Are you thinking about starting a new business? I’m going to be completely honest with you, starting a business, isn’t for everyone! The long holidays, rolling in money, and doing only what you want, don’t start right away. Running a startup is hard, long working days, little social life and you can forget about those long holidays, to start with.
But, if it’s really what you want, the feeling of doing something you love, each and every day, is amazing. Starting a new business can fill you with purpose, and a sense of achievement every day. Now before, you run off to start your new business, there are a few questions you should have a good answer to…
5 Questions To Ask Yourself Before Starting A New Business?
1) Why do you want to start a new business?
If you want to start a new business, purely to make loads of money, you should probably reconsider that answer. Yes, the main point of starting a new business is to make lots of money, or enough to be comfortable. But, it’s not the be all and end all. Here’s what you should be asking yourself… Would I do this each and every day for free? Because in the beginning, you will be.
2) What kind of business do you want to start?
Now here’s where you need to be specific! You’ve got a brilliant startup idea, or you love what you do in your career, but want to go freelance. How are you going to make it happen? What services are you going to offer? Or what are you going to sell? Make sure you know exactly what you want to do and how you are going to do it. By being clear now, it will help you achieve your business goals, later on.
3) What are your key personal strengths?
Before starting a new business, you need to realise your key strengths, and what areas you are lacking in. Knowing what you are really good at now, will help you figure out, what you need help with later on. The more you can do yourself will work out better for you cost wise, but you have to be honest with what you can’t do. Wasting time doing something yourself, which someone else can do better, is worse than wasting money.
4) Are you motivated to work by yourself for yourself?
This question is massively important, just as important, as any of the other questions. Can you motivate yourself to work and achieve goals? As in the beginning of a startup, you are probably going to be on your own, unless of course, you’ve got a business partner. If you can’t get up and achieve simple lifestyle goals that you set. It might be hard to achieve your business ones. If you can’t, don’t worry, there are lots of business coaches or mentors out there who can help… Or find yourself a business partner. It’s easier to achieve goals when you are made accountable for them.
5) What sacrifices are you willing to make?
Starting a new business means you are going to have to make some sacrifices. Lots of business courses, teach you about opportunity cost. Which means a benefit you could have received, but you gave up, in order to start your own business. Think about everything you receive by working for someone i.e. salary, paid holidays, social life, set hours etc. Then think about everything that you won’t get in the early stages of your startup. You will then have to decide, why giving up the benefits you have now, is worth it. If your answer is it is worth it, then go ahead, just do it!
Do you have good answers to these questions straight away?
Yes? Then you should go right ahead in starting your new business. If you don’t, don’t worry, and don’t be disheartened! Take your time to really consider these questions and ask entrepreneur for advice.
I hope you found all these questions really helpful! If you do need some advice, drop me an email, I would love to do my best to help.
Until next time.