Small Business Startup: Will Your New Business Succeed?  [Cont'd]

By Allison Babb

3.       In your small business, what’s the problem you’re solving?  If you are in business, you are in business to solve a problem.  So what is the problem that you’re solving?  You must be able to articulate the problem so that you can focus your marketing on exactly what you provide to your target audience.

4.       Do they want you to solve that problem?  It’s fine to know that the problem exists and that you can solve it.  But do they want you to solve it?  You can do some research to find out.  Go out there and do some google searches on the type of business you are attempting to create.  Is anyone else doing something similar. If so, then there’s probably a market for what you are offering.

5.       Do they have money?  This is a question that seems pretty simple but new entrepreneurs often forget to ask it.  When you set up a business, you have to ask yourself if the people you are targeting have the money to pay for what you are offering.  Again, if you do some industry research and you see businesses similar to yours succeeding and thriving, then the answer’s probably yes.  But you have to check, don’t assume.

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