Deciding Whether to Start a Business
For many in the marketplace, the prospect of starting up a business is appealing. Want to work for yourself, call the shots, be the big boss, set your own prices?
Here are some questions to ask as you go through the pre-evaluation process.
1) What kind of energy do you have?
Does the prospect of working 14 hours a day, every day, for the next 2-5 years sound appealing to you? This is the kind of energy it takes to build your own business from scratch, and for those entrepreneurs who thrive off this kind of energy, it makes sense. Evaluate against your existing lifestyle and/or family needs and do a "gut check" to make sure what you can do.
2) What kind of startup capital do you have available?
For a business, take the amount you think you need, then double it, then double it again. Ascertain how you will finance the business, and if possible, look for paying clients or pre-orders now, while you work on finalizing.
3) Do you choose a franchise or startup?
As a potential business owner or someone interested in new business opportunities, one of your first questions is if you want to piggyback on an existing, established brand or if you want to start fresh and build your own company. Consider franchise alternatives if you're not sure about launching your own thing.
4) Who will help you?
You'll need both an advisory panel, which can be an informal board of individuals who can help you navigate through the process, as well as all the service professionals who can help you with tangibles such as legal, tax preparation, marketing, website, and sales. Start building your team early and consider taking on co-founders if you want more in-depth help.
5) What is the definition of success?
How will you know when you've "arrived"? What do you want to start the business for? Define for yourself what your markers of success and contentment are. Building a business can be time-consuming and difficult. You'll want a list of reasons why you decided to start it, to keep you focused and motivated.
Starting a business is never an easy process, but the rewards can be great if you build a successful, profitable, and enjoyable place for you and your team to work every day.