5 questions you need to answer before you launch that business idea
We’ve heard countless times, that there’s never a perfect time to put a business idea into action. While it could be good idea to just get started and polish things up as you go along, it’s always helpful to know where and how to start.
We’ve all got ideas that we’ve been toying with for ages, but before you leap right into implementing said idea, a little clarity on how to proceed is always a good thing. If you’ve finally decided to ‘just do it’, this 5-question checklist will serve as a handy guide.
It’s by no means exhaustive, but it’ll help you put things in perspective and identify a starting point. For illustrative purposes, I’ll be working with an idea for a meal delivery service:
Describe your product/service in 10 words or less
healthy, delicious, affordable meals for busy people.
Who are your target clients?
Fitfam adherents who:
- Live/work on the Lagos mainland (Ikeja, Yaba and Surulere specifically)
- are between 20-35
- consider themselves cool and keep up with trends on social media (since this will be my main marketing channel)
- don’t want to spend a lot on food, especially at work.
What problem are you solving for them?
- There aren’t too many healthy meal delivery services available in these locations, and the existing options are either expensive and/or lack variety. My meal delivery service will be affordable, healthy, and have a variety of delicious options.
What existing products or services do your target clients use to solve this problem currently (identify the top 5)?
- vegan foods inc
- flab2fit meals
-cooking their own meals
-fast food outlets
What advantage does your product/service have over the existing solutions above?
Vegan foods inc — not enough variety. People find the options boring and tasteless. Not everyone is vegan
Prepp2fit - expensive, cooking still required. These people don’t have the time, or simply don’t want to cook
flab2fit meals - Not everyone wants a subscription based meal plan. It's expensive to pay upfront and limits you, because then, even if you don't eat the meals, you're still charged for it.
Cooking their own meals - these people are super-busy and Lagos living means that waking up early to prep meals can be inconvenient and stressful. My solution will be slightly cheaper than cooking your own meals!
Fast food outlets - easily accessible, but poor quality, mostly unhealthy meal options
What do I need to start? How much money?
A kitchen, utensils, groceries, power supply, delivery service provider (or my own car?), freezer. I'll operate from my own kitchen for now.
While it’s common knowledge that starting and running a business is an adventure filled with ups and downs, having a roadmap to work with makes things much less chaotic!