Entrepreneurship seems cool. You can be your own boss could earn more money than in jobs. The business may seem easy, but the reality is not at all simple. Let’s assume, that you are ready with a great business plan, but are you able to answer these few questions before starting your business? If Not, you must delay the idea until you get all the answers.
Here are some questions that you must ask yourself before starting a business-
- Have I done PROPER RESEARCH?
You got a really good idea in your mind, but you failed because you don’t know your potential buyers. Remember Research is everything. You should understand your industry in-depth, even if you think that your idea is Unique. Also, don’t make the mistake of spending this process. Research is the most important aspect and thus should not be hurried.
- Where is the MONEY FUEL?
Every business requires money as fuel to run their projects. You should know How you are going to invest money in your business and How much you are going to invest. You should also take note of in what proportion you are managing your business fuel for example 50% from investors, 25% from personal savings, and 25% from loans.
- Am I LEGAL?
Before starting the business, complete all the legal formalities of your company. It is very important as It will dictate the taxes, paperwork, liability of the owner(s) [and] other legal aspects, as well as whether or not the company can have employees
- What are my PLANS?
Many new businesses skip this part, but it is as important as other things. You should be very clear about your plans, like what are you going to start with? where are you putting more attention? what are the promotional strategies you are going to apply? And all such things.
- What are my GOALS?
It looks simple, what are my goals? To earn money. But not that easy, you should divide your goal into several departments and several sections. For example. After 6 months, I should have at least 50 regular clients or I should start one more department of kidswear. Divide your goals into weekly, quarterly, annually, and long term goals.
These were 5 very important questions you must ask yourself before starting your own business. Hope you liked and also we wish that you achieve the success you desire. Wishing you all the happiness and good health.