If you are thinking of starting a business, then know this: every successful business is built on a solid foundation of information and understanding. By working through this simple list of 5Ws plus one H, you’ll be able to create a sturdy base from which to grow your business.

So, have you thought of the following?

Why: Your Purpose

• Define your mission: What is the core purpose of your business? Why do you exist?
• Identify your values: What principles guide your business decisions and interactions?
• Articulate your vision: What is your long-term goal for your business?

What: The Problem You Solve

• Identify your target market: Who are you trying to serve?
• Define the problem: What specific pain point or need do you address?
• Articulate your solution: How does your product or service solve this problem?

Who: Your Customer Profile

• Create buyer personas: Develop detailed profiles of your ideal customers. Use parameters like age, location, salary, lifestyle preferences, gender, hobbies, etc. to define them in detail.
• Understand their needs and desires: What motivates them? What are their concerns?
• Segment your market: Can you identify different customer segments with distinct needs?

Where: Where Can Your Customers Find You

• Choose your channels: Determine where your target customers are most likely to spend their time (e.g., online, in-store, social media).
• Optimize your presence: Ensure your brand is visible and accessible on these channels.
• Build relationships: Engage with your customers and foster a sense of community.

When: Your Timelines for Success

• Set realistic goals: Break down your long-term vision into achievable milestones.
• Create a timeline: Establish deadlines for key tasks and projects.
• Track your progress: Monitor your performance and make adjustments as needed.

How: Your Competitive Edge

• Identify your unique selling proposition (USP): What sets you apart from your competitors?
• Leverage your strengths: Highlight your unique advantages and capabilities.
• Continuously innovate: Stay ahead of the curve by adapting to changing market trends.

By answering these five (plus 1) essential questions, you’ll have a clear roadmap for building a successful business. Remember, it’s not just about having a great idea; it’s about effectively executing your plan and delivering value to your customers.