Things to consider when starting your own business

1. Your market

Research your market thoroughly. If you reckon you have an excellent idea, the first essential thing is to research your market thoroughly. Actually it isn’t one thing to do – it’s a lot of things. Try asking yourself these sorts of questions:
What demand is there for what I provide?
Who else in the area does this already?
What price can I put on my product or service?
What outside factors am I subject to?

2. Invest in a distinctive identity

You need to look good. Your company, shop or service needs a memorable name, a good logo, high-quality headed paper, good-quality signage and business cards that invoke a reaction. The name may well be your own if you are known in your field. If not, choose something distinctive. Avoid bland sets of initials that no one can remember or hugely cumbersome stacks of names. They are not memorable and they imply a lack of clarity on your part.

3. Quality

Every detail counts. Don’t skimp on quality of paper or thickness of business cards. Think business cards are as weak as a limp handshake. Check the spelling and punctuation really carefully on everything you produce. These days, the world appears to be one large typographical error. Don’t be part of it.

Taken from Start Your Own Business In a Week by Kevin Duncan.

Posted on: April 11, 2013

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Clive Erricker

Clive Erricker is Chief Examiner in World Religions for the International Baccalaureate. A teacher of religious studies for over 30 years, he has written extensively on Buddhism and other world religions.

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