Tired of your 9-to-5 work? Bolstered up of your continually pestering supervisor? Bothered with the irrelevant annual increments? Stressed at the possibility of failing to amass adequate riches?
The possibility of starting up your own business must have certainly entered your thoughts. You may have an awesome thought of a product in your niche that you believe that you can execute perfectly.
However, you may feel uncertain of all the things you need to start your own business. There’s even the possibility of you leaving the comfort of your safe and stable employment for the unknown world of entrepreneurship. This in itself is scary if you don’t have a stable financial background.
Working for yourself can be exhilarating and fulfilling yet it’s not for everybody.
Statistically speaking, most new pursuits come up short and just a little rate succeeds. Don’t worry, regardless of what you may feel, this is the best time to be alive as an entrepreneur.
Before you brand your startup or set out on your entrepreneurial voyage, you should ask yourself these basic questions. These questions will help you know and define whatever it’s that you want to do.
1. For what reason would you like to start a business?
There’s a high chance that you want to start your own business because you hate your job. Your own reason might be because every other person around you is now an entrepreneur and you don’t want to be left out.
You need to love and be enthusiastic about what you are doing. It doesn’t matter what your reasons are. Just make sure that it’s strong enough to keep you going even when the journey gets tough.
2. What issue do you hope to tackle
What services do you want to offer? What holes exist in the market that you want to fill?
Your job as an entrepreneur is to find a problem in the market you can solve very well. Attempt to understand the issues in the market that you can address. Find out about the holes or specialties that converge with what your solutions. When you get this right, you’ve hit the sweet spot.
3. What is the objective and the market for your business?
Not all products are for everybody. All organizations don’t have the room and assets to reach everybody. Instead, they focus on a specific segment of the market.
When you focus on your market objective, it’ll help you set your advertising and development strategies. This will help you brand your startup and put you on the right track which will lead to higher and quantifiable profits in the long term.
4. What assets are expected to start your business?
How do you get these assets?
You first need your personal money to start your business. However, there are some things your personal finances can’t totally do in your business. You need to identify those things and the fundamental assets so as to cut expenses as a startup.
There are different approaches of raising finances excessively like getting a bank advances, startup accelerators, angel investors and other methods.
Obviously, bootstrapping (financing from one’s reserve funds) remains the best choice. Over the long term, your startup needs to turn productive and can’t rely upon raised assets to maintain itself.
The income model of your business will help you decide how you deal with its costs and create benefits.
5. Do you have the money to help your loved ones?
Leaving your job to start a business when you have a family (wife, husband, kids, pets), car, house, and other responsibilities is not the best decision you could make. This can be a recipe for failure if you are not adequately prepared.
Even at that, failing in business sometimes is not as a result of your preparations. There are great days and afterward there are awful days.
In entrepreneurship, terrible days can be greatly awful. In those testing times, support of loved ones can enable you to remain cherry and rational. And for you to have their support, you must make sure that they are well taken care of.
6. Is your business thought scalable?
If not, how would you make it scalable?
For a business to be scalable means you must be prepared to deal with expanding number of clients and merchants. In the event that you can’t see your business growing later on, at that point you should ask yourself what changes you need to make to be scalable and enable it to develop.
7. Who else is doing what you want to do?
It’s a brilliant idea when you start a business with a first mover advantage. Yet, at times being the second mover likewise has its own gains.
When it is a totally new field, the customer propensities need to adjust and for that, loads of interests as rebates and advancements are required. Simply envision someone doing all the diligent work of setting up the ground for you and you swooping right in and taking the pie.
Regardless of whether you are the first or second or nth mover, it is constantly one of the principal errands to evaluate the opposition and figure out who is doing what and how, with the goal that you can detail your strategies likewise.
8. What makes my product unique or not quite the same as the opposition?
In the event that somebody is doing same thing as yours and doing better than you , there is no point going ahead.
Your answer or product may work in an indistinguishable space from its rivals yet it needs to give a one of a kind incentive to customers that others can’t. This will make your startup stand out and support itself over the long haul.
Author’s Bio: Hermit Chawla is a Marketing Manager at Sprak Design. He would love to share thoughts on office interior design, Lifestyle Design, Brand Building Services, Exhibition design etc.
Adeyemi Adetilewa is the founder of Ideas Plus Business, online brand strategist, digital marketing consultant, and cryptocurrency enthusiast. He writes about business, marketing, and technology. Featured on the HuffPost, Evan Carmichael, Thrive Global, and several other publications.