From idea to business idea
How the market supports my business idea
Getting ready for the market
Financing - Profit analysis
Do I need other skills?
Tools & References
Advise before starting business
Apart from the usual things to consider when starting up your business
some important tips would help you in being successful:
>> be the solution to a problem or need
Instead of starting your idea with what to sell, think about what problem will solve. It’s a lot easier to gain a solid customer base when your business is fixing a problem. Your startup should fill a hole in a certain market or niche.
>> keep it simple
As a new business try to start small and narrow your focus. First test your business idea. Create a simple, quality good or service. A successful business idea should fulfill promises to customers and exceed expectations.
>> estimate your costs
Once you start to develop your business idea, estimate how much it will cost to launch and operate it. Consider as well unexpected costs since it’s better to be over prepared than short on funds. Don’t forget about your personal budget. Based on the list of your expenses, start to create a business budget, it may happen that you will need a small business loan.
>> know the legal requirements for starting a business
You need to understand the rules that come with opening a business in order to avoid facing steep penalties. You must follow laws for forming a legal structure, register your business, hire staff and to setting up an accounting system. You must also take care of business-specific tax liabilities. The rules that apply to you depend on your state, business structure, and industry. It is wise talking to a small business accountant as you set up your company.
- What does your service or product look like?
- Who is your customer or audience?
- What is your company's purpose on the market?
- How does the competition look like? And which competitors do you have?
- In what way do you reach your customers? How do your customers reach you?
- What could make customers choosing your company instead of your competitors’?
- Which investments are required?
- What type of company should you set up?
some important tips would help you in being successful:
>> be the solution to a problem or need
Instead of starting your idea with what to sell, think about what problem will solve. It’s a lot easier to gain a solid customer base when your business is fixing a problem. Your startup should fill a hole in a certain market or niche.
>> keep it simple
As a new business try to start small and narrow your focus. First test your business idea. Create a simple, quality good or service. A successful business idea should fulfill promises to customers and exceed expectations.
>> estimate your costs
Once you start to develop your business idea, estimate how much it will cost to launch and operate it. Consider as well unexpected costs since it’s better to be over prepared than short on funds. Don’t forget about your personal budget. Based on the list of your expenses, start to create a business budget, it may happen that you will need a small business loan.
>> know the legal requirements for starting a business
You need to understand the rules that come with opening a business in order to avoid facing steep penalties. You must follow laws for forming a legal structure, register your business, hire staff and to setting up an accounting system. You must also take care of business-specific tax liabilities. The rules that apply to you depend on your state, business structure, and industry. It is wise talking to a small business accountant as you set up your company.
