Points to Ponder Before You Start Your Business (1)

You most probably started the New Year with new resolutions. And since you’ve been dying to start your own business, either as a side hustle or going in it full throttle, starting The Business is definitely listed as a priority on your list of goals.

In this issue and the next two, I’ll be sharing with you the points to ponder before starting your business developed by Start Up Cup and which are part of the programs offered by WeCreate Kenya. Today I’ll talk about the first three, and I’ll introduce the remaining six in the next newsletters.

You can go through this process alone, with a team of potential partners or with a mentor.

1. Is your idea solving a problem?
   You must have been told that it’s wise to do a business you are passionate about. However passion is not enough. The products or services you want to offer have to respond to a need, to solve a problem. Write down the top three business ideas you have. Analyse each idea individually. Ask yourself whether they offer any value or solve any problem. Proceed with the idea that you feel will offer the most value to your customers.
2. Do you know your target audience?
   Who is likely to benefit from your idea? What’s their age? How much do they earn? What’s their marital status; their lifestyle? Draw a clear as possible picture of your target client. You may find you have more than one target audience, and that’s fine.
3. Who do you need to work with?
   Identify any strategic partnerships that you can leverage. What kinds of skills do you need in order to proceed with your idea? Who has those skills? Is that someone you can work with? Someone who shares your values and who can buy into your passion?

Go ahead and work on these three points, then come back here and share your experience in the comments below.
I would really like to hear from you.

Related: Six Reasons Why You May Fail to Achieve Your Goals (Once Again)

 

Angela Kamanzi
Your Friend in Biashara

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