When you feel unfulfilled in your 9-5, it can be tempting to dream up a reality where you’re the boss. You’ll have total creative freedom if you start your own business, which is an exciting concept! However, there are unique challenges that come alongside managing a company that you mightn’t realise. If you’re going to take the risk and begin your venture, there are considerations you’ll need to work through before committing.
Let me help you decide whether the entrepreneurial life is for you. Here are 15 questions to ask yourself when starting a business.
1. How Am I Different?
What makes you equipped to manage a company? Why would people choose to work with you rather than a competitor?
2. Why Do I Want To Start A Business?
Are you underpaid and unappreciated? Remembering why you want your own business can help you through tricky times where the risk doesn’t feel worthwhile.
3. Can I Make A Significant Income?
Is this idea sustainable enough to provide a liveable salary? Hand making candles or wax melts on a small scale and selling them on Etsy probably won’t generate an income on which you could thrive.
4. Do I Want To Hire Employees?
Are you content with being self-employed? Or do you long for more significant success? You’ll need people skills and dedication if you want a team.
5. What Is My Target Market?
To whom are your services going to appeal? Who are you trying to help or impact? If you don’t know, you won’t brand yourself properly.
6. Who Can Invest In Me?
A successful business is very rarely a one-person job. Who can provide knowledge or financial support? You’d benefit from a business mentor’s experience and expertise, particularly in the early stages.
7. Am I Prepared To Make Sacrifices?
Are you in a position where you can accept less money and less time with family? Nurturing any business takes sacrifice, and it takes risk. Don’t be convinced otherwise.
8. Could My Passion Disappear?
Have you taken an interest in your business industry for years? Or is your passion brand new and likely to fizzle out? Once you invest time into a venture, you want to be sure you’ll remain interested.
9. Do I Suit Employment More?
Are you disorganised, or do you enjoy being told what to do? If you thrive with predictability and a routine, you’re better suited to staying an employee.
10. Will I Need Legal Advice?
Are you competent with online research? Do you trust yourself to research the legalities when registering a business thoroughly? You can’t afford to get this wrong.
11. Should I Hire An Accountant?
Sure, you can file your taxes yourself. Still, are you competent enough to guarantee you get calculations correct? Do you trust your ability, and do you have the time?
12. Will I Face Direct Competition?
Are there companies local to you that already offer your services? If you face direct competition, you can study opposing businesses and determine what they’re doing wrong.
13. How Will I Network?
Where are you going to find like-minded entrepreneurs for fresh inspiration? Platforms like LinkedIn are beneficial, but you’ll need to dedicate time to building relationships. Try online business coaching groups.
14. Can I Handle Criticism?
You aren’t going to make the correct decision every time, but will you accept responsibility for that? You won’t ever develop your business past your flaws if you aren’t open to criticism.
15. Am I Eventually Aiming To Sell?
Is your business a lifetime passion project, or are you trying to secure a comfortable retirement? Knowing your long-term plans can help guide decisions on hiring and expanding your services.
Chris Kenber is Here to Help.
No matter what stage you’re facing with your business, I’m here to listen. I’ve got experience and expertise, whether you’re considering changing career and require career counselling or you’re self-employed and seeking to grow your company. Contact me today to plan and secure your next steps.