Ordinarily, the business world is characterized by uncertainty. Things can go wrong at any point in time. That is why every entrepreneur or business owner is a risk-taker. However, starting a business is even riskier during uncertain times. When the economy is unpredictable, you can’t forecast the outcome of your idea. In this article, I will share with you important questions to ask before starting a business in uncertain times.
One thing is sure – If you have a novel and viable business idea, a shaky economy can’t hinder it from growing.
But you need the right information to create the best strategy to launch your idea during uncertain times. And to get this information, you need to ask the right questions about the state of things and the niche’s viability. Otherwise, your amazing business idea may not see the light of the day.
Read Also ===> 4 Financial Mistakes Entrepreneurs Should Avoid
So, here are some important questions to ask before starting a business in uncertain times;
7 Important Questions to Ask Before Starting a Business in Uncertain Times
#1. What True Value Am I Bringing?
One of the most important questions to ask before starting a business in uncertain times is whether you are bringing great value to the market.
One thing about uncertain times is that it gives opportunities for some of the most innovative business ideas.
So, before starting your business, always ask yourself the question “What value am I bringing to the market?”
It’s important to analyze your business idea and see how it offers real value. Carry out marketing intelligence to see what your competitors are doing and come up with something different.
For instance, you can build your business model around fast delivery, better quality, and increase convenience. Also, try to prioritize customer services, offer planned discounts, and any other activity that would give your customers massive value for their money.
#2. What Makes My Business Standout
It’s important to remember that several people are already doing that business you are about to start. Once you accept this reality, you can easily come up with a strategy that can make you stand out.
Again, you need to carry out extensive marketing intelligence and study your competitor’s business model.
Once you have a glimpse of what they are doing, you can come up with a strategy to do something better.
It starts with the email and proposal you send to your customers. Try not to sound ‘salesy’ in your proposals and email; otherwise, you won’t get the expected result.
Rather, show and tell your potential customers how your company can help them overcome their greatest fears.
If you can understand and harness this psychology, it will be easier to make your business stand out in your niche.
#3. Do We Have Enough Capital?
This is one of the most important questions to ask before starting a business in uncertain times. Unfortunately, your amazing and promising business may not survive in the long run without capital.
Capital is the lifeblood of your business. And if you don’t have it, your business won’t have an arsenal to defend itself against failure.
So, it’s important to think of how you can get enough funds that you can use to withstand unforeseen rough patches in business.
Additionally, you need to have enough money to pay your bills if the business doesn’t grow as expected. You see, you should provide a convincing answer to this question before you move ahead to starting any business in uncertain times.
Remember, the business world is not certain. And it’s more risky and unpredictable during uncertain times.
So, the business may not grow as fast as you predicted. In such a situation, your capital will help the business stay afloat until it attains a level of stability.
#4. Is My Product or Service Truly Needed?
This is one of the most specific questions to ask before starting a business in uncertain times. You don’t just start a business for the fun of it, or because you think the idea is amazing.
Well, before you take the necessary steps to start any business, ask yourself “if your product or service is truly needed”?
How does your product or service appeal to your potential customers? Do they see it as a nice-to-have solution or an absolute necessity?
Once your product or service promises great value and benefits for your clients, they will always find a way to buy it. Even uncertain times, can’t discourage your potential clients from patronizing your business.
#5. What Problem Am I Solving?
“What problem am I solving”, Is one of the questions to ask before starting a business in uncertain times. Like I mentioned earlier, times of crisis and uncertainty always provide good business opportunities for smart entrepreneurs.
However, you have to analyze the opportunity from a problem-solving perspective. Otherwise, your business won’t stand out. Ensure that your business has a social purpose and must provide solutions to your target audience.
#6. Am I Passionate About Solving This Problem?
It’s not about knowing the problem your business is solving. But understanding how this problem keeps your audience awake all night and your passion to solve this problem is what makes the difference.
You don’t start a business just because you want to be an entrepreneur. Your business model should not only demonstrate your expertise but also focus on your customers.
If your business is built around your expertise and focus on your customers, it will naturally attract people who are really in need of your products or services.
#7. Is This Business Idea Sustainable?
The sustainability of your business idea is one of the questions to ask before starting a business in uncertain times. This question will help you know if there’s a clear demand for your product or services.
Once you are certain that the business idea is sustainable, the next step is to create a detailed business plan that points out your strategies and long-term goals.
Again, you should have a backup plan that will help you to strategize your business when it becomes necessary.