1) What Is The Business?
Is it a product/service that you are offering, what will the business be called? How will the business work?
2) How will the business make money?
Are you going to make money from a product/service or advertising?
3) Who is your website for? Who is your product/service aimed at? Where can you source your customers/users? What is your markets age range? What does your market want/need?
Who are you marketing your business to? Find out as much information and profile the ideal consumer for your business, so you know exactly who to market to.
4) How will people discover your website?
How will you get your product in front of them. Hint: It can’t be “word of mouth”. You have to do something to get word of mouth. It is a result of your marketing and product.
5) Do you have any competitors that are doing the same or similar? How can you be different to them?
You have competitors, that’s just life. Even Facebook had mySpace. And before mySpace, there was Friendster. So if you can’t find 2 other similar businesses, you’re not researching hard enough. Break down every piece of their product or service, then talk about how yours is different.
6) What Costs Will The Business Have Per Month?
Think anything that you will need to pay for the business to run- web hosting, flyers, etc.
7) Are there any start-up or overhead costs that should be taken into account?
What are the costs to get the business started? Think designs up front, business cards, tools, etc.
8) What cost will you be offering the product/service for?
– If you have a product, how much are you selling each one for? If you have a service, how much will you charge for your service? Factor in profit for each.
9) How will the business do in its first year?
A good guess. It won’t be right but factor in times of the season where certain products would sell more or less.
10) Are you going to be working with anyone else? co-founders/partners/shareholders/volunteers/staff?
Do you have plans to involve anyone else in the business? What will their role be? Will they have a share in the business?
11) Will you run any promotions to generate interest?
Do you have any additional costs for running promotions to generate interest in your business?
12) Will you run an advertising/social media campaign? How will it work? What will be involved?
How are you going to let people know about your new business? Will you publish press releases? Or run advertising/social media campaigns?
13) How will you keep customers coming back to your product/service?
Repeat customers are very important, if people are happy with our service we want to make them feel like they can come back and that their needs/interests are met.