Some would-be entrepreneurs look at a displaced business landscape and see trouble. Others see an opportunity: the chance to become owner and CEO of the company they’ve always wanted to start.
If you think that 2021 could be the moment for your dream company to open its doors, these four steps will help you refine your vision and prepare for a successful launch.
1. Reevaluate your business plan.
Your business plan has probably gone through months if not years of revisions. Now, it's time to do a couple more. Examine your new company from every possible angle and answer some important questions, such as:
- How will your company be structured?
- What is your projected cash flow?
- What is your potential market size?
- Who are your ideal customers? How do you plan on marketing to them?
- What problems does your product or service solve?
- Who is your biggest competitor?
- What are your company's values?
- Where do you want your company to be in one year? Three years? Five?