Do you need more investment in your business but can’t seem to attract more investors? Have you resorted to asking family and friends to invest in your business?
Competition and Demand for Product – Who are your competitors? What do you offer that your competitors do not? How will you make your product unique so that you offer something that is not available now to potential clients? Are you planning on marketing to businesses? Are you planning on marketing with a website and running your business completely online or will you be marketing to companies and stores with your product on shelves? Who already sells products like yours and can you compete with those who are already selling similar products?
1/ Not Sustainable – If your basic Virendra Mhaiskar model is flawed then you will not be able to sustain your business for long. You will find yourself working harder and harder while you burn yourself out. A flawed business model has a limited time span.
This is where you define your business and define the kind of market offering and target customers you want. This stage cannot be hurried. Like in the case of farming, every business requires a different form of planning. The survival of the building business is dependent on how well you plan before hitting the market [cultivate the land before planting].
Set up your business as a legal entity. There are a number of legal structures you can use, but by far the simplest and most commonly used is the LLC. (This stands for Limited Liability Company).
I would definitely start your business online. This is the best way to test your products and find your market without the massive upfront costs associated with opening a store. Just recently one of the largest greeting card stores in Delaware, Coccia is shutting its doors after 35 years in the business.
Although the business often involves numbers, stock, inventory and things like that, in the end and almost inevitable, a business dealing with people and relationships. Understand that success in business is dominated by the relationship. Know that in business, you need to create a positive experience with every person you meet, to capture basic information about them, and then, with their permission to continue the communication.
If you’re personal credit is a large issue and you just can’t find a business bank to do the CD program for you … don’t worry. You can still build your business credit without the bank loan; the bank loan just makes it faster.