Business Wise. Financial expert Farnoosh Torabi shares valuable tips that could help you make your first million.
Thinking of starting a business? Before you start building your empire, Farnoosh Torabi, author of You’re So Money: Live Rich Even When You’re Not, urges you to ask yourself these questions:
1. What is my area of expertise? Assess the education and experience you have. Determine if you can use them to attract customers.
2. What is my niche? You must know what it is you can offer that customers will only get from you. It has to be a quality or a product that will set you apart from the competition.
3. Who are my competitors? This doesn’t mean that you should stop at knowing their names. You should take note of what they’re doing right or exceptionally well and learn from them.
4. What are my start-up costs? You have to estimate how much you will be spending to set up your business down to the last cent. In this case, it pays to overestimate rather than underestimate your expenses.
5. What are my goals? Come up with a realistic timetable and determine the milestones you want to see in the coming months. Know your strengths, weaknesses, and possible obstacles.
Bottom line: Even if you think you have enough money, you must not get carried away or you’ll end up with a business that has no staying power. Remember that an empire isn’t built in one day.