Read This Before Starting Your Own Business
There are those people who are content having a stable life working for someone else. Going to work, getting a steady salary, etc. But for others this just isn’t enough.
Others are tired of the same routine everyday doing something they’re not really interested in, they want to create something of value for the world doing something they're truly passionate about.
If you’re this kind of person, then you’ve probably considered starting your own business. Well before you do, here are some important things to consider:
Questions To Ask Yourself:
Can I make money doing this?
Seems like an obvious question right...but you would be shocked at how many people start working on an idea and then answer it later.
Sometimes you can get away with it, I mean Twitter took over 6 years to make a profit and Amazon didn’t actually profit for 20 years!
How this happened is out of the scope of this article, but the bottom line is: you start a business to make money.
How are you going to do it? If it’s not, then why bother?
Do I have a plan?
Even the best business plans can fail, but just the act of making one will help you a lot with getting started.
Like Benjamin Franklin said: “By failing to prepare, you are preparing to fail.” So have a plan of how your business is going to run. In a way you’re making decisions before you have to make decisions.
If you’re seeking a loan or investment then a well-written business plan is absolutely necessary.
How is my business different?
Why would someone want to go to your business instead of your competition? What makes you so unique? This is one of the key things to figure out. You don’t necessarily have to be better, just different.
Do I work well with my partner and team?
You have to accept that you can’t be successful by lone-wolfing it. Starting a business is no small task and you need a team of motivated and hard working people around you.
On top of that, you must be able to work well with each other or else you’ll only get negative progress. A house divided against itself cannot stand.
Do I have people backing me up?
The process of starting a business can be compared to an emotional roller-coaster ride: exciting, then frustrating, rewarding, and then suddenly upsetting. Sometimes all of these within a few hours.
So aside from your business partners you need a support system to help keep you grounded. Make sure you can always count on someone to be your cheerleader and make you feel better. The support of your family, friends, or significant other should help stay on track.
How are people going to know about me?
Who will you be serving and how are you going to reach them?
Try testing out your sales proposition with some target customers and see what feedback you get.
Remember, it doesn’t matter if you think it’s a great idea if your customers don’t.
What's Plan B?
Don’t expect everything to go nice and smooth according to plan. What are you going to do when it doesn't? Do you have a fall-back strategy for you personally and for your business?
This isn’t to say you should expect to fail, but be flexible enough to adapt and cope with the uncertainties of a start-up.
While figuring this stuff out, you should keep these things in mind…
Just do it.
Even if every single person doubts your idea, if that little voice inside of you is compelling you to do it, and you strongly believe it’s the right thing, then don’t let anyone stop you.
In this case you may not have much support...but never let haters cause you to give up before you even start.
Be brutally honest
#1 rule in life: be true to yourself.
Everyone deludes themselves in some way, don’t let your pride or ego cloud how you see things. The more honestly you see the world and yourself, the better your decisions will be.
Though you shouldn’t let the skeptics discourage you, that doesn’t mean you should ignore all doubts.
If someone had a gun to your head could you tear holes in your idea? If your plans can withstand that, then you're probably set.
You can’t do it all
By nature, founders want to do a hundred different things at a time.
Since they are the ones with the vision and have the image of how everything should be, they struggle to hire someone “as good as themselves”.
This only leads to you getting tired and frustrated trying to do everything.
Let this temptation go. Focus on what you’re best at and let others handle the busy work.
Don’t be afraid to change directions
Noka started by selling paper. Samsung started off selling noodles. Clearly, this is nowhere near what they are doing today, and they're more successful as a result of the change.
Changing the direction of your business doesn’t make you weak or indecisive, it just means you’re adjusting to find your perfect niche. Make sure you make it early and avoid doing it often.
Imagine being an outside investor
Imagine that right now you’re someone with a lot of money, but not a lot of time.
Now meet yourself, the 1,000th aspiring business owner you’ve talked to, and listen to your own pitch of the business.
Does it sound like a good idea? What makes it stand out? Will you invest in it?
So now that you know what you need to consider and figure out, CLICK HERE to check out our post on the most useful tools to help make your business run as smooth as possible.