When are we ready to start our own business?

Many people dream of owning their own business. Being their boss, they like to work and earn money anytime. However, starting a personal business is more complicated; many things must be considered before starting a business. We should ask ourselves questions and be honest in finding their answers. Also, we should pay attention to the signs that give us hope or concern. In this note, we mention all of these. Stay with us.

Questions you should answer before starting your business

You should ask yourself many questions and find the answers to them before starting your work. Some of these questions refer to your inner characteristics, and others are about the environment in which you will operate.

1. Why do I want to start my own business?

The answer may seem obvious, but you should reflect and consider why you pursued such a job. What was the first spark that made you feel? Are you passionate about it?

2. Will my idea generate income for me in the short and long term?

If your answer is no, it is better to reconsider implementing your idea. Indeed, money was not the main factor in forming this idea in your mind, But your business expenses are supposed to be, at most, your income.

In starting a business, monetization is an essential factor that should always be considered.

3. Who is my client?

No business is going to sell goods or services to the world. Every company has its market and customers. Before starting a business, you must identify your potential customers and focus your advertising and marketing on them.

4. Who are my competitors?

Most ideas that come to your mind have been implemented elsewhere. You may even have several competitors. With this in mind, you must research your competitors to determine their strengths and weaknesses. Also, check their customer relationship, product delivery methods, and brand reputation.

5. What is the difference between my product and the competitor?

After reviewing your competitors, you should now ask yourself, “What makes my product or service uniquely different from what other competitors are doing?” With “What makes my product or service different from others?”.

6. What is my marketing strategy?

Before starting any business, you must prepare a marketing strategy. Make your product or service available and encourage the customer to use it. Having a proper marketing plan will increase the chances of you finding more potential customers.

7. How should I price my product?

You want your product to be reasonable and affordable, So how should you price it? Checking your competitors’ work will help you price your product better. Ask yourself, “Does my product have more luxury or simpler features than similar products?” In addition, you should consider the production, packaging, and distribution costs in the final product price.

By considering all these things, you will have a correct understanding of your position and the share you take from the market.

8. Do I have enough initial capital?

Every business has costs that you have to pay before it starts working and becomes profitable, So before you start, make a list of what you need to pay and what you need to buy. This list can include registering the company name, setting up a website, costs related to the production of the product itself or providing the service, packaging, marketing, etc.

Remember to start your business, only buy or spend money on essential things, not things your perfectionist self likes.

9. Do I have the necessary enthusiasm?

It’s easy to say that I want to start my own business, But do you have the passion to walk this path and endure its difficulties? Any business needs a lot of effort to flourish, and the love for this work is the factor that keeps you on track until the end.

10. Can I do it alone?

It would help to think about whether you can do everything by yourself or need someone or people. It is often challenging to run a business alone. It is better to look for like-minded people as committed and passionate about your idea as you are.

You can also join someone or groups that follow your goals and motivations.

11. How many employees do I need?

Now that you want to start your business alone or with a partner, you should also pay attention to the issue of how many workers or employees you need to carry out the work or the possible growth of your business in the future. Even if you don’t want to grow your business and want to keep it at a certain level, you will still need people to work for you to maintain that level.

12. What resources do I have?

You should not only think about what you don’t have. Think about the things and resources you have. Using these resources to start a business can save time and money.

13. Am I ready to spend time on the business?

Every business needs a lot of time, money, and energy to be successful. Are you ready to spend your life on your business? Are you in the right season of life to start this? Taking risks and sacrificing for your business to take off would be best.

14. How do I create the legal structure of my business?

Each country has set specific rules and restrictions for businesses. You must read about the legal structure, licenses, and business rules in the country or place where you want to start your business so that your business structure is consistent with the relevant laws.

By reading these, you can protect yourself and your business.

15. What taxes do I have to pay?

This is one of the critical questions that you should get information about before starting. Every business must pay taxes depending on the type and amount of its income. With this account, knowing the types of taxes, specifically those imposed on your business, is necessary.

16. What are my goals?

You plan to have your own business, But have you considered your goal? Where will you be in 5 or 10 years? These are examples of questions you should ask yourself.

You must see your business as a long-term goal that will one day become your primary source of income.

17. When will I be ready to start?

Think carefully about the time to start and announce the existence of your business. Timing is one of the most critical factors in the success or failure of any business. Be realistic, consider the right time, and mark what you must do before starting.

Signs that indicate you are ready to start your business

Now, we will go to some of the most essential features that show that you have found the necessary mental and objective preparation to start your business.

1. You know you need more time to be ready.

You can only think of some things in advance. Things always remain hidden from your eyes or may arise in the future. You will never begin if you wait for everything to be perfect to start your business!

You have to take risks to start a business, which is part of the business’s nature.

2. You have set your goal.

You know this work’s goals, motivations, and reasons. You know what you want. If someone asks you why you want to do this, you will answer them with determination and clarity. This is the reason that keeps you awake at night and helps you cope with difficulties.

3. You invest in improving your attitude.

Maybe you’ve worked for others long or seen your parents go bankrupt. You may be pessimistic or suffer from a lack of self-confidence. Through it all, you are determined to elevate your attitude to a level that allows you to take risks and walk the path.

You actively communicate with successful people in your field and read the stories of successful entrepreneurs. In addition, you can participate in appropriate training workshops and try to correct the weak points of your character.

All this means that you are ready to take the first step.

4. You have habits that are effective in success.

Over the years, you have internalized the habits that are the prerequisites for success. From waking up early to daily exercise, proper nutrition, continuous study, saving, passing the necessary training courses, and, in general, all behavioral habits that strengthen your energy and motivation and help you to travel this path and endure hardships.

5. You can count on the help of others.

You have put aside selfishness and know that you cannot do everything by yourself, whether it is your romantic partner who is ready to be more by your side and give you emotional support, whether it is your family who is prepared to help you financially, and whether it is your colleagues and friends who are willing to help you. They solve the issues and problems facing your business.

You know you can count on their help if necessary and are not alone. Of course, at the same time, you also know who you can’t count on for support; For example, parents who are not willing to go along with your goals.

By knowing these, you can better manage the contributions and expectations of others.

6. Are you ready to overcome your fears?

You know that fear is a natural part of starting any process: fear of failure, what others say, or of challenges coming along the way. The fear is there, and you don’t deny it. At the same time, you understand and are ready to overcome your fears and take risks to achieve your goals. You are prepared to face your fears and manage the resulting anxiety.

7. Other signs

Other signs tell you that you are ready, such as:

• Lots of motivation and enthusiasm;
• I am thinking about this a lot,
• feeling frustrated in the current job and not satisfied with it;
• touching the void of a product or service in the society that they need;
• Feeling the need to help others by starting your own business;
• And….

Warning signs that say you’re not ready yet

At the opposite point of the previous section, there are signs that if you see in yourself or the surrounding environment, it is better to reconsider your decision to start a business. These signs are as follows.

1. You need to be more cautious.

Risk-taking is intertwined with entrepreneurship. It is impossible to imagine entrepreneurship without taking risks. The fact is that about 70% of start-up companies still need to celebrate their 10th anniversary. With this account, in such an inflammatory environment, you should be ready to take risks and accept that your business may fail.

If you are a person who takes very few risks in life, maybe you should get out of the idea of ​​starting a business.

2. You always think something needs to be added.

Suppose you are one of those people who always think that they do not have the necessary opportunities and resources. In that case, it is better to start a business early. Starting your business will undoubtedly face various shortcomings, and you may have to make sacrifices.

If your mentality is that you are always complaining about the lack, starting your business will be very painful for you.

3. It would help if you had an immediate profit.

It takes time for the business to become profitable. Surveys have also shown that only 40% of start-up companies are good, and the rest usually need help with financial problems.

If you want to profit in the short term, there are better ideas than starting a business.

4. You need to know your business account book.

It is evident that you, as the founder of the business, must have a correct understanding of the financial numbers of your business. Although you can get help from an accountant or financial advisor, ultimately, you must decide.

If you don’t know what is happening in your business, your decisions will lead to disaster.

5. You need a business plan.

A business plan is a comprehensive map of the coordinates of the business you will start. Studies have shown that having such a plan helps start-up companies survive. You should specify the tasks of goals, value proposition preparation, customer knowledge, marketing, distribution and packaging, costs, etc., in your plan.

If you still need to get a detailed plan for your business, it is better to take your time to start.

6. Your product needs to meet the needs of the market.

You might spend much time and money creating something unique that won’t appeal to customers! Research the market situation before devoting all your time to your idea and see if your product will eventually be able to be presented to the market and attract customers.

If you are sure that your product cannot attract customers’ attention, starting a business is not a good idea for you.

Conclusion

As you read, the success or failure of any business depends on various internal and external factors. There is no guarantee of success, and no discouraging words should lead you to the conclusion that you will fail. However, considering these factors, you can measure risk before starting a business and hope for success.