3 Key W’s You Need Before Starting a Business

You’ve always dreamed of starting your own business, but you have no idea where to start — well with these three key ingredients below you will start to build the foundation to your business and the next steps will fall into place.

1. WHAT  is your product or service?

We’ll tackle the easiest of the three W’s first. What is your business? Is it a service or product and what specifically are you going to offer? What aesthetic, look, and feel are you going for?

2. WHO is your product or service for?

When you imagine your business, who is the person you imagine using it? Get out your 5-year old imagination and think about their background, what they do on a daily basis and what are their likes and dislikes? What do they most need in their life or what are they missing? Don’t worry, it can be multiple scenarios and a broad range of imaginary people as well, just be prepared to dig deeper into the next final W.

2. WHY this particular product or service?

This is where most entrepreneurs struggle to develop or think further before jumping in and starting their business. I get it, it can be daunting, but when you really think about it, it’s pretty simple. Ask yourself, why did you start your business to begin with? What was it that inspired you? Then dig deeper. Why does your “who” need your product or service? (What missing area is your product or service filling in the market?) Why should customers use your product or service over other competitors?

You may be thinking that you are getting way ahead of yourself, but aligning on this earlier will help developing and introducing your brand to the market much smoother.

Do you have your 3 W’s figured out, but still stuck on where to go next?
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