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If the opening paragraph describes your situation, you’re not alone. Many people have the same battle with their thoughts about launching a business. It usually comes down to a simple, yet tough question: what does it mean to be ready to start a business? This article gives five answers to that question. They could help you decide whether it’s time for you to begin, or if you need a little more time to get prepared.
You Have Researched Your Target Market
Your product or service—whatever it is –exists to solve a problem for a particular segment of the general population. To build a solution that they’d embrace, you have to identify and understand them first. Know what demographic they represent, what their motivations, preferences, and pain points are. The more thorough your knowledge of these people is, the more information you’ll have at your disposal to produce and/or sell the right product or service to them.You Have Validated Your Prototype
A prototype is an early version of your would-be product that’s created specifically for testing the product idea. It’s a stage between ideation (coming up with the product idea) and the final, market-ready product. You should test early versions of your product with real customers to see if it’s something they like. If it garners positive reviews from them, that’s a sign that the product may succeed. Take note of the feedback you receive, and continue implementing changes until you have something you’re sure will fly with the market.You Have The Resources To Launch
Do you have the capital required to start a business? Is your enterprise something you can devote enough time to, given your other commitments (family, for instance)? Can you take on the hard work required to sustain a venture?Find our comprehensive listings of businesses in Nigeria here https://businesses.connectnigeria.com/
These are factors with considering. Entrepreneurs can bootstrap their business with their savings and the revenues that come in from early sales. Or they may get support from family and friends, or financing from angel investors. Be certain where your capital will come from, before starting your business, and know how you’ll cope with running it.
There’s Already Some Publicity Around The Business
Ideally, your family, friends, and acquaintances—basically your contacts –should know that you’re starting a business before you go live with it. There are many reasons why you should let them know beforehand. Consider this: your contacts could form the bulk of your first customers, or they may spread the word on your behalf, telling their own contacts that may need your services. This network may prove vital as it puts out information about your offerings and broadens the reach of your new business.You Have A Realistic Business Plan
Your business plan should describe what your business is and does, its target market, marketing strategies, revenue model and sources, and financial projections for its first few months or years. Having a business plan ready before launching is an indicator that you’ve researched the important factors that could contribute to the success of your business. And that’s a good sign that you’re ready to build your enterprise.Final Words
In the end, there’s really no perfect time to start a business. You just need to cover the important bases: a good knowledge of your target market, a clear plan for your business, funding, and a certainty that you have a great product to sell. Featured Image Source: UnsplashGot a suggestion? Contact us: editor@connectnigeria.com
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