Questions for Business Success

Tired of working for someone else, ready to be your own
boss? Do you have a great idea but don't know where to
start? First thing you need to do is research and understand
the market and how your business will fit into it. Below are
some questions to ask yourself about your business. A
question you will have to answer in your sleep is, "so what is
it about your product and / or service that addresses the
customer's needs and is better than the competition?" Here
are some questions to help you analyze your business and
your market.

Questions to Ask Yourself

What is my core business? What is it that the customer pays me for?
Who is the customer and why will he/she buy my product or service?
How am I going to reach customers, what is my marketing plan?
How will I make, find or obtain my product. Who is my supplier going to
be?
Who is my competition? Who runs those companies?
Why do customers buy from my competitors?
Know your industry, is the market growing or shrinking?
What experience do I have in this industry, how can I obtain more?
How much money will I need? Where can I get it?

Things to Consider

When figuring out your cash flow and other financial statements keep the
numbers conservative
Do not Overestimating your future sales
Do not Underestimate expenses and cash flow requirements, make sure
you have enough
Do extensive market research, knowing your market will help you with
your marketing plan
Know your break-even point and have a realistic timeline to reach it
Never Make commitments to suppliers and not keep them
Understand Patents and trademarks, find a lawyer to help you

Keys to Survival

Define your short and long-term personal and business goals and have a
plan to achieve them
Take your time, do your research, test your market, there is lots of
research information out there
Understand your personal strengths and weaknesses, find and hire help
or consultants to compensate
Develop a well-thought out, concise business plan Identify potential
sources of capital and take full advantage of them

Take a moment to analyze your answers, where are you
weak, where are you strong? Hire professionals in areas you
are weak, or find a business partner who's strengths
compensate for your weaknesses. Have a contingency
plans for weak areas and potential set backs, a plan could
be the difference betweek making past the 2 year mark and
closing up shop.

The first two years are the hardest you will ever have in your
business career, it will take time, committment and capital.
Your first priority should be writing a business plan, it will
help you focus and keep you on track. Locate all the
resources in your area and take full advantage of them. Meet
with a business coach, a banker, an economic development
agency and an investment specialist. Take your business
plan to the meeting and ask them questions about resources
that are available to you. Research the market, the industry
and your competition then take all the information you have
collected and revise your business plan because now you
will understand how to better situate your company into the
market.

Take a moment to consider where you will find cost effective
strategies and resources to market your business. Make
appointments to meet with professionals - check out these
links for more information:

Bank of Montreal Small Business Center
Pan Community Futures Group
Alberta Women Entrepreneurs
Government of Canada
Economic Development Association of Canada
Business Development Bank of Canada