This post brought to you by Telcoinabox
If you’ve long dreamed of being your own boss, you’re not alone. The benefits of working on your own terms, being in control of your destiny, and following your passions are all commonly cited reasons why so many people fantasise about launching their own business.
But, before you go out on your own, there’s plenty to consider and some serious questions you should ask yourself. Once you launch, there’s no going back, so these questions and your answers to them will help you understand exactly what you could be getting yourself into.
1. Have You Made a Business Plan?
Firstly, before you launch your business venture, you need have made a solid business plan. This will include conducting the necessary research to identify a market for what you are offering and to determine the appropriate prices for your products or services. You need to be completely honest with yourself or seek opinions from strangers. Don’t be discouraged if it’s not what you wanted to hear, since it’s better to make changes at this stage than react later on.
2. Are You in it for More than Money?
The fact is that money only motivates for so long. Sure, we all need money, but passion is what will get you up every day and propel you forward. Whatever it is that you want to do should be more than a way of making money; it should be a lifestyle. After all, it’s likely you won’t be making too much in the beginning and you’ll be putting in a lot of hours, so it may as well be something that you love. Otherwise your interest – and motivation – is likely to quickly waver.
3. Could You Offer an Existing Product/Service to an Untapped Market?
Some of the most viable (and profitable) businesses expand on an existing product/service with an established market and offer it in a new way or to a different customer base. For example, companies like Telcoinabox allow anyone with a phone and internet connection to act as an intermediary, distributing telecommunication services to their own customers. There are plenty of other profitable businesses that capitalise on a product with established demand and resell them in new ways to reach untapped markets; it’s worth looking at the industry your business idea fits into and investigating if you can introduce it to untapped markets.
4. Do You Have the Required Capital?
You need to invest money to make money. That’s why there’s no point launching your business if you don’t have the required financial means to effectively deliver your product or service. Your business plan should look at what financial (and other) resources will be required to get your venture off the ground. While some businesses, such as freelancers, contractors and other service providers, might need little start-up capital to begin trading, many others – especially bricks and mortar businesses – will require significantly more investment.
5. Are You Confident, Adaptive and Resilient?
You’ve only got yourself to rely on when you start your own business, which means maintaining mental strength and resilience through the hard times will be essential. Challenges will present themselves left, right and centre, and it will be all on you to deal with them and adapt as they arise. Be ready to make tough decisions and believe in what you are doing. You’ll need it – especially in the beginning.
Unfortunately, many small businesses fail in their first few years. While there are many reasons behind this, the case is often that the business owner simply wasn’t ready. To give your business the best possible chance of success the first time round, it’s important all budding business owners ask themselves these and other questions.
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