Before starting your own business, it’s important to take some time and reflect on what needs to be done to get a successful business off the ground. The planning stage is crucial, and will set the stage for how efficiently your company operates. In school, teachers often talk about the ‘Five Ws’ as a tool for information gathering, brainstorming and planning. If the planning of your business is still in its infancy, finding your ‘Five Ws’ can be a good way to understand the basics of how your business will operate.
Write down answers to the following questions. This will help you to formulate and conceptualize the foundations of your business.
Who is your target market? Knowing who your products are aimed towards can help you focus your business.
What are you selling? It is important to understand the details of the products you will market. What are you doing to distinguish your product from the competition?
Where will your business operate? For many companies, location is critical, and can make or break a business.
When do you plan to start? Creating deadlines and dates is crucial to keeping yourself on track. Don’t procrastinate!
Why do you want to start your own business? There are challenges associated with entrepreneurship and even a great business started for the wrong reasons might not be successful.
If you are thinking about starting your own company, answering these kinds of questions can be an excellent starting point. Once answered, they provide a framework for your business plan, and eventually, the business itself.
For some people, answering the ‘Five Ws’ can be a fairly easy process but determining “how” to start a business can be overwhelming and challenging. That is where the Halton Small Business Centre comes in. Our mandate is to provide guidance and advice for new entrepreneurs and it is our driving goal to help you succeed. If you have any questions about starting a business, or about how we can help, then contact us, and we can work through your challenges together.
Halton Small Business Centre
Phone: 905-825-6000 ext. 7900