Starting your business may be thrilling as there are lots of benefits that comes with being a business owner.
You should know that people start businesses for all kinds of reasons, not just because they have a great world-changing idea. Some of these reasons include:
- Necessity – It’s no news that civil servants and employees in every sector are most times being owed twelve to 13 months salaries. Seeing reasons to start a business may seem more clear.
- Self-sufficiency – Starting a business can be fulfilling as it gives you the opportunity to work in a way that gives you more control over your life, including work hours, your pay and job security.
- More and more earnings – your earning capacity is limited by your success at generating profit. Wouldn’t you pay yourself more if given the opportunity?
Regardless of your reasons for starting a business you must be certain about having the entrepreneurial spirit as it gets you started on the right path.
There are enough benefits to starting, growing and owning a business but you must be aware of the fact that more than enough new businesses fail in their first year.
To be sure you are ready to start a business and see it through, here are 10 important questions to ask yourself:
1Why do I want to start a business?
Name three of your primary reasons in descending order
2What kind of business do you want?
Be specific about what your business fits into. Is it a home business, a brick and mortal business, or an online business
3Do you want to sell products or services?
Selling products and providing services are two different things. A service business requires a lot less in terms of upstart capital. A product business requires product design, development, manufacturing, etc.
4Are you ready to commit the time and resources a successful business requires?
Are you ready to spend enough time? When you build a business from scratch you will spend more hours, days, weeks, and months than you have previously thought.
Building a business takes a long term commitment. Are you ready to stick with your business for years before you break-even and profit?
5Do you have management experience?
Do you have the knowledge and experience to manage the day-to-day operations of a business? As an entrepreneur, you will do tasks that you have never done before.
6How will you support yourself and your family while building your business?
Starting a business starts long before you open the doors.
You must have enough savings to support you while your business takes off. You might need to save heavily for the sole purpose of starting your business months or years before to start executing your plans.
7What are you really good at?
Over the years, I’ve learned that your depth of knowledge in something matters and goes a long way. Name your key personal strengths. The goal is not to be a jack of all trades. Your goal is to hire people to fill in the gaps within your own skill set.
8Are you ready to commit the time and resources required?
When you build a business from scratch you will spend more hours, days, weeks, and months than you have previously thought. Building a business takes a long term commitment. Are you ready to stick with your business for years.
9Are you healthy enough?
physically and emotionally, you must be healthy enough to start and run a new business. If you are having health issues, starting a business is most likely a bad idea.
10What makes your business sustainable?
A sustainable business focuses less on short-term profits and more on building long-term value for its clients.
The truth be told. The decision to start your own business is yours and ONLY yours to make. But if you’re honest with yourself you’ll be armed well enough to make reasonable and informed decision.
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