These Are All The Questions You Need To Ask Yourself Before Launching Your Business

I highly encourage you to be an entrepreneur. Yes, it’s extraordinarily difficult, but it’s such a rewarding path and there’s nothing like working for yourself.

You just can’t have your own business though without an idea, am I right?

A crucial part of ensuring your business will be successful in the first place is taking your idea and then validating it before you decide to launch. It might seem overwhelming to do this but don’t worry, we’re going to go over the key questions together that every female entrepreneur needs to ask herself about her idea before launch. Let’s get straight to it!

Your Value Proposition

You first need to figure out your value proposition, while checking the scalability of your product or service that you’re planning on offering.

If you pick something too specific that only will apply or be attractive to a small amount of people, it’s probably not worth pursuing. On the flip side to that, if it’s a market that’s heavily flooded and highly competitive, it also might not be worth pursuing.

Ask yourself this:

Does my idea solve a problem or provide a solution to problems that other people have? Does my idea add value to a person’s life? Through solving this problem or adding value, will I be able to reach a wide group of people, or is this a really narrow and niche market?

Check Your Competition

You need to explore and understand exactly who your competitors are before entering a market. It’s pretty much impossible to enter an existing market, with the exact same service or product that your competitors have, if you’re not going to offer some kind of added value to consumers.

Ask yourself this:

Who are my biggest competitors with my idea? Are they successful? How can I do things significantly better or different than them? What makes my product or service superior to theirs?

You Need To Love What You Do

My Mom always said, “Love what you do and the money will come.” Oooh, is she ever right, especially when it comes down to business.

Ask yourself this:

Is my idea something I love and can get behind? If not, skip it. You cannot build a business on something you are not absolutely passionate about because that’s what’s going to keep you pushing forward when things get tough (and they will, trust me).

Time Is Money

A business will take up a lot of your time. It will take up a lot of your life. It’s like having children, or getting married; it’s a serious commitment that you just can’t take lightly and it frequently requires you to sacrifice chunks of your time and aspects of your life.

Ask yourself this:

Am I ok with spending my life and time on my idea? Am I ok with giving up my free time?

Consider The Costs

Start up costs are a real thing. Yes, there are ways to do things lean, but you need to stop and consider the costs.

Ask yourself this:

What are the exact costs to launch my idea into a business? Can I then fund my business with my own money or will I need funding?

Speed To Market

Speed to market is important, because if you wait to long to get something going, it very well might not be a viable business option anymore. You need to know how fast you can get there before you start your journey.

Ask yourself this:

How quickly can I get my product or service up and running into an actual business? Will it take a month, six months, six years?

Testing, 1, 2

Testing your product or service before you launch is another vital step in your process, because you might think it’s fabulous but you might learn that nobody else shares that sentiment.

If you get out there and have already invested your entire life savings in a product, only to find that it’s not well received or you now have a ton of fires you need to put out, this can break your business.

You don’t have to go crazy and spend tons of money seeking feedback; ask your family and your friends for feedback, but make sure they fit your intended target market. I’m sure anyone who loves you and wants you to succeed will help.

Ask yourself this:

Are my friends and family giving me feedback that is predominantly positive on my idea? What are the problems with my product or service? How can I improve my product or service?

In the United States alone, there are over 11.6 million female owned businesses, according to the National Association of Women Business Owners. Now that you have your key questions out of the way, get out there!

Bre is a female millennial go getter residing in New York. One part entrepreneur, one part geek, she obtained her degree in Textile/Surface Design from The Fashion Institute of Technology.

She has held some exciting roles in both fashion as a designer working for brands like Victoria’s Secret and Henri Bendel, as well as in ad tech working for publishers like Ziff Davis.

Today she operates her own luxury label Bre Avery, and is also the Chief Chick at Chipchick.com which reaches millions of women each month.

Bre is passionate about keeping women informed of the latest technology trends and products to improve their lifestyle and believes in providing real, useful information and advice to her readers.