Monday, July 28, 2014

Top 6 Questions for Starting Entrepreneurs

Trying to build a business from the ground up but don’t know the first thing about opening your own office? Can’tproperly figure out the logistics? Have just a vague notion on how to pull off a quick and speedy delivery service? 

Here are six questionsto help you navigate the often chaotic, thrilling and, at times, scary path reserved for business owners, if exactly for entrepreneurs at heart: 

1.    Do you need a warehouse?
Do you provide a service or product? If it’s the second one, then you know how important an organized storage space is. Make sure you have a warehouse racking system in place. It saves you a lot on space. 

2.    Do you need office space?
If you’re just starting, you might not need a dedicated office space yet. Signing up a lease, outfitting that space with the office system furniture of your choice, paying the bills—that’s going to cost you a lot of capital. This is why some entrepreneurs build their businesses up from their own garage or dorm rooms. It’s practical and keeps the expenses to a minimum until such a time when the business is ready to expand. 

3.    Are you renting office space or buying one?
Many businesses early on decide to rent their own space. It’s inexpensive. However, these days, many startup companies are looking at virtual offices or shared offices to solve that problem. It’s convenient, cheaper and offers financially flexible payment options. 

4.    How long is your SLA or service length agreement?
Meaning, how long does it normally take you to take in an order, get that information to the warehouse, and have that order shipped and delivered to your customer? Delivery times are often a factor if you want to drum up plenty of loyal consumers. So make sure you really have that process streamlined. 

5.    Is your product marketable?
Many entrepreneurs go into trade thinking they have the most perfect product, the one that’s going to conquer markets, that they’re going to be the next Google or Facebook or WhatsApp. Only, those expectations often fall short from the reality of it. So don’t be blinded by your vision. Know and be sure of your product’s consumer appeal. Test, review and track results—always.

6.    Are you in the right market?
You might just have a great product on your hands but what if you’re not in the right market? Make sure you study the cultures you are trying to appeal to. Plenty of people have a cultural filter, thinking what works for them works for others as well. Be thorough in your market research before you proceed with anything else. It could spell the difference between your failure and success.

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