Four Things You Need Answered When You Want to Start a Business

The world today looks incredibly different than it did a hundred years ago, and unfortunately, the status quo from the previous generations is still haunting us today. For instance, women are still not paid equally as men. They still don’t hold their fair share of executive positions. There are still barriers to crash through and ceilings to break.

One of the best ways to forget about breaking ceilings and instead build your own tower is to start your own business. Before you get started, however, you are going to want to have answers to these top four questions.

 

1. What are Your Income Streams?

If the recent lockdown has taught us anything, it is that businesses with a narrow focus or customer base struggle to survive. You need to offer more than just one way for customers to support you in order to thrive, which means expanding your income streams. They shouldn’t be all over the place, but rather work to complement your main business model.

Offer services as well as products and always strive to offer more than one service. Partner with other creators or brands to expand what you can offer. Growing horizontally will ensure you have more than one leg to stand on and more than one opportunity for customers to enjoy your brand.

 

2. How are You Shipping or Delivering Your Products?

If you are selling physical or digital items as part of your business, then one of the biggest questions that needs answering is how you are intending to ship them. When you first start out and only have a few orders to process at a time, you can probably handle all this on your own. But as you grow, your customers will expect faster and better shipping. Then there is international shipping to consider as well if you want to expand overseas into Europe.

Finding the best order fulfillment company to suit each of your goals is a must. Red Stag Fulfilment, for example, can be the perfect solution to expand your business across the United States without having to worry about shipping costs or times. They manage your inventory and handle the shipping on both sides of the coast.

Find similar solutions in Europe and it will speed up shipping time and allow you to give your business an international face.

 

3. Who is Your Customer?

Understanding who your customer is and what their values, fears, and struggles are is how you will better connect with them. If you can be the ultimate solution to a problem they have, then you win. Understanding who they are and what they need first is a challenge. Demographic research will need to be done, but don’t just rely on reports. Do your own research for the best results.

 

4. How Will You Stand Out?

You have a lot of competition. That is why the last question you need to be able to answer for yourself before you start your business is how you will personally stand out. Brand imagery, visuals, and services will help your business make its own mark on the world.

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