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Before You Start Your Business - Part II

Now that you have a few weeks to evaluate the basics on what it takes to start a business, here are some other factors to keep in mind.

  1. No Money or Slow Money.  While it is formidable to expect all clients and customers to pay on time, this is not reality.  There will be customers that are going to do as much as possible to pay as little as possible.  There will be chronic complainers that always want a discount or something for free.  There may be huge clients that will float payment for over 90 days.  Will you be able to financially afford that with your personal bills, employees, and a location?
  2. Competition Sanity Check.  You are not the only one offering this product or service.  Don't be fooled in believing no one else thought of this or put it into fruition.  Understand the competition - location, pricing, discounts, products/services, and caliber of customer satisfaction.
  3. Identify uniqueness.  After evaluating the competition and ranking your specialty (last month's post), define the key area in which your offering will woo clients.  If there is nothing that sticks out immediately, use some creativity to sell your edge.
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