- Do you need to create the product in advance or on an on-order basis?
- If in advance, do you have a place to store the product once it is designed?
- If per order, do you have enough time to devote to the manufacturing of the product if you obtain a large order at one time?
- Where will you purchase the materials needed to create your product?
- Who will produce your product? Can it be done at home, or will it have to be sent to another company; and if the latter, have you spoken to a variety of companies for an idea of cost and time?
- If you will produce the order at home, do you have the necessary space and equipment to do so?
- How much is needed to invest up front for manufacturing costs?
- Do you have this money saved?
- Where will you sell the item(s)?
- Who are your competitors –- local and global?
- Are you comfortable selling products?
- Where will you perform the service: in the home, on the road, or at another location?
- If at home, do you have the appropriate space?
- If on the road, such as one might with a traveling spa, pet grooming, or personal trainer business, do you have reliable transportation and the equipment needed to go from one location to the next?
- Do you have the equipment needed to perform the service? This might include equipment specific to the business, such as hair styling tools, as well as equipment needed to operate a company, like a computer, fax machine, and separate phone line.
- If not, do you have money set aside to purchase the equipment?
- Will you price per hour or per project?
- Do you know what competitors charge for similar services?
- Who are your competitors?
- Many service providers have to work ‘off’ hours, such as nights and weekends. Is this okay?
By : Kathy Murdock