When starting a business, most people focus on figuring out this:
While they should focus on figuring out this:
Is my business idea a solution for any need?
What is the problem my business solves?
I am ready to do this business for at least a year?
How can I scale this business?
Many businesses fail just after 3 months of operation because of these reasons. Getting a nice office, or registering your business so you can call yourself CEO or designing a nice logo, these are not what a business is about. These are superficial things and they should be the last thing to worry about.
A business needs to have a purpose first. You are not opening a business because you have money to rent a nice office, or pay for a nice logo. You start a business because you have a solution to an existing problem in your community. That solution you have will be the product that your business will monetize and which will keep your business running and make you a fortune. If you start a business and your business is not a solution for any need in your community, you have opened a business without having a product or service to sell. And if you don’t have a product to sell, your business goes out of business.
Many business owners tell us that they can’t get clients in their shops or businesses whatever it may be, and need help. But when we analyze those businesses we often realize that in reality they don’t have any real product or that the product or service they offer is what the other thousand businesses around offer. How do you want to get clients in such a case?
Focus on the essential first: find a purpose for your business. Ask yourself what do you have to offer that people really do need? If you have an answer to that question, only then you have a business to register.