7 Key Questions To Ask Yourself When Starting a Business By: Curtis Ophoven 10/30/2008 - 7 Comments If you can honestly and completely answer these questions, then your business has a chance of success.  Your Ad Here I use this list to filter my business ideas, although I’m not fond of it because it usually tells me the bad news – that my idea is probably not good enough to support a business model.  Market Validation Questions 1. What is your customers’ pain? Is the problem going to continue to grow in the future? – The problem 2. How are your customers dealing with it now? – The competition 3. How your solution addresses the need? – Requirements/Solution  4. How much are your customers willing to pay for a solution? How much would they use it?  – Pricing/ Profitability 5. How do you expect your customers to pay for it, monthly bill, pay-per-use, annual license? – Purchasing model 6. What type of support are your customers expecting, e-mail, online, phone, training, upgrades? How much are they willing to pay for this support, if any? – Support 7. Where would your customers typically look for a solution this like? Events? Magazines? Contact from directly from sales? Online demos? – Marketing channels to reach your customers If you cannot answer all of these questions with a solid answer, hope may not be completely lost. Use this list to discover what your business is missing.  You may be able to find a solution to resolve the question that you cannot answer.  The answer to these questions is also what everyone else will be asking when you tell them about your business.  Use your answers to these questions to create your marketing material.  The answer to these questions could help you solidify your ideas and clearly communicate your business concept to the marketplace.   Subscribe via RSS Copyright © 2010 PennyJobs.com. All rights reserved. << FREE >> Weekly Newsletter... Signup today and start receiving our free weekly newsletter! Reader Comments Comment 1 John Says: on Monday, November 03, 2008 4:29:06 PM Also don't forget a solid business plan, SWAT analysis and other such hard tasks that are essential! Comment 2 j Says: on Tuesday, November 04, 2008 9:54:36 PM access to startup capital also does not hurt... Comment 3 Cindy King Says: on Sunday, December 14, 2008 6:43:51 AM Excellent post, I'm happy to have included it in my blog carnival. Stumbled. Comment 4 Monevator Says: on Saturday, December 20, 2008 12:05:10 PM Excellent article. Though many would-be entrepreneurs should also ask 'Do I have the people to really deliver it'. There's no point having a great idea if you hire (or can only afford to hire) second-rate staff to execute it, especially as so much comes down to customer/client interaction these days. Comment 5 rose grafting Says: on Friday, July 03, 2009 12:19:39 PM Virtual assistants are independent entrepreneurs who work remotely and use technology to deliver services to clients globally. Most work from their home offices and receive their project instructions by phone, fax, e-mail or even instant message. Although many virtual assistants offer secretarial services, as more people with diverse backgrounds and skills enter the ranks, virtual assistants who specialize in such areas as marketing, graphic and Web design, IT support or even translations are becoming more common. Write a Comment Please keep comments civil and on-topic. Abusive or inappropriate comments will be removed without warning.  Name (required)     Email Address (required)     Website URL  Comment

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