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5 Important Questions to Ask Yourself Before Starting Business

Feb 27th 2019 at 11:57 PM

Just the thought of starting a business sends overwhelming chills down to your spine. However, you tend to set aside the thought and encourage yourself that this is a good yet risky decision.

Even if we have that perseverance and determination- which is the essential ingredients in starting a business; we still have things to reconsider such as:

1. Are you genuinely passionate about this idea?

The business world is very competitive and to be globally competitive and successful, the business idea must be original and unique. It’s a bit odd to start a business, because of someone sad so, right?

The idea must be brainchild- something that you wholeheartedly love and excited about. This will motivate you to continue during hard and tough days since this is your passion.

One should have initiative; and don’t let someone dictate what you ought to do in your business, because you’re most likely to fail. This is about putting all your personal effort; success won’t be achieved if someone else’s efforts are spoon-fed to you.

2. Who is your target audience?

Before making your marketing plan or envision what your business might have, assess and conduct research about who is your target audience. Have an idea to whom you are reaching out with your business.

Keep in mind that your approach varies depending on the age of your customers. Since the target audience significantly affects the sales of your business, and through these people, the talk about your new product will spread like a wildfire.

Whenever I do a proposal, I always create an imaginary person where I can use, so that I’ll be guided thoroughly. It helps a lot since I have to utilize an appropriate approach for that certain customer.

3. Do you have enough money for the start-up cost?

I strongly believe that one should be financially ready just to start a business. You’ll never know so you better come in prepared. At times, you will be suggested to borrow additional business funding or personal loans from private lending companies such as cash mart philippines. I suggest you start your business base on your financial capabilities.

It would be best if you shrink your idea that suits your financial capabilities, or you have to save more for 6 months, as long as you have achieved your target budget. Furthermore, even if it requires time and money, think of this as an opportunity for you to venture your business into partnerships and long-term investments. In result, your business will have a guaranteed strong foundation.

4. Have you conducted enough research?

Don’t get so hyped-up, and do good research before spending your money to investments and other uncertain expenses. If you're determined to start a business, don’t forget t always have enough time to research your ide before it becomes a reality.

The good thing about searching your idea is you’ll have a background check on it, which may have the possibility to be improved. Despite our unique individuality, there really are instances where some people come up with the same idea. Now your goal is to have a distinct product, but if you won’t exert an ample time for you to research it, then it won’t be unique.

Also, I highly suggest you read for at least 10 to 20 business-related books to help you start a business. If you’re not satisfied with the books you have read, try to ask for those people who already started their business. The ideas and experiences they’ll impart are invaluable. Sometimes, a great idea someone can give to others is initially sparked by someone you’ve talked to. Even if you have started your business, you still have to sharpen the saw. Challenge yourself to be better, wiser and more innovative; because learning never stops- it’s continuous.

5. Are you willing to fail?

Scratch the thought of succeeding in the first try, you’re not God. It’s our innate nature to fail whatever the circumstances are. Your goal is to be successful but accept failure. Yes, be positive that you can finish and achieve your dreams, but be realistic. It’s not always butterflies and rainbows. There will always be ups and downs no matter how hard you try to avoid it.

Most of the business is suitable for homerun, in fact, most of them tend to fail. It’s a matter of not giving up, even if it’s your fifth idea already; eventually, you’ll land on success.

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