Once you have your meeting or call set up, don't try to wing it. Have a list of questions ready to ask. This will not only show respect for the person who you are talking to, but also your professionalism. To help get you started on your list, here are some examples:
- How did you decide on the product or service you are selling?
- What is your market or whom are you selling it to?
- Was there a niche in the market that you saw and took advantage of?
- Who was your competition when you entered the market?
- Were there any industry trends you looked at when deciding on your business?
- What is distinct or unique about the way you do business and has that changed a lot since you started?
- Are there any current gaps between supply and demand that you feel are not being filled?
- How did you market your product or service when you first began?
- How do you market it now?
- Who is the most indispensable member of your team?
- Were there any problems when you first started that should be looked out for?
- What are your biggest problems now?
- What types of people have you found work best in this industry?
- What do you charges for your services?
- Did you run into any unseen costs that surprised you?
- Are there other successful companies like yours that you would suggest I look at?
Your list of questions will be unique to your situation, the industry you are entering, and your previous business experience. The task here is not to ask questions you can find in a textbook. What you are after is real world experience that can't be found in school. Don't waste the chance to take advantage of it. Often, you won't find an exact match in other businesses, so you have to look for something similar. Sometimes, you have to look at a combination of business models to create that new twist you want to present to the world. The object is to learn from others people's successes as well as their failures. What if you are in a situation where you can't find a business owner to talk to you? Become a private detective. Go visit the business if possible and observe how it is run. Talk to customers , suppliers or employees of that business. Find out what they like about doing business there and what they don't like. Pretend to be a customer and see how you are treated. Check out their pricing structure. It's amazing what you can find out if you try.
So far you've discovered your skills, came up with a great idea and found another business to model it after. Now comes the part that is really important: Is the business financially feasible?