‌Business Build-up in a Glance

Building a business requires several steps to form or transform it from scratch or a startup. Generally, these steps can vary from field to field.
Business Build-up in a Glance - siamak fereidooni

Building a business requires several steps to form or transform it from scratch or a startup. Generally, these steps can vary from field to field. A business must include the following:

 

  1. Market Analysis
  • Who are your potential customers?
  • What are the current trends in your domain?
  • What data do you have to support this analysis?
  • Who are your competitors?
  • What services or products do they offer?
  • What seems to be missing?

 

  1. Services or products
  • What specific services or products will your company provide?
  • How will your products or services stand out from those offered by competitors?
  • How much is your service or product going to cost your customer?
  • Is your service or product relevant to a current market?
  • Do you intend to revolutionize the market?

 

  1. Team
  • What skills and expertise does your team need to have?
  • How will you recruit and retain talent?
  • How much capital do you have to support your team for at least one year?
  • Do you have the leadership skills to manage your team?

 

  1. Business Model
  • How will you generate revenue?
  • What will be your pricing strategy?
  • Can you afford to give gifts or promotions?
  • What will be your endgame?
  • How will you attract investors?

 

  1. Engineering
  • Do you have an engineering department?
  • Does Data play a crucial role in your organization?
  • Do you have a data acquisition strategy?
  • How will you implement your data into your business?

 

  1. Marketing and Sales
  • How will you market your products or services to reach your target audience?
  • What sales channels will you use?
  • Do you use social media or websites?
  • How will you connect your engineering and sales team?
  • What is your Marketing strategy?
  • Which tactics will you choose to overcome obstacles?
  • Do you employ your own sales force or through a third party?

 

  1. Legal
  • What are the legal requirements for starting a company in your country or state?
  • Do you have the necessary permits and licenses?
  • Do you have a legal team? or will you outsource it?
  • Do you have sufficient knowledge of guidelines, regulations, and policies?

 

  1. Financial Planning
  • What is your budget for starting the company?
  • Do you have investors?
  • How much do you expect to earn in the first year?
  • Do you separate your corporate from your personal account?

 

  1. Risks and Challenges
  • What potential challenges might you face in this venture?
  • How will you mitigate these risks?
  • Do you have a risk management program?
  • Will you take responsibility for the risks you may take along the way?

 

AND REMEMBER, these questions are just for you to know how to run a business. The more detail you get into, the more complex and in-depth questions you should ask yourself. Based on your field and goals, these questions may change or expand. In any case, good luck in your adventure.

 

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