The Most Important Step in Starting Your Own Business Is?

Now that you've decided to start your own business, what do you do next? By far, the most important part of any business is coming up with an idea for a product or service. Consider the following as you mold your idea in your head and eventually put down on paper.

• Is it something you are passionate about? After all, you will be spending a lot of time on it

• Can you realistically bring it to market?

• How much is the initial investment?

• Will it change your lifestyle? Are you willing to change your life?

• Where will the business be in five years? Ten?

Once you’ve answered these questions, create a SWOT analysis (Strengths Weaknesses Opportunities Threats).

Strengths:

• Solves a problem

• Advantage of idea

• Expertise and credentials

Weaknesses:

• Limitations

• Lack of skills

• Costs associated with production

• Time it takes to produce product

Opportunities:

• Markets

• Growth potential

• Demand for product

Threats:

• Government regulations

• Established competition

• Barriers to entry

• Product could become obsolete

Now that you’ve come up with an idea or product and conducted a feasibility analysis, what do you do next? The answer is to determine your target market. Ask questions like:

• Who is my customer?

• What are their hot buttons?

• Why would they buy my product or pay for my service?

• How would they use my product?

• What benefits does my product/service provide?

There are a couple of things you can do to help answer these questions:

• Conduct surveys (surveymonkey.com)

• Observe competition by visiting their websites

• Use a research firm ( idc.com or gartner.com)

What is your big idea? Let me know....