Has the above question been circulating your mind? If it has, then make sure to ask yourself the below questions to put your mind at ease…
Are you sure about your business plan? – every plan seems grand and happening when it’s in your head. First thing first, right it down. Make a business proposal. Show it to someone you trust (so as to not get your idea stolen); someone you can count on giving an impartial opinion. Make very sure you want to go ahead with this business venture.
Have you done all the required research? – depending on the type of company or business you intend to start on your own, the amount of research you might be required to do may vary. For example, if you plan on setting up an online business, you would hardly need to know all the details in regards to register a business. Instead, you’ll have to research on things like the best online platforms for your product or service or even the best ways to create online traffic to your site. Just make sure you’ve done a thorough research, and that you know everything in regards to your venture.
Are you ready for this financially? Do you have enough investors? – business require a substantial amounts of money; especially in the initial years. Are you ready for it? Pay heed that if something goes wrong, you should have enough money to pull you out of the tight situation. And while your investors will be surely backing you on the bigger payments, you might have to pay for things like popular company registration fees.
Is your network large enough? – you’ll be surprised at how fickle the business world can be. Here, who you know and how you look definitely makes a difference. Do you know a lot of influential people? Is your business network wide enough? How do you plan on widening your web? Give these questions a thought.
Do you have enough experience for such a venture? Do you have someone with experience guiding you? – it’s true that experience is definitely not everything. But the thing is, experience can definitely be helpful; especially if it’s to avoid predictable potholes. If you are a novice in the business world, then it’s best to find some with experience to guide you and advice you. You need not heed all their advice, but it pays to know.
Do you have an alternative method to bring bread to the table through your initial struggling months? – it’s no secret that the initial few years of a business or company is no going to be a walk in the garden. You will definitely face difficulties; including tight budgets. In this case, it pays to have a secondary or side business running. This will help keep you afloat as well as reduce your stress on paying all your bills.