Monday, November 9, 2009

Business Startup Checklist

Inspired by a friend re-evaluating his new business strategy

What every business owner should be able to answer :

1. BUSINESS PLAN: Do you have a solid long-term business plan ?

2. ELEVATOR SPEECH: What is your 60 second summary of the business plan ?

3. WHO TO SELL: Who is your target market and how will you sell to them ?

4. UNIQUENESS: What problem are you solving with your product/service ? (Not only what need is it fufilling but also how is it different ?)

5. REVENUE MODEL: What is the revenue model - how do you make money and how do you establish pricing ?

6. OBSTACLES: What are the barriers of entry for the business/new product/new project, and how will you overcome them ?

7. COMPETITION: Who are your competeitors and how many are they roughly and what kind of market share they have ?

8. COSTS: What are the startup costs ? (for a new business, or for a new product or new project)

If you can't answer all of these eight questions, then you need to re-evaluate what you are missing to bridge the knowledge gap about your own business.

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