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STARTING A NEW BUSINESS?
Having a good business idea is one thing, but having a successful business is another thing. Key points to consider include:
1. How many customers out there would need your product or service?
2. How many of these customers can you supply the product or service to within a reasonable time and cost?
3. How many other businesses are already doing it?
4. What is the market average price range for the product or service?
5. Can you operate your business profitably selling your product or service at that price range?
6. How much have you put in your advertising budget to start your business? Most businesses need to spend at least 10% of yearly forecasted sales turnover to achieve any results from advertising.
7. Do you know exactly what your gross and net profit margins will be?
We recommend you “hasten slowly” before starting any business by researching your business market through valid and accurate sources. Look at the strengths, weaknesses, opportunities and threats which exist.
Don't rely on your friends or work colleagues to give you reliable information about your business market because they are not risking any money or time in it and they may not wish to dampen your enthusiasm. Only family and true friends will give you the real facts because they don’t want to see you fail.
To avoid the pitfalls of a new venture, seriously consider the use a business mentor to guide you through its start up process. They will assist you develop a strong and healthy business. Go to www.yourbusinessmentor.com.au “Contact Us” for details of questions you should ask any potential mentor or coach.
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