Starting a business is a huge adventure, and one that needs a lot of preparation. To help you on your way, we’ve created this list of five important things to think about if you’re considering starting a business.
- How much do you know about your niche?
Though hopefully this doesn’t need saying, it’s important to start a business in an area that you are knowledgeable about – even if you purposefully gain that knowledge for the purpose of starting a business. Except for that rare one in a million chance, it’s nearly impossible to just have a random idea and turn it into a successful business – if you don’t already have an expert level of knowledge about your niche, that is something you need to be prepared to change.
- What support can you access?
Though running your own business is absolutely a solo enterprise, and that is part of the point, there is still plenty of support out there which you will be able to access as a small business owner and entrepreneur. For example there are countless initiatives offering startup funding and advice which you will be able to investigate and apply for, which could be just the nest egg you need to really get started.
- How much time are you willing to dedicate?
Though many successful businesses start out as fun side hustles or hobbies, actually turning them into lucrative businesses is incredibly time consuming, especially at the beginning when you are running every arm of the business from production to customer service. Are you able and willing to dedicate that amount of time to make the business work – because if you aren’t, chances are you won’t succeed. To get a start up off the ground is a labour of love and you have to be willing to be dedicated to it heart and soul!
- Can your finances afford to take a hit?
Although the plan is obviously to end up making a multimillion dollar profit and become a one percenter, this is absolutely not how businesses begin; at the start of their lives they are money pits that require a lot more investment than they offer back in profit. This will turn around within the first three years if your business is successful, but for those three years you will have to be willing to make sacrifices and live well within your means, probably taking a significant dip into your savings. If this is something you’ve planned for, that’s excellent – but it’s absolutely something that needs thorough consideration before any concrete steps are taken towards starting your business.
- Can your personal relationships take the strain?
As much as taking on the task of running a business might feel like a solo enterprise to you – that is kind of the problem. You are considering taking on a solo project which will be very time consuming, stressful, and is also a very long term project with no end in sight. Is this something your personal relationships can handle? Even the most supportive spouse is bound to feel neglected and stressed under these circumstances, and so it would be best to discuss how you and your partner would be willing to navigate these stormy waters. You can learn more about engaging in relationship therapy here, which can be just as good a preventative as a remedial tool for relationship problems.
Starting a business could be the best decision you’ve ever made if you’re willing to really commit – and hopefully, this list will help you decide if you’re really prepared to do what it takes.