“The key to everything is patience. You get the chicken by hatching the egg, not by smashing it.”
-Arnold H. Glasow
“can’t unscramble the egg no matter your wisdom and determination” ― Kaleb Kilton
Hatching a great idea for a new business? Here are 10 questions you need to sit on first. Your answers will be the framework of a more complete business plan to propel you forward (rather than trying to unscramble the egg!).
1. What primary product or service will you provide?
2. What is the need for this product or service?
3. Who is the target market(s) for your product or service?
4. Who else is providing this product/service?
5. Why will the customers buy from you and not the competition?
6. What will you charge for the product? How did you determine that selling price?
7. What will it cost to produce and deliver this product or service to a customer? (Have you included fixed expenses, variable expenses, and cost of goods sold?)
8. How many pieces must you sell (or how many clients must you obtain) in order to generate the revenue you desire?
9. What amount of annual profit do you expect based on the costs and sales estimated above?
10. Is this amount of annual profit sufficient for you to meet your goals?
Can’t answer all these questions fully? The Shenandoah Valley Small Business Development Center has the resources to help you, including our Start Smart workshops and expert business advising provided at no-cost to you! Contact us to get started now!