Starting a new business? Here's what you must know

Starting a new business? Here's what you must know

Know your product

Understand its features, benefits, and unique selling points thoroughly for effective marketing and development decisions

Understand its features, benefits, and unique selling points thoroughly for effective marketing and development decisions

Reckon your budget

Reckon your budget

Calculate costs accurately, considering production, marketing, and operational expenses to avoid financial surprises later

Calculate costs accurately, considering production, marketing, and operational expenses to avoid financial surprises later

Identify the target audience

Identify the target audience

Define your ideal customers' demographics, preferences, and pain points to tailor your product to their needs

Define your ideal customers' demographics, preferences, and pain points to tailor your product to their needs

Understand the process

Familiarize yourself with the product development lifecycle, from ideation to launch, to manage expectations and timelines

Familiarize yourself with the product development lifecycle, from ideation to launch, to manage expectations and timelines

Analyse the scale

Analyse the scale

Determine if your product is intended for a niche market or mass consumption, adjusting strategies accordingly

Determine if your product is intended for a niche market or mass consumption, adjusting strategies accordingly

Know the legal requirements

Comprehend regulations, patents, and copyrights that apply to your product to prevent legal complications

Comprehend regulations, patents, and copyrights that apply to your product to prevent legal complications

Identify the competition

Research existing rivals and their offerings to differentiate your product effectively in the market

Research existing rivals and their offerings to differentiate your product effectively in the market

Do SWOT analysis

Do SWOT analysis

Evaluate your product's Strengths, Weaknesses, Opportunities, and Threats to create a robust business strategy

Evaluate your product's Strengths, Weaknesses, Opportunities, and Threats to create a robust business strategy

Understand the technology

Understand the technology

Stay updated on relevant technologies and trends that may impact your product's development and competitiveness

Stay updated on relevant technologies and trends that may impact your product's development and competitiveness

Learn about government schemes/ benefits available

Learn about government schemes/ benefits available

Explore potential incentives, grants, or tax breaks that can support your product development and market entry

Explore potential incentives, grants, or tax breaks that can support your product development and market entry

images: Pexels

images: Pexels