8 Essential Questions To Consider Before You Launch Your Business
My TRES Method To Perfecting Your Business Before The Big Launch
Whether you are planning a product-based or service-based business, it is essential for you to keep well organized and informed about both yourself and your market.
The questions below will help you prepare for the launch of your business, make the pitch, and get the funding going.
When answered honestly, it will help you, the entrepreneur to get a headstart among the competition because you have taken the time to research your idea.
Throughout the piece, I will drawback on my own example of the business I am planning to run. I am preparing to launch a holistic wellness business that features handmade wellness products in Finland. This will help demonstrate what to look for in the eight elements discussed.
Strengths & Skills
- What would be your strengths in being an entrepreneur?
- How do you show those skills as an entrepreneur?
Take a deep look at yourself and define the skills you already have that make you a good entrepreneur. Are you good at multi-tasking, a productive team member, or a great writer, for example?
If you do not know where to start, I highly advise you to take an online free entrepreneur quiz that will help you to find your strengths as an entrepreneur. It is not 100% accurate, but it's a great starting point, and many have found this tool useful when starting out.
Below are two good examples you can use to take the quiz:
Another great quiz is one developed by BBC, along with the help of Brian Morgan who is the professor of entrepreneurship at Cardiff Metropolitan University.
You can find the link below:
If you get the chance to take any of these two quizzes, I’d love to hear about your results in the comment section below. How accurate was the test?
Think about the skills that you have. These include interaction skills, mathematical skills, computer skills, and professional skills. All these can be utilized for your business.
As promised, I will give you an example of my answer: (Feel free to skip this part and head to the second element)
I am an efficient multi-tasker. Multitasking helps me to become more productive and perform several tasks associated with my home and work life. Multitasking helps me save time and create a balance between home and work.
One of my other strengths is that I am great at using and utilizing digital technology. This allows me to save both time and money in designing my own website and promoting my content to the right target audience.
My digital skills allow me to save both time and money in designing my own website and promoting my content to the right target audience.
Room For Improvement
- What skills would you need to improve?
- What are your weaknesses?
- How can you improve on them?
Now that you got a boost of confidence by highlighting your strengths, take a close look at your weaknesses. The key here is not to take it personally but more so identify your weak points and make a plan to improve them.
I would need to improve my interaction skills as that is usually a weakness that I have. I do not enjoy face-to-face interaction as I always find ways to work behind the scenes in digital-related tasks.
However, interaction skills are crucial to becoming a confident and skilled entrepreneur and succeeding in promoting your product.
Connecting with more people will help improve my interaction and interpersonal skills.
Generate Business Ideas
- What existing businesses already operate in your chosen field?
- Who are their customers?
Let's move to your competitors and try to understand them so we can know how to stand out and excel. Make a google search for your local competitors and observe their social media profiles so you can understand who their customers are.
Look at their customers, their ages, location, and hobbies. This will give you an idea of who your ideal customer is. The next step is to make a customer persona that will bring your research into a paper.
An example of this can be found here:
In my case, my answer would be that a few successful existing businesses currently exist such as Flow and HelsinkiWildFoods.
Their customers are vegan, environmentally friendly local customers who enjoy incorporating natural foods and supplements into their daily wellness routine.
Business Opportunities & Ideas
- What are the business opportunities in your chosen field?
- What are the new and innovative business ideas or opportunities that could be found in the market?
Whatever field you choose, there are business opportunities and side hustles you can undertake besides the traditional direct selling. We live in a modern age of technology where multiple opportunities open the doors for expanding your business. The key here is to think outside the box.
Take advantage of the eCommerce platforms and tools and incorporate them into your business.
Are you able to create a blog that is linked to your brand, yet offers valuable information in your niche and attracts future clients?
You could possibly create videos that you can market on both your blog and youtube, which create extra exposure and revenue streams through AdSense, affiliate marketing, and brand deals.
My answer is as follows:
In the field of holistic wellness, different business opportunities such as consulting, blogging, and product creation arise. In addition, creating educational workshops for the public, which connect to the brand and its ethics is something I am looking forward to incorporating.
One of the innovative business ideas is the creation of local greenhouses that are available for the public to purchase and invest in that allow them to grow their own herbs throughout the year.
This not only creates a viable business but also opportunities for the general public to source the herbs and make businesses from their investment such as selling the herbs they grow or using the herbs to further develop other products such as infused oils and soaps, creating a new market and demand.
On A Final Note :
Here is a brief summary of the article, which I call the TRES method.
Remember to Tune, Research, Expand and Scale.
I hope this article has helped you better understand, through my own example, what you need to do before officially launching your business.
About The Author
Noor is a second-year business student at Tredu. She is also studying for Diploma of International Smart Industry at Tampere University. She is passionate about marketing and content creation. She recently launched her YouTube channel specializing in holistic healing.