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Darren Wingfield

Darren Wingfield

Commercial Manager

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Does your business have Six Appeal?

Posted on 20/10/20  |  3 Minutes

If you want to explore running a new business, here are six things to think about. They are not the whole story of course. But an hour or three with these six little questions will be sure to increase or reduce the appeal of your potential new chapter.

When you start your new business, you won't know if it's going to work. But you should know how it's going to work.

Six Things.

At the very least, you should have thought about these six things. And if you take the time to write one page of A4 on each of the six, all the better.

These things help you to understand the potential of what you want to do. And this little process is a test of you, too. Because if you can't be bothered addressing these things as thoroughly and as completely as you can. Then maybe running a business is not for you after all. (And hey – you have to do the ones you find hard. As well as the ones you find easy).

1. What's the financial journey?

How does money move from and to your business? From the creation of the product or service right through to the customer payment?

There will be more milestones and phases than you think. And how the cash actually flows can very often catch you out as sales rise. What does all that look like for you?

2. What's the operational journey?

How does the 'machine' of your business actually work. Who does what when? What's the critical path of how all activity fits together? Have a good think about the interdependency of tasks and activities.

3. What does the competitor map look like?

What category are you in? (That means what exactly do you do – clearly and simply). Who else is in the same category? How are they positioned within it? And what is the best position for you to therefore position yourself? What is their trajectory, too?

What other categories are of significance to your new world? (This means, how else can your target customer get the same benefit that you are offering?)

4. Customer avatars.

Who are your customers? Paint a clear picture of between 2 and 4 of them. (You will have different kinds). Describe them both by demographic and mindset (what they’re like – and how they think).

5. Humans.

Who do you need in and around your business that believe what you believe, and who will get on board to help or at least encourage you? People that you trust and that trust you. How long do you need them for? And for how long inside each week or month? What exactly will they do, and do they need any equipment to do it? You may need more humans than you think (writing, photography, financials, critical friend, organisational advice, runner, tech support, PR, people with specialist experience, maybe just someone to talk to).

6. You in 100 words.

I want to know what you do. Who you do it for (segmented). And why you are the only solution to your customer's problems. In 100 compelling, easy to digest, easy to understand and (relatively) hyperbole-free words.

When you start your new business, you won't know if it's going to work. But you should know how it's going to work.

It’s like the blue print for a house. Things you should consider before you lay the first brick. Or even before you buy the first brick, actually.

Now take time to reflect and consider what does where you are going to actually look like? These six questions are a great place to start.