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Important questions when you should start your own company

Did you know that most of what is written about marketing is targeted to large companies with vast resources? They make great plans and marketing tend to be about how many full-page ads in national newspapers and how many ad spots they should have and on which major TV networks.

The awful thing is that this thinking has fallen straight down into the heads of many advisers to small businesses as well. They line up pretty Excel documents that you should complete the ”estimated sales in year 1”and other babble that is meaningless for most small businesses. All you need to do is to find a customer who wants to buy what you have to sell. The easiest way to stop taking the form road to entrepreneurship is to ask yourself these simple questions:

1. Would you buy what you sell? Honestly. You must answer a resounding YES to this question.

2. Are there others who will buy what you are going to sell? You can't guess. You need to ask people if they would appreciate a company like yours to buy from.

3. Who sells your products today (or something similar to what you will sell)?

4. Where are the products that you want to sell sold today?
Take a trip and see how they do it, even if it's in another country. If they are successful, you can succeed too if you do the same.

5. Are you alone on the market? Being all alone on a market can mean that there is actually no market. Few things are so new that they can revolutionize and open up new markets. If no one is selling it today, it’s probably something to worry about.

6. How do your competitors do? Buy from them and follow the process to learn what they do well and what you can do better.

7. Have you asked someone you don't know what they think about your business idea? If not - do it. It also gives you an opportunity to practice how to give customers your best argument to become your customers.

8. Does it feel right? You will have to be able to stand up for your ideas and products, setting up a company. Analyze the idea again. And watch out carefully for that uncritical person that usually pops up when you want something so much that you can't hear the alarm bells.

Once you have satisfactory answers to these questions, you have done a fantastic job for your new business.

About the author

Stefan Ekberg has worked in marketing for small business for 20 years and has written around 30 books on how small business owners can market themselves with limited resources. . In 2012 Stefan was nominated as Entrepreneur of the Year in Stockholm.

230 000 prescribes to his free newsletter "The 5 minute marketer"
Every week some 230,000 prescribers gets his free newsletter about 5 minute marketing.

"The 5 minute marketer" - the book
You run a small business and you want to get ahead of the competition, but how can you give resources to marketing when you're short on time and the budget is tight? The solution is here! The 5-Minute Marketer is packed with 395 tried-and-tested ways to market your business in 5 minutes or less.