Does your business formula take you back to what you wanted to achieve in the first place?
What to do next
Test the formula by asking questions such as these:
• Competition. Have you chosen a niche where you have little or no competition, or where you can dominate the competition?
• New Entrants. What can you do to stop new entrants to the market competing against you? Can you erect barriers to entry through intellectual property or superior branding?
• Profitability. Is the chosen market segment sufficiently lucrative to give you the income you need?
• Partnerships. To what extent will you be dependent on partners, employees, associates etc?
• Does this fit with your ideal business?
• Is the formula consistent with your creative passion?
• Are you playing your characteristics in ways which mean they are strengths, by matching them with the right customers and products or services?
• Is the formula consistent with your values?
• Are you making the most of your creative skills?
• Does your formula take advantage of external opportunities?
List other questions you still have to answer, or any issues that you still need to resolve, before you can devise a business formula which will result in the success you want to achieve.
It is vital that you are happy with your Unique Business Formula and that it is in harmony with your objectives before devising a more detailed business strategy.
Use the four-stage process again and again until you can find a formula that is right for you.