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In order to minimize waste of resources, during the initial phase of your business development, it is very important to map out exactly what you want to achieve with your business, and how you plan to achieve it. A lack of initial planning will, in most cases, leave you with your resources spread too thinly through your business. This is a dangerous stance for any company, especially a start-up. I have committed this mistake a few times, and it has cost me fairly substantially. There are a couple of questions you need to ask yourself when you begin your business, to ensure that you can build a solid framework and concentrate your resources in the areas where you need them the most.
1. What goals do you need to achieve for yourself, to consider the venture a successful one?
2. What is your competitive edge over other players in your space?
3. How will your business make money? Where do you need to concentrate market & sales efforts?
4. How will you acquire new customers?
5. Who are your main competitors and what is the best way to enter the market?
6. What resources do you need in place to achieve your primary objective?
I ask myself these key questions whenever I access a new opportunity. It is very important that you have a good understanding of the competitive landscape you are about to enter, before you do so. Once you have the answers to these critical questions, you will be able to devise a focused strategy. It is important that it is specific, measurable, attainable, realistic and time specific. Once you have it, you are off to a far better start than most haphazardly planned businesses that just get into specific spaces without fully understanding them.
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