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  • Lisa L'Heureux

Starting A New Business 2

In addition to our first post, this article emphatically cautions against starting a new business without first consulting your friends, family and the general public around you. Do your market research first while you build a viable business plan.

One thing that is generally lacking in MLM and some home based and small businesses is this market research. Ask friends and family if they will buy the product or use the service of the new business. While they are friends and family, one does not want to be sending them links to products they are not interested in, or pushing services that nobody wants.

When building a viable business plan, research what the competition is doing, see what the new business can do in order to be a contender in the marketplace. How big is the new business going to be? Who are the customers or clients? Where will the business be located? What will the revenues be?

Take into consideration the first and foremost customers and stakeholders because they are the bread and butter of the business. These people might very well be friends and family. Do not send them affiliate links and clutter their inbox with promotional information they do not want. The way to find out what they do want is to ask them before starting out if the business is something they will be spending money with regularity in the future.

Run a new business idea by others. Photo by Wix

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