For your small business to succeed, you need to know almost as much about your competitors as you do about your own company and customers. Unfortunately, many small business owners make the mistake of waiting until a competitor has opened up shop across the street and is cutting into profits to find out who and what they're up against.
A competitive analysis allows you to identify your competitors and evaluate their respective strengths and weaknesses. By knowing the actions of your competitors, you will have a better understanding of what products or services you should offer; how you can market them effectively; and how you can position your business.
Let’s quickly answer the last 4 question out of the 14 top questions asked by small business startups.
14 Questions Asked By Small Business startups (Contd.)
Q11. Can I operate a business from my home?
Yes. In fact, experts estimate that as many as 20 percent of new small business enterprises are operated out of the owner's home.
Q12. How do I set up the right record-keeping system?
The kind of records and how many you need depend on your particular operation. When deciding what is and is not necessary, keep in mind the following questions:
1. How will this record be used? 2. How important is this information likely to be?
3. Is the information available elsewhere in an equally accessible form?
Q13. What business should I choose?
Usually, the best business for you is the one in which you are most skilled and interested. As you review your options, you may wish to consult local experts and businesspersons about the growth potential of various businesses in your area. Matching your background with the local market will increase your chance of success.
It’s also an option to start a business you are not familiar with. But in this case you must be ready to spend a lot of time learning about it before you begin. Remember that it’s a lot harder to make a success of a business you don’t like and it’s just as unlikely you’ll like something you are not good at. So make sure you know almost everything about the business especially when you are not familiar with it. You tend to enjoy the business when as you know more about it.
Q14. Why is self motivation important?
I believe self motivation is more important than your business plan or funding or even business skills because motivation can drive you to get all these things. Motivation is something you either have or haven’t got. Successful business people have it, without exception. Frustrated business people don’t have it.
Regular short breaks are advisable to maintain motivation and in keeping ideas fresh. The funny thing is that we are entrepreneurs and innovators. So even while on breaks and lounging in a deckchair we may well be thinking about work.
I want to believe that the answers to these 14 questions must have given an answer to at least one question that has being on your mind.
I will be starting something fresh on my next post and I know you don’t want to miss it.
Watch out for my next post.
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