Who Wants What You Have?
One immediate set of questions comes to mind when consulting with prospective business owners and a well-thought out, complete answer to these questions indicates a high likelihood of success. The owner must identify and describe the customer and provide an answer as to why those customers will buy from the business owner. The more specific the answer, the greater the chance for success. Another question requires that the prospective owner provide a reason as to why the customer will buy their product and is the product truly needed.
As a self-check, an owner can determine if a need was identified based on personal experience or even if an established business already meets the need. Discussions of business plans, accountants, inventory, employees are meaningless time wasters if these questions go unanswered or are not completely addressed. As individuals, or groups of individuals starting businesses, many sleepless nights or empty bank accounts can be avoided by identifying customers beforehand and gaining assurance that the customers will pay at the expected price to ensure the new company’s existence.