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First Things First
Starting a New Business
Whether you're dreaming of starting your own business, or have just opened your business doors, you're going to discover that determination and hard work are not enough to ensure the success of your enterprise. Before you invest a great deal of effort and money into your entrepreneurial dream, answer the important questions listed below. Your answers can help you determine if your idea is realistic and if you have a strong likelihood of growing your ideas into a successful business.
- Do I fully understand what it means to run my own business? Am I realistically prepared to do so?
- What product/service will my business sell?
- Who will buy my product/service?
- Where are these customers?
- How do I attract them?
- How do I distribute my products/services to the customers?
- What will it cost me to provide this product/service?
- Where will I locate my business?
- Who are my competitors, and how much of the market do they control?
- How will my business be different from those of my competitors?
- How much money will I require to open this business? How much will I need to operate for the first six months?
- Do I have the needed funds? If not, where will I obtain financing?
- What profitability margin can I reasonably expect from this business?
- Do I have an exit strategy?
Assessing the viability of your idea before you begin can guide you in making an informed decision about starting a business and give you a realistic view of your company's potential for success.
We strongly recommend you take full advantage fo the many resources and support organizations you'll find listed in this guide; each organization has a commitment to supporting, sustaining and growing successful small and entrepreneurial companies within the Nashville community.
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