If you are planning to start your small business today, the first place you should start is not what form of business you should take. Your customers should be your basis – it is the one place your business should flow from – what the customer wants, how much he or she is willing to pay, how we will solve the customer’s problem, and so forth.
Why start with the customers? The primary reason why we do so is they are the foundation of the product or service we sell for the profit. We need to think of a product or service that we can sell to them to solve their problem. Otherwise, it will not last for years. Without that, there is no business. If you go all out and start a business without this kind of product, the business is likely to fail. In fact, even if you come up with a great product, you still have a high risk of business failure. But without a great product, it is almost a certainty.
Once you have determined what product or service your customers need, the next step is to have a detailed plan. You need an in-depth knowledge of what the business is all about is very much important. Your plan should be able to define what you want to achieve, the mission, the targets set in deadlines and divided into small goals.
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