Ask Yourself 4 Things Before Starting Your Business
Ask Yourself Some Questions
Millions of people every year decide that they want to start their own business and many of them fail. According to the SBA (Small Business Administration) there are roughly 600,000 small businesses that open each year and this does not account for the micro, 1 person entrepreneur who starts something out of his or her house.
The SBA has stated that appoximately two-thirds of all new businesses last for at least two years and 44% last for four years. The key factor in the survival rate is based on the owner’s education level and their reason for starting the business in the first place.
How do you make sure when you start your business you are one of the survivors? Ask yourself these four questions and you will go a long way in that determination.
- Are You Ready To Be In Business? -
Are you ready to be a boss rather than an employee? Are you ready to make decisions and accept the responsibility of those decisions? There are endless decisions that must be made from day to day, are you ready for each day to bring you a new challenge and another decision?When you start your own business you will most likely have to wear all the hats. Marketing, accounting, sales, product creation, file clerk, maintenance person, you get the picture. Are you ready and able to wear all of these hats? Can you switch from one role to another without a hitch?Is your family ready for the change? When you start a business, no matter how small your life is going to change dramatically. This change will affect you, your family and your friends. It can be positive or negative. Your chances of survival will increase if your family and friends are supporting you in this endeavor. - What Is Your Niche?
Do you know what your niche is? Do you know specifically what you are going to sell? We all sell something, whether it is a product, service or simply ourselves. If you know your niche then you can survive with far less resources required than if you are trying to be everything to everyone.If you know your niche you can focus and will be able to find, target, and maintain your customers as well as provide the best possible goods and services to that customer base. That focus is one of your best chances to not only survive but to thrive in a very competitive marketplace. - What Is Your Plan Of Action?
You know the old saying, “If you fail to plan, you plan to fail.” Having a plan is paramount to your survival and ultimate success in business. You will need to determine whether your business will be based on the internet or include more traditional models. Will you work work full-time or part-time at your new business? Are you going to hire help or go solo? Have you written (or at least outlined) your business plan? If you will take the time to plan your dream you will have a far better chance of staying focused and achieving that dream. - Who Is Going To Help You?
At some point, no matter how experienced a business person you are, you are going to need help. It may be in the form of advice, support, tools or information, possibly all of these. When that time comes you need to know who you will turn to. You need to know how will you cope? It is important to recognize that no business is an island. It is not a sign of failure or weakness to seek help. Failure is when your business shuts down because you didn’t get the help you needed.
The best time to get help when building your business is while you are starting. Build your support mechanism early. That way you will have a ready list of resources available that you can quickly tap into when emergencies strike. In today’s world there are many resources available to help you grow. Some of these include:
- Publications (newsletters, magazines, books)
- People (professional advisers, mentors, teachers, consultants)
- Networks (organizations and forums in your niche as well as websites such as ours)
- Education and training (tutorials, courses, and seminars)
Now that you know what four questions to ask yourself, it is time to answer them. Once you have answered each one, ask yourself again, “Am I ready to start my own business?”
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This is a good article. I agree that many people think they can just start a business easily and have it guaranteed to be successful. The truth is, this is so FAR from the truth, and anyone who thinks this way is bound to fail. I had a similar experience, where I had no game plan and just dove right in. I did this twice and failed. The third time I put together a plan, a team of resources, and other necessary links to keep me on track. The third time I succeeded. I’ve been chronicling it too, to help others not make the same mistakes I did. Thanks for your insight!
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