Gear up to start a business? Seven questions you need to answer first

Are you lot excited about the prospect of starting your own business? Before you invest time and money in your thought, make certain you ask yourself these seven questions.

Preparing to start a business is an exciting time. You lot've got an idea that you're sure will work and you can't wait to actually make your dreams real and put your business organization out into the world.

But before you lot leap in, it'south important that you take a break, and ask yourself some important questions.

Trethowans

Trethowans

Why exercise y'all need to do this? Because statistics show that equally many equally 50% of startups fail in the showtime v years. So if you want to give your concern a fighting risk of survival, you lot want to make certain you've laid down stiff foundations.

And that means request yourself the right questions earlier you invest too much time, money and hope in it.

Ready to start a business? Vii questions you need to answer start

Here are seven that Jane Jackson, career direction coach and author of Amazon bestseller Navigating Career Crossroads, recommends y'all answer.

1) Is starting a business right for you?

The well-nigh important question to ask yourself is why yous want to start a business in the outset place.

What's your motivation? Is it a matter of getting out of the corporate rat race? Wanting the liberty to make money without existence an employee? Just because you want to practise something different? Or to do something that will challenge y'all and provide, potentially, unlimited earnings potential?

While these reasons are valid, they focus on YOUR needs as the business owner, rather than the needs of your potential customers.

For your business to be successful, the production or service you lot offer needs to solve a specific trouble or need for your customers.Retrieve: your job isn't simply to brand coin but to provide value.

two) Accept you conducted marketplace research?

Before starting out, you need to zero in on your unique offering. Yep, you demand a solid business organization idea, simply an thought is simply as proficient equally the market place demand for it.

Ideally, at that place should already be an existing demand for your service or product, then it's important to exam the viability of your idea. Market place research will help yous determine if at that place is demand for your product or service. Information technology will also tell you if your business idea is one that generates involvement and whether people will pay for what you plan to offering.

Luckily, gauging interest is quite easy. Conduct simple online surveys using services like Survey Monkey. Even more than valuable is talking to others who have run successful businesses themselves and asking them most challenges they've faced.

3) Practice you know the best business structure for y'all?

After you've decided whether y'all're starting your own business organization, buying a business organisation, buying a franchise or starting a consultancy, you'll demand to determine on your concern construction.

Will yous be a sole trader, partnership, a trust or a company? Talk to your revenue enhancement accountant to observe out what will exist the best structure for your personal circumstances.

Visit your country'due south government/tax website to learn more than about the options available to y'all, any small-scale concern concessions you may be entitled to, registering your business, the records yous need to keep, the deductions you lot tin can merits, and all you need to do to exist compliant when setting yourself up.

4) Do you need licenses, registrations and insurance?

What else do you need to do to ensure your business is legal? For example, have you checked that your business name is bachelor, and if so, whether y'all need to register it in your country? Y'all might also want to trademark your business name too.

Insurance is essential, and setting up yearly coverage when you're starting out doesn't take to break the bank. Continue your finances in check past setting up a relationship with a skilful auditor and bookkeeper.

And, depending on your manufacture, you may demand to register with official bodies or gain detail qualifications or licences to exercise your skill. It'due south important to check all of this before you launch your business.

There are so many things to recollect about, only recall:Exist prepared to put in the difficult work and long hours, considering edifice a concern is an exciting and rewarding time.

five) Do yous have a business plan?

Without at least a basic programme in place you lot could charge off in the incorrect direction. They primal is to know where you want to become with your business organization, how yous are going to fund it initially, how you plan to market it, who your competitors are, and how you will price your services or products.

If yous're unsure about how to create a business concern plan, using a business concern template is a good place to starting time. It will assistance you organise your strategy over the short and long term. You don't accept to stick to it religiously, only the more than comprehensive your plan is, the more prepared y'all'll exist.

If you'd like a copy of an fantabulous business plan template, electronic mail me and I'd exist happy to ship information technology to you.

six) Practise you accept a website?

To harness the ability of online marketing opportunities, you'll demand an online presence from day one. Before y'all do anything else, create and register your domain name.

Adjacent, find a spider web designer to create your website and a graphic designer to design the logo for your business (or have a go at building a website yourself). You lot may exist able to find affordable pattern work using online resources similar Upwork or 99Designs. If you practice hire a web designer, make sure you inquire them these 8 questions get-go.

If you can afford to, hire a good copywriter to communicate your offer on your website. If y'all can't, you'll discover some helpful writing tips in these articles:

  • Five things your business concern homepage must accept
  • How to write a perfect about page
  • How to write SEO re-create for your website

7) Do y'all have a mentor or concern coach?

This is specially important if yous're new to the concern territory. A business coach or mentor tin guide yous with a wealth of wisdom and street smarts that volition come in handy starting out.

If yous're lucky plenty to have older and wiser contacts in business who are willing to assistance, inquire for advice. If not, invest in coaching if you tin can afford it, or join a small business network in your local surface area. This will price you initially but information technology'll pay off in the long run.

What tips practise other entrepreneurs share?

In one case your plans are in place, information technology's time to accept that leap of faith. Be prepared to put in the hard work and long hours, only remember building a concern is an exciting and rewarding time and will create a lasting legacy of your drive and passion.

If you'd similar to learn more about the steps you need to take to get moving with your entrepreneurial venture, listen to the podcast in the YouTube video beneath. In it I likewise share with you what 9 entrepreneurs told me when I asked THEM why they started their businesses.

Listen to what the founders of Defining Style, Sonic Sight, The Digital Delusion, Corporate Podcast Production, Rachel CFO, Virtual Elves, The Word Stylist, The Numbers Matter and Simple Creative Marketing have to say near starting a business:

Jane Jackson is a career management jitney and author of Amazon bestseller Navigating Career Crossroads. Her volume takes you through all the essential steps to not but survive but THRIVE when irresolute direction.

  • Start a business