Killer Questions That The Modern Entrepreneur Must Ask Before Starting A Business

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With technology at its most advanced stage, this is arguably the greatest time to ever start a new business. However, jumping into the world of entrepreneurship shouldn’t be taken lightly. There are plenty of well-known success stories regarding startups that made big money. But there are even more stories of new companies that flopped within a matter of months.

If you’re looking to launch a new venture in the near future, research is essential. A little preparation can go a long way to giving your company a better chance of hitting its targets. Here are the key questions you need to consider:

Home Or Away?

Modern startups are blessed with more versatility and options than ever. For many new entrepreneurs, one of the most exciting prospects is the chance to work from home. Thanks to new technology, this is a possibility for many new businesses. And it can help reduce the costs massively.

The benefits of working from home aren’t hard to spot. You’ll cut down on overheads while saving travel time too. However, you will need to think about keeping up appearances. Acquiring a virtual business office address will help, particularly if you are planning to sell to an online audience.

However, it’s still not right for everyone. This is one of the most important decisions you’ll make, and it has to be right for you. Give yourself enough time to weigh up the positives and negatives; you will not regret it.

How Will I Utilize My Team?

Even if your initial goals are relatively modest, you cannot do everything with one pair of hands. You might need a team with large quantities, but you will need one with huge quality.

Getting the recruitment process right should be a major priority. But it’s equally crucial that you look after their needs to encourage greater productivity and atmospheres. Experts at Ellis Whittam can take care of those HR needs, allowing you to focus on the core principles of the business.

A team that works together succeeds together. And considering that employees are the most important asset to the entire company, you must look to maximize their output. Even if you hire temporary freelancers, embracing their skills will enhance the quality of your business. What more incentive could you need?

Who Is My Audience?

You can’t just live by the ethos of “build it and they will come”. The most important job of any entrepreneur is finding their audience. Failure to distinguish your place in the market will inevitably harm your hopes of satisfying their needs.

Customers need to feel connected to a business. Sadly, being too generic could leave them feeling a little alienated. Conducting serious market research will help you paint a much clearer image of who it is you’re trying to impress. In turn, this can allow you to produce better products and services.

Every element of your business should be tailored with the customer in mind. Gaining that understanding is the first step en route to success.

How Will I Spread The Word?

It’s not enough to produce great products. Customers won’t randomly come across your business and services. You need to work for their attention; branding and marketing are the key elements.

In today’s environment, digital marketing is essential. Even if yours is an offline company, your customers are constantly plugged into the internet. And most will turn to Google when searching for services, which is why SEO is vital. Meanwhile, content marketing and social media are other areas that need careful consideration.

Once you’ve built an audience, you can use their kind words to drive the company forward. Recommendation is still the most effective form of marketing out there. Empower your clients, and you will reap the long-term rewards.

Will Customers Feel Appreciated?

As the most important people in your entire business, it’s vital that you make the customers feel appreciated. After all, their dealings with your company shouldn’t be entirely focused on the products. The level of service they receive can have a telling impact.

Creating smoother transactions with better sales facilities will certainly help. Meanwhile, promotional gifts can generate positive feelings. Most importantly, though, you need them to know that they can contact the company should problems surface. Upgrading your customer care services isn’t difficult, but it could have one of the biggest impacts of all.

Trust is a central component. If you can gain this from the customer, you won’t go far wrong.

Engineering student by education and Entrepreneur by choice. Asish is a TCS Best Student Awardee, NDTV featured student entrepreneur and International School of Entrepreneurship Education awardee. He also worked with many startups and big companies for their business development and strategical growth. Asish has been heading The Startup Journal since its inception in 2014.