6 things you should know before starting a business

What should I know before starting my business? Entering the world of entrepreneurship is exciting, but before you start, you will need to know these 6 points:

1. What problem does your product or service solve? 

For a business to exist, there must be a demand for what you want. In other words, how are you helping your customers? What need does your product or service satisfy?

For example, if you find an area with work offices and no food options nearby, it may be an excellent opportunity to set up a stall in front with fast food options such as coffee.

 2. What is your target audience? 

Analyze who your ideal customer is. Defining who you are targeting with your product or service will help you to establish several factors, such as schedules, preferences, tastes, variety, presentation, etc.

3. What are your strengths? 

Identify the strengths of yourself and your business. For example, are you good with finances? Do you need support from the administration? Pay attention to your skills; this way, you will know which tasks you will need to ask for help with and which ones you can take care of as you start your business. Exploit your talents!

4. What expenses will the business generate?

Finances are a fundamental pillar in business. You need to know how much money is needed to start your business. What expenses are required? Do you need to have a storefront, or will it be online? What materials do you need?

5. Do you have enough money to start or need financing?

Now that you know the expenses and investment required, it is time to ask yourself how to finance it. Whether you have savings at Capifinders, we recommend you not to disburse your money and apply for your business loan. This is an excellent alternative; you can start generating history for your business. 

6. What will be your sales strategy? 

Now that you have your ideal client and your start-up financing, you must define your sales strategies to start generating income. Start knowing the different offers you can make in your market if you want promotions, loyalty programs, referral programs, etc.