Many people dream of being their own boss, of being in control of their earnings, and building a successful enterprise from scratch. While owning a business is a wonderful ambition and one of the most rewarding ways a person can earn a living, it is not the right choice for everyone. What we do not see is that behind the scenes of every successful businessperson are long hours, missed family/social time, stress, and a high level of financial risk. If you are considering starting your own business, you need to ask yourself some important questions before you take the leap.
Are you ready to work for yourself?
Running your own business requires a huge amount of self-motivation, discipline, commitment, and a lot of personal sacrifice in the early stages. Some people thrive on the pressure and can manage the risks involved, but others find it difficult to maintain a work-life balance and need more routine through being employed.
Do you have a business idea?
It may be that you already have an idea and are now trying to create a business model to fit around it. On the other hand, you desire to start a business but are unsure what that business should be. Whether you have an idea or not, you still need to conduct thorough market research to ensure you have a viable business model and product or service.
Have you got a business plan?
Having a solid business plan is crucial not only in terms of keeping you on track and focused, but also when trying to secure funding. If you are not sure what should be included in your business plan, or you would like to run your plan by someone with experience, consider meeting with a women’s business coach.
Do you have enough money to kickstart a business?
Most businesses need funding to get started. Whether you will be renting brick-and-mortar premises and/or building a website, you will have costs to cover. For starters, you will need business insurance, stock, marketing, and branding to give your business the best chance of success. It usually takes some time before new businesses turn a profit, so you need to ensure you can afford to live during this period.
What will you call your business?
Naming your business is often strongly connected to your overall brand, so it is important to give it plenty of consideration. The name needs to resonate with your target customers, and while it is good to be unique and memorable, it is risky to choose something that is completely unrelated to your product or service. Ideally, your website domain should be the same as or very similar to your brand name.
Do you need premises?
A lot of start-ups are operated from their founders’ home in their early days, but if you need space for stock storage and/or to meet with clients, it may be worth renting premises. Of course, you can also rent office space on a pay-as-you-go basis if you only need a professional meeting space every now and again.
Could you manage business finances?
Running a business means closely tracking all incoming and outgoing money, as well as ensuring you are compliant with all tax requirements, particularly if you are taking on employees.