You will agree with me that starting a business sounds appealing. You get to be your own boss, do what you love and work your own hours. But there are questions you need to ask yourself before you start a business which you may not think about in the moment. Honestly answering those questions will help you know where you stand, and also help in future plans.
Here are some questions you need to ask yourself before starting your own business.
This may seem obvious, but sometimes we want to start a business without even thinking about the why. What sparked your business idea and is it something you are extremely passionate about doing?
Can this business idea make me money now and in the future?
If the answer is no, then you may want to reconsider. You don’t want to pursue a business idea for it to cost you more than what you make. Yes, money isn’t the most important factor, it is the outcome but it is your responsibility to ensure the business has financial viability.
What resources do I already have, and what resources do I need?
Ask yourself what do you already have to start with. This can be money, contacts, etc. They will serve as motivation. Make sure to utilize the resources already available that may you can save money and time.
Who is my target audience for my business?
You need to tailor your business to a specific target audience. This will be helpful when you are advertising and marketing your business to the niche audience and producing products that they would consume. Remember your business cannot be for anyone and everyone, find a niche market and focus on them as this will lead to financial rewards later on.
What is my go to market strategy?
You need to market to your niche audience. By having the best marketing strategy, it is more likely your business website and social media will be seen by the desired target audience which will increase traffic and sales.
Who are my competitors?
You can’t play the game if you don’t know the players. Do a simple Google test to see who else is out there doing what you’re doing. Just because someone else is out there selling chocolates doesn’t mean you can’t sell chocolates, too. However, you need to see what the competition looks like in order to decide if you can offer something better.
What makes you different from your competitors?
By identifying your competitors this allows you to identify your unique selling point. Ask yourself what makes your business more special? How is it different to the other competitors out there?
Can I do this alone? If not, who do I need?
You need to reflect on the team you need, will you be able to manage this business completely by yourself, or do you need others that you would be able to rely on to help you throughout your journey. Maintaining a business by yourself is not easy and so you may want to consider having someone by your side that is as motivated and passionate about the business. Or joining a community of like-minded entrepreneurs.
Am I ready to invest your time into this business?
Managing a business takes a lot of time, money and energy in order for it to be successful. So, you want to make sure you are in a good place in your life to begin a business. You also need to be prepared to take a lot of risks and sacrifices to make the business work!
How will I set up the legal structure of my business?
It is important to research the legal structure of your business, depending on the product or service you will be selling. Make sure you have chosen the legal structure that secures your business and protects you.
When you as yourself these questions, you would have made the necessary plans you need to run your own business. Remember to honestly answer these questions. However, you don’t need to wait till everything is perfect before you start. You can start with what you have, then scale with time.
My name is Chigozie Japhet. I am a content writer, and a brand strategist. I like writing, reading, researching and watching football, especially my team, Man United. i believe in working hard, and also in relaxation as all work without play, makes Chigozie a dull boy.
