When starting a business, there are questions you must ask yourself in order to get an idea of what your business is going to be. What am I going to do? What will it take in money and skills to do it? What will it give me in terms of money and satisfaction? After you know the answers to these questions, learn all you can about the kind of business you are starting. Talking to business owners in similar fields may help greatly. When you feel you have a good grasp on what your business is going to be about, create a business outline, answering the questions below.
The most important aspect of owning and operating a business is positioning. Not just the location, but also the position in the community. Where, and how a business is positioned, reflects what kind of attention it will get. When contemplating your business position, take into account these factors; where is your largest potential market, what is your position with your target market going to be, and what kind of image do you want your business to have.
Another important aspect is knowing exactly what your product and service mix is going to be. What will you be selling to your consumers, or what service will you be providing. Your product will sell best if you can convince consumers that the purchase is a necessity. Emphasizing good characteristics about your product or service is a good way to sell it. Promotion is the best way to inform your consumers of these characteristics, and reasons why they need this product. Advertising through TV, magazines or billboards informs people of your products availability.
A major requirement when owning a business is liability risk. This is concerned with tort liability, legal immunities and privileges, risk management (including insurance and self-insurance), and preventive legal techniques to reduce potential liability. In other words, in the event of an injury at your business, or a natural disaster, all legalities and costs will be covered.
