Progress Notes Issue 39: Is YOUR business idea good enough?
NP Business Tip: Is Your Business Idea Good Enough? You finally have an idea for your business. But how do you know if it's one that is do-able? How can you decide if it has a chance to succeed. Here are some questions you need to ask yourself.
- What exactly is your business idea?
- Is the model, ie business system, one that suits you best? If you are looking at a practice, will it be a solo practice or group practice? Will you be open 6 days a week or perhaps just 4? What about your hours? If you are a night owl, you may want your practice open only in the late afternoon and evenings and be closed for early morning visits.
- What is different about your idea? How are you different from the practice across town or down the street?
- How big is your market and how big will it grow? For example, if you are opening a skin care practice, how potential ideal clients will be you be able to market to? And will be able to pay for your services?
- What will your role in the business be? Think about this carefully, and consider reading the E-Myth for more on this question.
- Who is on your team? Who needs to be on your team?
- How will your clients pay for your services? How much will you charge? In a practice that accepts insurances, the prices are often dictated by the insurance companies.
- What kind of revenue do you need and how much of that will be yours to take home?
- Where will you get your startup money?
- What benchmarks will you set to measure your success? How will you define your success and how will you measure how successful you are? While many of us think of profit as being the successful measure, many of us consider family time, vacation time or, job satisfaction to be a measure of success.
- How will you know if you are on track? What are your key milestones?
Starting a business is a huge undertaking, and is not for everyone. It's imperative that you take a good look at yourself and your ideas before you plunge head first into the wonderful world of entrepreneurship.NPBO™ Action Step: Write down your answers to the questions above. Discuss them with other NP entrepreneurs. Get their feedback, listen to their ideas. It's always good to try and view it from a different perspective.
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