selling a T-shirt then you can make difference in designs, or you can make difference in stitches, material etc, which you are gonna use in your product..so that you can make it unique..
It helps customers to reach your product very efficiently and easily.
3. MARKET VALUE : Research the value of your product in the market first... Then work on your product and check the amount of profit ... You fix a profit on your product and also analyze it according to the market value of the product's value and your competitor's product value too...
For e.g., You are going to sell a bread pack for suppose $ 3.00 and making a profit of 50 cents per bread pack, and your competitor sells it for $ 2.90 and he is making a profit of 40 cents then, you have to re-plan according to your idea, if you are gonna lessen the quantity and the price or you are going to increase the quantity for the same price or likewise, whichever suits you .. So that you stay in the competition.
4. MONEY : Its the most important aspect of all in questions that i am gonna ask... How are you going to make money?
Here comes a concept called "VALUE CHAIN". A value chain is the chain of processes in your business process which increases the value of the product while each and every process is finished...
So you need to know the processes from making to selling it to the customers, And you have list them out and then put up the approximate cost for each of the processes and then total them up and calculate the value of your product in the market and with that you can estimate your profit too...
5. FORESEE YOUR BUSINESS: Think about your business after 5 years or 10 years or 15 or 20 years...
You have to set goals for each 5 years (long term) , and then for each year (Medium term) and then for each month (short term) so that you get an idea to where you will be after some time or in a few years... So that you don't loose your path to success..
These are the main questions you need to know before or in a couple of months after starting your business... It will lead you to SUCCESS and you as a SUCCESSFUL ENTREPRENEUR.
Regards,
Dhandeshwaran K S