Bizzalley's Business Q&A
Bizzalley's Answer-It is not enough to have a great product or service. For your business to stay afloat, you have to actually make sales. That’s why it is very important to discover and define your market before launching your business. Although carrying out market research might prove expensive at first, it saves you a lot of disaster down the road. By doing your homework, you are able to determine so many factors like industry trends, the size, and strength of your market, strength of your competition, the demographic to which you want to tailor your products etc. Once you’ve identified a market for your business, then you can focus on convincing potential buyers that they absolutely need whatever it is you’re selling.
Q)What should I do if my business is failing?
Bizzalley's Answer-The ultimate goal of every business owner is to be successful. However, there will be times where things may not be going as planned. If your business is ever in that place where efforts are not being equally rewarded, giving up should definitely be the last thing on your mind. Your first step should be determining where your major problem lies. Are you marketing your business right? Are your prices too low? Do you know your customers well enough? When you are able to honestly appraise yourself and your business, you should be able to identify your major problem areas. Now go back to the drawing board, take business courses if you have to, invest in aggressive marketing, use social media to your advantage, adjust your pricing and in little or no time your business will be on the rise again.
Q)How much risk is too much?
Bizzalley's Answer-All business breakthroughs are borne out of calculated risks. So if you’re one to avoid all forms of risk, then maybe entrepreneurship is not for you. As a business owner, you will need to put your time, your resources, your reputation and sometimes your relationships on the line for an idea that may or may not be successful. The worst part is, not all of these risks (even the ones that have been carefully calculated) will pay off; do not let this deter you. However, if the consequences are way more than the potential rewards, then that might be a business risk you want to think twice about taking.
Bizzalley's Answer-Before there are products before there are employees, there is capital. For first-time business owners, putting together the resources to begin is not always the easiest thing to do. That’s why you need to explore several financing options that will that drive your business to debt. One of the newest and most popular ways to raise capital is through crowdfunding. With platforms like Kickstarter and Gofundme, you can get people, family, and strangers alike, who believe in your business to pool resources together. There are also the options of venture capitalists, angel investors and business loans.
Q)How can my business surpass its competitors?
Bizzalley's Answer-As unique as you think your product or service is, chances that you’re the only one in that business are slim to none. The challenge at this point becomes making your business stand out so that your customers are never swayed by the ever-expanding competition. As a business owner, you have to understand and capitalize on your strengths. What does your business have that the others don’t? When you figure this out, then you begin to amplify these advantages so that your customers know what they would be missing out on by not choosing your business. You also have to create unfair advantage through pricing, added value, ease of use, etc. This way, you drastically reduce the risk of losing your customers.
Bizzalley's Answer-Yes! It absolutely does. It’s 2018 and people are more interested in businesses that they can find on the internet; not having a website just comes off as unserious. Your website is your best chance to make a strong first impression. With an optimized and informative website, first-time users are able to get an insight into what your business is all about. With the amount of time that people spend on the internet daily, a website is a fastest and easiest way to increase the reach of your business.
Q)How do I protect my ideas from theft?
Bizzalley's Answer-Have you come up with an ingenious idea or product that you’re very protective of? Then you may want to think about protecting that idea. First thing would be to avoid giving out more information than necessary: no one needs to know all the secrets of your business. You should also use non-disclosure agreements with employees and associates. Finally, you could consider applying for a provisional patent or trademarking your business name.
Q)Do I need a license to operate my business?
Bizzalley's Answer-As exciting as starting a business is, the last thing you want is finding out that your business is operating illegally. Depending on the kind of business that you want to start, you may need certain licenses or permits from regulatory bodies. Thankfully, as far as your business meets the requirements, getting a permit should not be difficult or expensive.
Q)Why should I carry out market research?
Bizzalley's Answer-If you’re just starting a new business or introducing a new product into the market, the market research should be number one on your to-do list. In fact, carrying out market research is one of the most important practices in business. The first step in the market research process involves conducting interviews, carrying out surveys, focus groups, etc. When all of this is done, the next step would be the collection and interpretation of data obtained from the previous step. The results of this process will give your business a clear vision of what products will be the most profitable, whether your customers are satisfied by your current product/services or if there are things about your business you need to improve on.
Q)How much of my business should I offer to investors?
Bizzalley's Answer-Investors are one of the most common ways through which businesses are financed. As a new business owner, you may be wondering how much of your business should go to your investors in exchange for their resources. While there is no specific number, there are a few things you might want to consider before making this decision. First, what is the size and duration of your investor’s contribution? The larger the investment, the greater the percentage of your business they are entitled to. Also, do these investors seem like people you would want in the decision-making process of your business in the long run? Once you are able to answer these questions, you might be able to decide on the percentage of your business that you’re willing to part with.
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