Starting a Business

You have a great idea - but all business owners will tell you that starting a business is WORK. If you have been considering starting a business, ask yourself these questions. It is a good idea to know what you are up against before getting too far down the road.

Why am I starting a business?

You are the only one that can answer this question. There are many benefits to owning your own business but on the flip side is the hard work.

Am I ready to be a business owner?

A business startup requires blood, sweat, and some possible tears. Am I ready to take this on - even if the road gets bumpy?

My expertise and skill set?

Does my skill set line up with the business that I want to undertake? Before starting a business, consider listing your skills and trying to find people who can fill in the gaps.

Do I have passion for my idea?

Follow your passion. If you love what you do, the long hours and hard work will get you through.

How much am I willing to spend? How much investment do I need to get started?

This is a HUGE question to really be honest with yourself. What are you willing to invest (and potentially lose) and how are you going to fund the rest? Look at funding sources that make sense. Traditional sources (i.e. banks, financial institutions) or alternative sources (partners etc.) might be an option.

How do I plan to live?

Your business might be a roaring success however it might take time to get there. In the meantime, how do you plan to pay bills? Consider your lifestyle. Do you plan to maintain this current lifestyle while starting a business?

This is just a “jumping-off point” when starting to consider starting your own business. Next, you can work on the business structure and craft a detailed marketing strategy.

Source Credit - https://smallbiztrends.com/2021/06/how-to-start-a-business.html

Photo by Mike Petrucci on Unsplash