What do you do if you're unsure about the key factors to consider when starting a new business?

In my experience , when launching a product or any service . It's important to understand the TAM ( Total addressable market), SAM ( serviceable accessible market), SOM (serviceable obtainable market). Once entrepreneur get's clarity on the above through market research. He should proceed further with his business plan and strategy.

Conduct thorough market research to understand your target audience, competition, and the demand for your product or service. Use surveys, focus groups, and industry data to gather insights that can help refine your business concept and strategies.

When starting a new business, prioritize market research, target audience analysis, and feasibility studies. Define clear objectives, assess competition, and identify unique value propositions. Develop a comprehensive business plan, seek expert advice, and build a strong support network. Consider financial projections, legal requirements, and scalability. Remain adaptable to market dynamics and continuously iterate based on feedback.

See your organization as a system with several components: sales, marketing, product/service, admin/operations, etc. If you create a living document, whether in Word files or in a knowledge management system like Notion, you're able to jot your notes down in each component's document. Also, it's not only about the business plan, it's also about your skill development plan. How will you become better at sales, social media, writing, speaking? Keep track of that as well.

Develop a comprehensive business plan that outlines your business goals, strategies, and processes. This document should include market analysis, operational structure, marketing strategies, and financial projections. A well-crafted business plan is crucial for guiding your startup's direction and attracting investors.

Decide on the appropriate legal structure for your business (e.g., sole proprietorship, partnership, corporation, LLC). Each type has its implications for liability, tax obligations, and operational flexibility. Consulting with a legal expert can help you make the best choice based on your circumstances.

Set up a robust financial management system. This includes budgeting, financial forecasting, cash flow management, and setting up proper accounting practices. Consider hiring a professional accountant or using reliable accounting software to keep your finances in order.

Create a strong brand identity that reflects your business values and appeals to your target audience. This involves choosing a business name, designing a logo, and developing a consistent branding strategy across all your marketing materials and channels.

One excellent way to find valuable information as a prospective entrepreneur is seeking guidance from your local Chamber of Commerce. If you live in a small community, connecting with a larger Chamber of Commerce within driving distance may be helpful, as well as signing up for any Chamber of Commerce newsletters, and following them on social media. It is common for Chambers of Commerce to host affordable educational events for new businesses. Topics may include the legalities of creating your own business, developing a marketing plan, and understanding small business finance. These events can also provide excellent networking opportunities with other small business owners and entrepreneurs in your desired service area.

Build a support network that includes mentors, advisors, and other entrepreneurs. Join local business groups, participate in relevant forums online, and attend industry conferences to connect with people who can provide guidance and support as you start your business.

Don’t underestimate the importance of a good marketing strategy to make your business visible to potential customers. Also, be prepared for scalability from the start—plan not just for the launch but also for the growth phases of your business. Additionally, consider the impact of technology on your business sector and integrate appropriate tech solutions to enhance your operations and customer experiences.