Evaluating A Business

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Evaluating a Business By: Brian Tracy
The best time to conduct market research is in advance. Here are some key ideas to help you make the right choice before investing in a product, a service, or a business. One of the best ways to build a business is to start out on a bootstrap basis. This means starting with very little money and growing the business using the funds earned from it, rather than relying on external financing, borrowing, or loans from friends, etc.

Ask the Right Questions
The first step is to research all competitors of the product or service in question and ask yourself: “Why would someone choose to buy from me?” If there’s already a similar product or service available on the market, why would anyone give up a product or service they’re already familiar with for one they know nothing about? Is your product or service better, or is your approach cheaper or of higher quality? And can you convince enough customers of this to keep your business going?