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Do Your Homework: Key Questions Before Choosing a Business Opportunity

Posted by VendTech Media - July 18, 2019

If you’re venturing into a new business opportunity, whether it’s a traditional business structure or a franchise, there are plenty of considerations to make ahead of time. Allow us to make things a little easier for you — here are five key questions to ask when starting a business plan so you know where you stand and where you need to go.

What’s the Goal?

What do you hope to achieve from this business? Are you looking to hire others to perform most of the hands-on work while you focus on big-picture items, or would you rather maintain a small operation and stay very hands-on yourself? Consider what problem you’re solving for others — if you’re unable to come up with an answer, you’re back to square one.

What’s My Competition?

In any business opportunity, it’s essential to assess the competition before heading out on your own. Knowing what others are doing will allow you to see how in demand your product or service is and you’ll be able to determine exactly where you fit into your area’s market.

What Will I Do Differently?

After you’ve seen the competition, ask yourself: What will I do differently? It’s imperative you set yourself apart from the competition or you won’t have much success. There must be a reason for customers to choose your business over the others; whether it’s customer service, higher quality, cheaper prices or some other measurement that sets you apart.

What Resources Do I Have?

These could be financial resources, investors, employees, or even family members or friends who are willing to help you out in the early stages of your business. When you choose the franchise path, you’re already at an advantage; you have the support of an established company behind you!

What Resources Do I Need?

Now, consider what resources you don’t have. These are the things you’ll need to be successful. You might need resources like manpower, technology or a new skill you don’t currently possess. Being aware of this ahead of time will make all the difference.

 

Have You Done Your Homework?

Learn more about what to know before buying a franchise or starting your own business by contacting the experts at Naturals2Go. We’re here to help!

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