So many issues come to mind when thinking about starting a small business: “What form should the business be in?”, “Will I have partners?”, “How will I market?”, and so on. We’ll address these issues in a systematic manner, but first we should take a step back and think about what a business is. A business, in the general sense, is a for-profit organization providing goods or services. A business is going to have a value proposition, a target market, processes that develop value, ways to generate revenue, and a strategy to survive in the competitive marketplace. At the initial stages, we want to focus on the business model conceptually before moving on the how that model will be implemented or executed.
Starting a small business first means to come up with the answer to:
• Who is my target market?
• What service/good am I offering them?
• How does my offering add value to the market? (Benefits)
• What is my response to existing competition – why would people buy from me?