5 Questions to Ask Yourself Before You Launch That Business
Many dream about it. Many talk about it. Many do it. Have you ever thought about being your own boss? Well.. after 25 years of going down this road, I don’t regret not one challenging, tearful moment. All the sleepless nights. The loss of people I called friends. The being broke here and there. The not knowing what to do next. Yep.. It’s all been worth it. At least I like to think it has. When I think about getting up on a Monday morning excited about what I do while other people complain about Monday, I now my thoughts can’t be wrong.
So if you are that person who hungers for independence and dream of entrepreneurship, you’ve made a very courageous choice. A lot of people talk about it, but many never follow through with the whole plan or process.And believe me, it’s a process. So before you get started and spend any money, there are many things you need to know before launching and leaping out on faith.
Let’s start with several things you need to take into consideration. Will your business require inventory? What is the initial start-up cost and upkeep? Do you need to hire employees? Are you comfortable with sales and marketing? And the list can go on and on. The more you know about the business process and what it requires of you, the better off and more successful you will be and become.
Here are some top questions you need to ask yourself before launching your own business.
- Are you launching this business for the right reasons? Sometimes an individual or a group of individuals will launch a business because they think it is expected of them or because it is a family tradition to do so or because everybody is doing it and they want to do it too. Other reasons are simply for the monetary benefits. With high hopes of making tons of money, sometimes a new entrepreneur may lose sight of his or her customer. Don’t chase the money because it may not come as quick as you think. Just do what you know how and love to do and the money will follow.
- What is your motive behind starting up a new business? Once you know what type of business you want to begin, ask yourself who your target audience is and who should I be marketing to. This is so important because business can be a costly venture and you can be out of business just like you started if you are speaking and spending time with the wrong people. Knowing that you want to create a business and knowing what that business is will simply not be enough. You need to know who your target audience is and who your ideal customer is. This can take some time, but knowing early can give you the mojo you need to connect with this audience and establish your expertise.
- Narrow in, know and understand your target audience. This is something that you can dive into even deeper by creating a specific niche and then going on to create a sub-niche. By doing this you will be certain that you have focused on a specific need for an even more specific customer. People buy based on needs and sometimes curiosity. If you can drill down on this fact early on and provide them with solutions and buy in, you will have a greater chance of becoming profitable sooner versus later.
- Have you thoroughly researched your action plan? Research is king when it comes to business success. It must be a regular ritual that you stay open minded about learning what you hope to do and will eventually do. Setting goals and measuring them is essential when launching anything new, especially a business. Put a plan into motion, but allow yourself flexibility to expand on that original plan or maybe even scratch it and start again. Ask yourself if your business plan is too narrow minded or if it will achieve the desired outcome you seek and go beyond even that. Make sure you research if there is enough demand for the product or service you are offering or if you will be just another business on the scene offering the same old thing. Ask yourself if you can put a new innovative twist into something tried and true, but made new by you.
- Ask yourself how much time you are willing to dedicate to this business. Time is money in business. The more time you give to it, the more it will pay you in return. Focus on profitable things to help expand and grow your business. Where you spend your time matters most of all. Go where your customers are. Network. Meet new people. Attend events. After all, you must get the word about what you do. What if this business is something that you will find success with right away? Are you ready to give it 100? Are you willing and able to put the time and trouble in if it does become successful right away? This could mean leaving the job that you like or hate. Make a plan and stick to it. Give yourself deadlines and timelines to make this dream come true. Here’s a head start towards your success. Check out The Start, Market and Grow Business Bundle.
Last but not least on the list, think about whether or not this is a part-time business or a full-time endeavor. Do you have enough funds to last for six months to a year until your business becomes steady enough to stand on its own two feet? Don’t leave your job until you can 3 times your income. Believe me.. you will thank me in the end. While you are making moves, create an exit strategy. In the meantime, let your employer be your investor and do what you have to do until you can do what you want to do.
If this blog has helped you, share it with someone else so it can help them too. Are you social? Connect with me on INSTAGRAM. Do you like podcast? If so, I deliver a ton of business and life tips at The People Connect Podcast. If you need assistance in launching, starting, marketing, growing and profiting in your business, connect with me here. Check out some of my business resources at The Start Up CEO.