5 Questions to Ask Yourself Before Starting a BusinessNov 01, 2021
Starting your new business is a bit like going on a rollercoaster.
Initially, you're excited in the build up to getting on the ride. The sense of anticipation grows as you edge closer to the front of the queue, and you can't wait to jump into your seat.
Next thing you know, you're being strapped in and you're at that point of no return.
This is when doubt creeps in.
What have you done? There's no turning back! You're rocketing towards the unknown and you're unsure whether this is what you really want. What if its awful and you don't enjoy it?
By now, you're at the top and you can see the whole world around you. It's a beautifully peaceful moment as a sense of submission sinks in. You're on your way and there's no stopping you now.
The rest of your business journey is a continuation of the ride. There will be ups, downs, twists and turns. It is terrifying, exhilarating and so worth the ride.
But for a lot of us, initially lining up to get on that ride is often the worst part.
The fear of the unknown holds us back and we're not sure whether to take our time in the normal queue, or boost ourselves into the fast track.
So here are 5 important questions you should ask yourself before starting your journey.
1. How much time can I dedicate to the new business? ⏲️
Starting a new business takes up a lot of your time, but it doesn't need to take over your life.
Good time management from day one will help you to progress at a steady rate without feeling overwhelmed.
TIP: Set aside dedicated time each week to work on your business. Trying to just squeeze bits in here and there will lead to inconsistency,
2. Am I in a financial position to become self-employed? 💸
Some people dive headfirst into self-employment, others are forced due to redundancy or their jobs are no longer working around their lifestyle.
For me, it was a sneaky side-hustle as I tested the waters before flying solo.
Think about what is going to work for you. Calculate the minimum you'll need to earn each month.
You can avoid putting yourself under huge financial pressure by ensuring your have saving!
TIP: Have separate bank accounts and know where your money is going. You should be able to track each penny and know that you are safe and secure in your business.
3. How is this business going to earn me money? 📈
This is the difference between a hobby and a job!
Think about the services you are going to offer and how you would price them.
Don't forget to factor in your preparation and admin time as well.
TIP: Think about your ideal hourly rate and then work out how many hours it will take you to produce and deliver your service.
4. Are there other people offering your service? 🧑🤝🧑
Yes, there are loads. Fantastic, the market and your potential customers are clearly there, time to get involved!
No, I can't seem to find many competitors. No problem, you will just need to do some research and try out some beta customers to ensure your ideas are viable.
TIP: Check out your top 5 competitors and use them as inspiration for your new business. Look at how they market themselves and think about how you should put your own spin on things.
5. When can I start? 🏁
There is often no time like the present.
Even taking small steps and laying the foundations for a new business is a huge step in the right direction.
For me, this looked like:
✔️ Sorting out my savings account (3-6 months buffer).
✔️ Giving myself a deadline of when I'd be handing in my notice for the day job.
✔️ Starting to tell people about my new business and turning the wheel for starting to attract new clients.
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