While you have a business idea, a startup bubbling in your head and just waiting to be unleashed on the unsuspecting masses in a couple of years or very soon, it is wise to ask questions that show you are ready.
It may be a great idea, but without proper channels and implementation, the whole business plan might just go south, which is why you need clarity and be ready.
Here are 10 business questions you should ask before starting your business;
1. Does my business idea meet a need?
Have you heard about the story of two men who visited a village in the hearts of India? They were looking to start a shoe business. One said ‘oh, they don’t wear shoes here, therefore there is no market’. The other man said ‘Oh, they don’t wear shoes here, therefore there’s a lot of markets’. The first man did not think to meet a need only seeking profit. But the second realized the people needed shoes, which was going to profit him hugely once he convinced them about the importance of shoes. Let your business idea meet a need. Make sure you have a target market before starting.
2. How do I protect my business idea from being stolen?
Get a patent. Have your business registered. That may not totally stop others from copying you, but you will have the upper hand. A Nigerian company called Eazyhire was talked about in Techpoint, the young founder Josh Okpata started his business in 2014 and in 2015 another company emerged with the same services. Except their name was Easyhire with an ‘S’. With much campaigning, Joshua and his co-founder were able to saturate the market and make Forbes 30 under 30 lists.
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3. Does it have monetary value?
If your idea cannot generate income, you might as well be running an NGO. Seek advice from professionals on how you can monetize your idea and if it can’t be done, look for another startup you will enjoy running. When you are fully established, you can return to your first love and make it work.
4. How can I come up with a great name for my company?
You can choose to name your company Okpara Nwanchukwu Nigeria Limited if you so desire. But how much reach and growth do you have planned for your company? If you intend to sell for only your local government, family and friends…oh well. But if you have every intention of going national and international, you should have a great name. One that pulls your potential client. Write down a series of names and go over them on ‘google search’. Next, you cross out all the ones that have already been taken and choose one suiting for your business.
5. Do I need a website?
Not necessarily. But many businesses run online services today because of the jet age we’ve been accustomed to. Most people spend their time on their phones and laptops and if you want to grab their attention, you need to go meet them there. If you cannot afford a fully functional website, start with your social media pages. Even if your business idea is some unique carpentry work, you will achieve a wider reach online.
To have more questions answered about your startup, check out Forbes list of questions for young entrepreneurs.
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