Hope you all are doing great. If you are planning on starting a startup or a business then you are reading the correct article.
I will try to provide you set of questions which you must (I think this will help, though there is no compulsion!) answer.
As you are already aware of number of reasons to start a business, I have written an article about reasons to start a business you can read it here:
Let’s get directly into the topic.
- What is the “Problem” you are trying to solve?
- How did you arrive at the “Problem”?
It is very difficult to identify the problem, once you identify it then solving that problem is not that head breaking job.
There are 4 Types of Problem
- Known, Solution Requires Just ‘ACTION’
- Known, Solution Requires Additional ‘EXPERTISE’
- Known, Solution Requires ‘CREATIVE APPROACH’
- Unknown, Need to be ‘IDENTIFIED’
Q2. Intensity of Problem
- What is the intensity of the Problem?
- If the problem is solved using your solution then how it is going to impact society?
If you define the intensity of a problem then it will give you confidence that if you solve that problem and create a product or services in terms of solution to that problem then you won’t fail.
Q3. Need for solution
- Is there a need for a solution to the problem that you identified?
- If you propose a solution then will it be that important; that people will be ready to pay to buy your solution?
- Did anyone try to solve the problem you just identified?
- How different is your idea compared to them?
- Who are those potential competitors for your solution?
“Competition makes us faster & more innovative”
Q5. Key Features & Benefits
- What are the key features of your solution?
- What are the benefits you are offering with your product?
Q6. SWOT Analysis
Perform SWOT analysis on the solution you are proposing.
Q7. Target audience
- Who are your potential customers?
- What age group people you are targeting by proposing the solution?
You need not focus on the entire universe to be your customers; just make sure you understand the art of need of targeted audience
Q8. Size of market
- What is the realistic size of the market for the solution you are proposing?
- What is the targeted price at which you want to sell your solution or product?
- How to calculate the size of the market?
- How are you going to plan your marketing strategies well?
You can read an article about modern marketing techniques here:
- What is the plan to form a Rock Solid Team for your startup?
- How many employees do you need for bringing up your idea to market?
- Do you need any legal advisors in your team?
- Do you need to look for investment from investors?
Q10. Plan for prototype & Test
- What is the plan to build up the prototype model of your solution/product?
- How much cost, time & efforts will be involved in building your very first prototype?
- What is the plan to test your product in the market with your potential customers?
- Who can be your mentors/guide?
- How do you want to engage with them?
Q12.How to sell the product?
- How do you want to plan your marketing strategy?
- Do you want to launch your product for pre-orders?
- Do you need to collaborate with potential distributors?
- Do you want to sell your product online?
- What it will take to break even in terms of investment?
- How much time is involved in making a business profitable?
Q14. Plans for expansion
Once you start making profit out of your business, what are your plans for expansion of your business?
- What are your plans for after-sales service?
- How much cost, efforts, and manpower will be required for after-sale services?
These are the set of questions which are very practical and you should sit back and think about these. It will help if you can create a document and do barnstorming with your team members or partners.
Did you perform this analysis before and if yes what do you think we should include more in these set of questions? Let me know in the comment section below.
Stay safe and healthy 🙂