1. Have I done the best possible survey of the current market conditions?
Before taking any concrete action in starting your business, you should conduct a survey of the market conditions involving your products.
Check the amount of investment needed, the location best suited for your business, sales and marketing strategy required, and also the competition presently in the market.
2. Have I arranged for long term financing?
Your initial investment will probably not be enough to ensure that your business functions smoothly. Regular investments will be required, even after your business begins.
Most small businesses fail within the first 5 years of starting not due to lack of customers, but because they don’t have a solid financial plan. Planning from the very beginning will prevent financial disaster from ruining your chances of survival.
3. Do I have a business plan and are those plans in writing?
You should plan each move concerning your new small business carefully. Your business plan should be in writing – and may change over time.
Any changes must be made smoothly, and only after careful consideration of how doing so might impact your business.
4. Is my retail location ideally suited to my type of business?
It is very important that the location of your business is suited to the types of products you sell or services you offer.
If you are planning to sell consumer goods, then you should have your store located in an appropriate retail location with ample lighting, parking, and security.
A location suitable for one type of industry might not be suitable for another, so match your location with your products and services.
5. Have I devised an aggressive marketing plan?
You will need to have an aggressive marketing plan in order to survive in an increasingly competitive business environment. You should set aside a budget specifically for this. Doing so will allow you to reach your target audience, so that people are aware of your business’s presence.
Unprepared business owners often find themselves stuck with products they can’t sell simply because of poor marketing.
