Now that we have done our homework, it is time to make some big decisions. Based on the market research, is it worthwhile to continue on the path, or would it be better to scrap it and start over? Does the business plan need modifications?
Some recent statistics are that 9 out of 10 start-ups fail. Why is this? Part in fact because the business has no market. Also, the business plan may be flawed. By taking the time to do proper market research, asking the difficult questions, will make it easier to know what is a good business for our marketplace today.
Now that we know if our business is viable it is time to work out a strategy on moving forward. Steps ahead will involve naming, branding, public relations and finances, to name a few, which we will begin to look at in greater detail next time.
Working On Business Strategy. Photo By Wix.