By: Donna Jo
Demand
When you are running a startup, you must look at what the demand is for the goods and services that you provide. Keeping up on the market for your services will allow you to hone your services and make the best business decisions. If there is little to no demand for your services, you are going to have to change the way that you approach things.
Availability
How available is the good or service that you are providing to people? This will determine many things, such as the amount of demand for your good or service and how much it is worth. Are your goods and services unavailable because other entrepreneurs are unable to attain them for whatever reason? Is your good or service something that people just aren’t providing?
What Others Say
As you run an online startup, you should listen to what other people have to say about your business. Talk to friends, family members, acquaintances and even strangers about your startup and see what they have to say. Don’t just listen to their words—look at their faces and body movements. This is because of the fact that some people may lie to you and say that they think that you are on the right track, even if they don’t, to be nice. Different individuals look at subjects from different angles, which is why you should consult others about your startup.
What You Say And Think
It is also important to take note of how you feel and what you say and think. You emotions and gut feelings can clue you in on the truth of what is going on with your startup. More conscious, logical, straightforward thoughts about things can guide you with your endeavor.
Costs
Look closely into costs of running your startup and where things are going, financially. Are the costs worth it when you weigh out your priorities, profits and levels of satisfaction? How much money are you putting into your startup, and how much are you getting out of it?
What Problem Are You Trying Solve?
Do not think in terms of what you can sell—think in terms of what problem you can solve. The problem that you have to solve is the thing that determines which good or service you should be providing to customers. Whether or not your product solves a relevant problem is the answer to whether or not your business has a chance of being successful. For example, if you are trying to solve the problem of home security, you may want to sell advanced wireless security cameras.
Legal Requirements
Look into the legal requirements for operating an online startup. There may be general requirements for running such a business. If you want to officially register your business, you are going to want to look into the laws that concern this. Legal requirements may also be in place for selling specific items that have restrictions on them. For example, if you are a plant seller you may want to look into whether there are any localities where your plants can’t be shipped to. Depending on your country, state, province, county or local municipality, there may be laws regarding starting a business.
Opportunities To Speak
Look for opportunities to speak about your business to other people. It is important that other people hear about your business so that they can become either potential customers or potential investors. Even if the people who hear about your business will never have anything to do with it, they may recommend your goods and services to their loved ones and acquaintances.