Ann Summa
1. What’s my expertise?
Your best shot at succeeding is playing to your strong suits, so
consider these questions: Why am I the best person to run this
business, and how will it thrive on my expertise? What’s my
experience, and why will people prefer to come to me instead of to
my competitors?
2. What’s my niche?
In a competitive market, it is crucial to carve out a specialty.
What will set you apart from the pack as a business owner is your
ability to provide a service or product that is so specific that it
makes your competition shrink. If you play your cards right, you
will become the one and only place where your customers' needs
can be met.
See Real Simple's Checklist for Starting a Small Business
3. What’s my competition?
There’s a lot you can learn from your business rivals. Study the
market and take notes on the companies that have already
established themselves in your sector. What are their strengths and
weaknesses? How can you be better?
4. What are my start-up costs?
Research the realistic cost of starting a business or franchise in
your preferred location. Is it feasible? Is this something that you
could start out of your home initially?
5. What are my goals―financially and
personally?
Running a successful business means making enough money, but it
also means having enough time for yourself and your family. How
much sweat equity are you willing to put in? Chances are, the
reason you chose to work for yourself in the first place was to
take ownership of your career. Can you do that and still be
fulfilled in other arenas? If you do decide to take the leap, ask
yourself every six months if you’re where you want to be―and if
getting to the next step is worth it. If you’re going to be your
own boss, be a merciful one.
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