How to analyze if your business idea is viable
Posted: Mon Dec 23, 2024 4:38 am
The process of creating a new company often raises many doubts for the vast majority of entrepreneurs. For this reason, before launching the project, the most important thing is to know if the business idea is solid.
Company Creation
Tags: business , company , competitiveness
Image
shutterstock_129444167.jpg
As a first step, it is advisable to carry out a study on the viability of your business. To do this, you have to ask yourself a few simple questions :
What extra value can my product or service offer compared to what already exists on the market?
It's about identifying the strengths and advantages of mexico clabe number format product that would make future customers choose you as a brand instead of the competition. In this sense, your company must provide real value, something that is tangible, such as greater convenience, greater speed, greater reliability, efficiency, etc.
Who is your target audience?
After knowing your differentiating value in the market, it is important to find out what type of customers would be willing to pay for your products or services and if that potential audience is large enough to sustain your business. To do this, you have to conduct research on demographic, attitudinal (concerns, ideologies, tastes) and Internet behavior levels.
What is my competition like?
You should know your competitors in the market well, know how they provide the service and their prices, as this will help you to detect possible improvements for your business. In addition, you will have to understand how they are organized, whether by business associations or consortia.
What is the state of the market where I am going to sell my product?
You must conduct market research to determine whether the market is stagnant, whether there is potential for growth, whether it is oversaturated, or whether there is little competition.
What time of year will I sell the most?
All businesses are seasonal, so there are peaks and troughs in sales of their products and services. That's why it's necessary to be financially prepared for each situation.
How much time and money will I have to invest to start my business?
Calculating the time you need to open your business and the amount of money you need to invest is the best way to prepare for possible difficulties that may arise when starting your business.
If you have thought about starting a business, at the Spanish Chamber of Commerce we have two programs for you: on the one hand, PAEM (Business Support Program for Women) and on the other hand, España Emprende , a program aimed at all people who want to start their own business.
Company Creation
Tags: business , company , competitiveness
Image
shutterstock_129444167.jpg
As a first step, it is advisable to carry out a study on the viability of your business. To do this, you have to ask yourself a few simple questions :
What extra value can my product or service offer compared to what already exists on the market?
It's about identifying the strengths and advantages of mexico clabe number format product that would make future customers choose you as a brand instead of the competition. In this sense, your company must provide real value, something that is tangible, such as greater convenience, greater speed, greater reliability, efficiency, etc.
Who is your target audience?
After knowing your differentiating value in the market, it is important to find out what type of customers would be willing to pay for your products or services and if that potential audience is large enough to sustain your business. To do this, you have to conduct research on demographic, attitudinal (concerns, ideologies, tastes) and Internet behavior levels.
What is my competition like?
You should know your competitors in the market well, know how they provide the service and their prices, as this will help you to detect possible improvements for your business. In addition, you will have to understand how they are organized, whether by business associations or consortia.
What is the state of the market where I am going to sell my product?
You must conduct market research to determine whether the market is stagnant, whether there is potential for growth, whether it is oversaturated, or whether there is little competition.
What time of year will I sell the most?
All businesses are seasonal, so there are peaks and troughs in sales of their products and services. That's why it's necessary to be financially prepared for each situation.
How much time and money will I have to invest to start my business?
Calculating the time you need to open your business and the amount of money you need to invest is the best way to prepare for possible difficulties that may arise when starting your business.
If you have thought about starting a business, at the Spanish Chamber of Commerce we have two programs for you: on the one hand, PAEM (Business Support Program for Women) and on the other hand, España Emprende , a program aimed at all people who want to start their own business.