2. FERHAN PATEL
1 DO YOU
HAVE A
MARKET?
Ae you solving a need that nobody has
addressed, or starting based on a
solution that already exists? If your
business is the latter, your research
must include the money that is spent in
that market every year, and if it can
afford you.
3. FERHAN PATEL
2 WHO IS
YOUR
COMPETITION?
You must study the business plans,
marketing efforts, and metrics of other
organizations in order to determine for
yourself what these companies do well
and what needs a little
work. Researching other businesses is a
great way to find a niche that will make
your company stand out from the
crowd.
4. FERHAN PATEL
3
HOW WILL YOU
COMMUNICATE
YOUR NICHE?
You need to present your business in a way that shows
the customer it is unlike the others. In order to do this,
you can look into trade shows to discover what your
customers are looking for specifically, census data to
discover to whom in your area your business will cater,
and you can even look into the business classes of
local universities to see if students will do a market
study for your business for class credit.
5. FERHAN PATEL
4 HOW WILL
YOU
EVALUATE
YOUR IDEA?
For example, every business could use a
focus group. Such a group could
provide you with valuable information
on changes to make that would only
increase your company’s value.
6. FERHAN PATEL
5 WHO CAN
HELP?
It is helpful for entrepreneurs to
determine if there are any companies
they can either market to or partner
with to help their startup. Identify
companies that need what you are
offering, or ones that could use your
offerings to boost their own business.
7. FERHAN PATEL
6 WHAT ARE
YOUR
MILESTONES?
Every owner of a company defines
success differently. That being said, you
should go into starting a business with
concrete values and goals. Craft a list of
small goals that add up to big ones
along the way.
