What do you have to offer potential customers or clients? Try to define the need you have observed and how you could fill it. What type of need is it – a basic need or a perceived consumer preference? Maybe the product or service you plan to offer doesn’t necessarily fill a need, but it could be something customers or clients want, and are willing to pay for.
What is my market?
Your market could be defined based on the product or service you intend to provide. Or you may look at it the other way around and develop a product or service for a specific market. Are you thinking about a niche market? If your product is something new and unique, you can identify yourself as the first to offer this product. Or you might be offering an improved or modified version of a product or service, that more closely meets customers’ needs and expectations. Sometimes you can group products or services together, to provide a more complete "package" that gives customers or clients more personalized service.
Who are my competitors?
In what arena will you be competing – local, regional, national, or global? How big are your competitors – small, medium, or large-sized companies? How long have they been in business? What is their market share? How difficult is it to break into the market? You should keep in mind that in a globalized world, you may not know who your competitors are, and they may move in and out of the market rapidly.
What is my competitive advantage?
The important thing to think about here is what makes your product or service stand out from the rest. Your may be offering something extra in terms of service or personalized attention. You may have an advantage in terms of cost efficiency or more direct access to a market. These considerations will come to play an important role in your marketing strategy.
Getting down to specifics
Once you have thought about these initial questions, you will have already started thinking more in terms of strategy and implementation. Your idea should be taking shape in terms of an actual business endeavor. Now you can start asking yourself more specific questions about how to get your business up and running.