Even before you do anything else as you start to plan your business, you have to establish one very important thing: what are you going to sell?
Businesses exist for one main thing. No matter how you look at it, businesses are set up to make money and in order to make money, you have to have something to sell. Sell is a very generic term and it can mean that you will be actually selling a product or providing a service. So as you embark on your journey to become a business man, you should know clearly and exactly what that product or service is.
For some people, this matter is not difficult at all. This happens when a person has the necessary knowledge or expertise in a certain field. In the natural progression of events, this person would want to start a business in his field of expertise.
For others, they start a business because they spot a gap in the market â€“ they recognize a need and they want to fill that need. The area may not be their field of expertise but that only means that they have a lot to learn.
So this is where you start â€“ what will your business be about? If you are thinking of starting up a small business, it is not enough that you want to start one. It has to be clear as to why you are starting one and what your main product or service will be. Once you have established this, you can then move on to other steps.
Originally posted on September 27, 2008 @ 7:30 pm