Reflections & Advice

10 Questions To Ask Yourself Before Starting Your Own Business

What are the 10 Questions You Need To Ask Yourself Before Starting Your Own Business

starting your own business

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Are you thinking about Starting Your Own Business?

Good for you, but don’t take the leap before you have asked yourself some important questions first.

You may well become the next Steve Jobs or Diane Hendricks, but then again you might not!

So before starting your own business, you need to consider your plans carefully well before you move on.

I have listed a number of questions here, so think through each one to help you gain some perspective.

If, at the end of the questions, you are all raring to go, then good luck and I hope you make a success from your venture.

On the other hand, if you do have any major reservations, it may be wise to wait a while before starting your own business.

1. Why Do You Want To Start A Business?

There are loads of reasons why you would start a business.

You may be unemployed, so you need that financial pickup to bolster your bank account.

On the other hand, you may be a stay-at-home mom with time on your hands, so starting a business, however small, will give you something to focus on during your week.

You may also have an incredible idea that you are desperate to share with the world, so starting a business is a no-brainer.

These are good reasons for beginning a business. However, you may have other thoughts, such as wanting to become as rich and famous as other female entrepreneurs.

There’s nothing wrong with that exactly, but running a business isn’t easy, so don’t expect to become a millionaire overnight (or ever) as there are challenges ahead.

So, whatever the reason, make sure your intentions are honorable and realistic and don’t start a business on a whim if your reasons are vague.

2. Do You Have A Vision?

starting your own business

Particularly when trying to find money for your venture, you will need to write a business plan, so you need to have some kind of vision for the future.

  • What are your goals?
  • Where do you want to be in the next five or ten years?
  • Who will benefit from your business?
  • What kind of legacy do you want to leave behind?

You may not have a huge master plan, but you should at least have something to aim for when you begin, otherwise your business might not survive very long at all.

3. Is Your Business Idea Viable?

starting your own business

It’s unlikely you are short of ideas – check here if you are – but you do need to do your research.

You won’t be the only business on the block with a similar idea, so you have to market yourself to avoid or beat the competition.

For example, if you are looking to begin a home bakery business, you want to do something similar businesses aren’t.

For example, you might want to set yourself up in a particular niche, such as celebrations and anniversaries, selling birthday cakes or wedding cakes to set yourself apart from others.

On the other hand, you might want to open yourself up to a wider market as possible, but there has to be a “raison d’etre” (French for “reason of being”) for the customer to use your service rather than that provided by the competition.

And, of course, your business idea needs to be realistic in the first place. Is there a market for what you intend to sell? Again, do your research.

4. Do You Have The Time?

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Starting your own business and running it can be time-consuming, so you will need to work hard to make it a success.

If there are limitations on your time, such as family or work commitments, they may well hold your business back. It all depends on your business idea, of course.

If you are busy elsewhere, but your business idea is intended as something fun to do in your spare time, then you may not need all the time in the world to stick at it.

On the other hand, if you are going to be reliant on your business to make an income, you will need to make the time to focus on your venture if you want to stand any chance of success.

5. What Are Your Strengths And Weaknesses?

starting your own business

When it comes to your initial business idea, you are probably basing it on what you are good at.

It’s no good wanting to sell cakes, for example, if your skills in the kitchen aren’t up to scratch.

You won’t get many happy customers if this is the case.

However, assuming you have already thought of the skills you possess when looking at your business venture, there are other aspects you need to consider.

A successful business goes beyond your skills in creating a product. You also need skills in business planning, managing your finances, marketing your product, and setting up a website.

It’s not a deal-breaker if you are weak in any of those areas, but you need to find a solution.

For example, if you are terrible at managing your money, you should get an accountant.

If you don’t know the first thing about setting up a website, you should ask for advice from people you know or hire a web designer.

You might also consider hiring other people on a part or full-time basis to help you manage those aspects of your business you are weakest in, or outsourcing to freelancers and other services occasionally.

6. Is There Anything You Need To Learn?

starting your own business

As a follow on from the above, you should also look to improve your skills to help you run your business successfully.

This includes taking a business course, giving you the tools you need in managing the day-to-day aspects of running a business.

You can also take online or college courses to help you overcome your weaknesses, or to help you enhance key skills you already possess.

Learning doesn’t only take place in the classroom, be that virtual or otherwise.

 

You should also seek advice from other business leaders, either face-to-face or by looking at case studies online.

You may have friends and family already in business, so ask them as many questions as you need to.

You aren’t the master of everything, so as you begin your business and on the long road ahead, always be teachable, be open to learn.

And this includes learning from any mistakes you make along the way.

7. Who Are Your Intended Customers?

Starting you own business

You may have a fantastic idea, but you need people to buy from you.

  • So, what market are you trying to reach?
  • What demographic do you intend to target?

Your idea may be adaptable to any group of people, both young and old, and male and female, or it may be some niche that will fall into very limited brackets.

Consider who you will be selling to, as this is key in knowing how to market yourself down the line.

For example, if you are catering to the younger market, you will need to use language that is relevant to them, as well as finding avenues where they are likely to see your product advertised.

So, again, do your research, look at similar products on the market and who buys them, and begin your marketing plan to reach potential customers.

8. How Will You Finance Yourself?

 

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There are some businesses you can start at little or no cost, so you may not need to look for funding before you begin.

On the other hand, you may need to make some investments before you launch, so you will need to find money from somewhere.

A startup loan is the common inroad into business, but you may also know people willing to invest money into your starting capital.

If your business is a hobby or a side-hustle, then you probably already have other income sources to sustain you.

However, if your business is going to be the main income-earner, you need to be aware that you probably won’t make a profit straight away.

Therefore, it may be wise saving some money up before you launch, or looking for other income sources (such as a part-time job) to give you back up during the lean times you face on your business journey.

9. Is Your Business Idea Scalable?

starting your own business

Most business owners find ways to grow their business.

So, a cake-making business, for example, may begin small, be that online or at the local farmers market, and then grow into other markets, such as opening a store or two, or combining forces with other businesses, such as hotel chains and event organizers.

Growth may not be something that interests you, especially if your business is a simple hobby, but if you want more than that, look at your business idea and consider the ways you can expand it down the line.

10. Are You Sure You Want To Go Into Business?

Taking everything I have said into consideration, finances, time commitments, your strengths, etc. are you still sure you want to start a business?

There is a lot to consider, and for some people, the negatives may eventually outweigh the positives after careful reflection, and starting your own business may not seem so wonderful or  viable after all.

However, there is something I haven’t mentioned, and that is drive and passion.

While you may have some reservations after reading my questions, you can still go far if you are passionate about your idea.

Whatever you decide to do, whether you decide starting your own business or not, I wish you every success for your future.

starting your own business

Copyrights to Swamy Giduturi

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10 thoughts on “10 Questions To Ask Yourself Before Starting Your Own Business

  1. I really have to laugh at myself. Years ago I plunged into internet marketing, having discovered a product I could write in my sleep about at ClickBank. So I did. It cost me only my time as I used the free Blogger blog.
    Of course I hit a wall at some point as the field expanded. It took me a while to get a hosted site up that I could develop more.
    I kept hitting walls until I was referred to Wealthy Affiliate University for r.e.a.l. training. Now I can work smarter and developed yearly plans.
    All good thoughts for someone to carefully consider!

    1. Oh I can so much relate to you Dianne – I feel like you and I have been down the same path! Wow!
      And yes having a plan to look at and look forward to is a great way to keep you focus and your goal setting “straight”
      You are so right – having the tools that Wealthy Affiliate offer’s is the way to achieve these goals in the best possible way!
      Wishing 4 Your $ucce$$
      Orion

  2. These are great points Orion. Shawn started his blog as he is a stay-at-home dad, not fully by choice at first, but it became the best option for our family. With my work cutting back overtime on a regular basis, we really need things to pick up online. So here we are out of comfort zone and out of the box, learning as we go. Thanks for this great post.

    1. That is great Tara, being out of your comfort zone can bring you so many rewards that will be so much sweeter than if you were in your comfort zone – believe me (and I am sure you know this)
      I am sure you will succeed online, I have seen your work and with your technical talent and WA’s guidance the sky is the limit for you and Shawn!
      Wishing 4 Your $ucce$$ – Orion

  3. Hi Orion, Good introspective questions that should be asked to get in touch with your real feelings before moving forward. I like how at the end you talk about passion as it is essential if you are going to have the focus to succeed during the trying times of the project. I especially like how you lead into the WA opportunity. I found this a good read that kept my interest throughout.
    Thanks.

    1. Wow thanks Steven, then I guess I have accomplished my mission with this post! That is great!
      And yes WA is a great opportunity for anyone wishing to start up their own personal online journey – it is the best place to ‘reach for the stars’
      Wishing 4 Your $ucce$$ – Orion

  4. I’ve been an entrepreneur for over 20 years and I started a new online solo business this year.

    I believe that these are 10 great questions that anyone considering to start their own business should ask.

    Also, I’d say that another aspect to take into consideration is: are you partnering with someone? If so, are you going to be able to take the pressure without harming your relationship/business?

    I’ve seen some businesses going bankrupt simply because of the inability of the owners to work together.

    On the other hand, if you decide to work by yourself, it’s always a good idea to be part of a group of like-minded people. The support you give and take will be invaluable to overcome hard times.

    Would you agree with me?

    1. Oh I absolutely agree with Eliane, this is so true.
      Knowing who to partner up with and work together, support each other is essential to the success of any business.
      Doing it alone may be possible but much much harder.
      Thank you for leaving a comment
      Wishing 4 Your $ucce$$ – Orion

  5. I think your post is very well thought out and covers the things people should think about. For sure there may be years before you see profit and the owner is the last one to get paid if at all.
    I also strongly suggest anyone taking the leap spend some major time working on their mindset. Never underestimate the power of positive thinking. Jump on some YouTube or into the book store and spend some time with Tony Robbins, Grant Cardone, Gary Vaynerchuck or some similar motivational expert.
    Also consider how you feel about your time. 8 or 9 to 5 is history for the self employed, the rewards can be big but so are the efforts. Lastly are you resilient, there is no failure if you learn from your mistakes and move forward. Quitting is the only way to fail. Good Luck !

    1. Excellently put Mike and thanks for the comment – I totally agree with you.
      Keeping a motivated state of mind when going it “independently” is a must and we best surround ourselves with all the tools we can put our hands on.
      Thank you for your motivating words,
      Wishing 4 Your $ucce$$ – Orion

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