BUSINESS CONCEPT 

An effective business concept helps you provide an outline of ideas regarding your potential business. 

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First things first! Grab a notebook or open a memo page on your computer. From the very beginning, organization will be absolutely crucial to success with any business!

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If you don’t have a firm idea of what your business will entail, ask yourself the following questions:

• What do you love to do?

• What do you hate to do?

• What are you good at?

• What’s something you’ve always wanted to do, but lacked resources for?

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Asking yourself questions such as these can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.

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These 5 steps below will help you prepare a Business Concept. 

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1. Provide a description of your product or service.

2. Research who your nearby competitors and how many there are. 

3. Is there a demand or need for your business.

4. Decide how your business will be unique from what's currently out there. 

5. Outline a realistic timeline of opening/taking it to market. 

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Business concepts are important because they provide a summary the most critical parts of the larger business plan which is needed when attempting to attract investors, funding, business partners and customers.

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A well-constructed business concept demonstrates that you've put constructive thought into all aspects of your business.

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Below we have provided you with a Printable Business Concept Page for your business!

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