The first 5 Questions you Need to Ask before Starting your Business
I know that starting your first business venture is very exciting.
However, excitement must be contained and must be managed accordingly in order to avoid impulsive and worthless decisions that could lead to the failure of your first business adventure. Surely, this would be very traumatic and I’m sure after your failure you wouldn’t venture in to any businesses ever. So the best way to be successful is to ensure you are ready to start and ask yourself the following questions to avoid failure before starting your business.
What is my Purpose in Starting a Business?
In starting a business, the first question you need to ask yourself is why do you even want to start a business? Ask yourself this and write down your possible answers. It could be that you want to be financially free, you want to be your own boss, you just want to do something different, you want to earn big, or you just really want to test yourself. There are different reasons for every entrepreneur of why they’re starting up a business, and this should be your very first question to make sure you are not just being impulsive.
What is the Right Business for Me?
Now that you know the reason behind why you really want to start your own business, ask yourself the kind of business that you think will work for you. Choosing a business is not just stating what you feel like doing. You should also consider a lot of factors. Make sure you are really good at it and that business could be your passion, your hobby or even your obsession to ensure success and willingness in running it for a long time. Example, you are a nurse and running a medical or health related business like a small pharmacy around the block is something that suits you. If you are a health enthusiast and running a gym and fitness class is something that will also work for you, right? So you must think hard of the kind of business that is suited and right for you.
Will I See Myself Running the Business Long Term?
After deciding on what business to venture in, ask yourself if you think you can run the business for a long time. You see, running a business takes hard work, sometimes you may encounter down moments and feel like giving up. So ask yourself if this is something that you can deal with or maybe you’ll just give up in 3 months time, 6 months or who knows! If you see yourself running your chosen business for years and even a lifetime, then you may have the right choice of business and is now ready to start it as soon as you’re done with your business plan.
What are My Goals and Objectives?
Now it’s time for you to set your goals and objectives. Ask yourself your main goal again and go back to your 1st question of why you are starting your business. You can also base your main goal from it or you can set a new one which is dedicated to your customers. Example, you have set up a small pharmacy, so your main goal could probably be to provide affordable and trusted medicines. So it all depends on your choice and then set your succeeding objectives.
Do I Have the Needed Capital?
Capital is always important in a business. Without it all your plans is worthless so ask yourself if you have the needed amount to materialize all your plans. If so, then good for you and if none then you can opt for a lot of options and one of which is to loan in a bank.
Start your Business Now
Now that you know the first 5 important questions before starting your business, do you think you are now ready to venture in a business? Always remember that patience, perseverance and confidence are the important factors you must possess in running a business.