More and more entrepreneurs are branching out and starting their own businesses. With digital sales and internet based businesses making it easier than ever before to reach out to a whole world of customers, are you ready to start your own business in 2021?
Starting a new business takes commitment, dedication, a good dose of luck and a whole lot of man hours. If you don’t think you can commit to it 110%, chances are your new venture will fail.
Are you ready?
If you believe you are ready to throw yourself into your self-made future, ask yourself our 7 “Business Ready” questions to see if you really are set to start your own business:
1. Do you believe in your business?
One of the key elements of success is belief. You need to believe in your business idea, even if those around you initially don’t.
2. Are you passionate about your new idea?
As well as believing in your new business idea, you also need to be passionate about it. You want to be passionate enough to shout it from the rooftops and tell everyone you meet how great it is. Passion sells, indifference doesn’t.
3. Is there a market for your idea?
All the passion in the world won’t get you anywhere if there is no need for your product. Before you commit, do your research to ensure that enough people will want to buy your product or services to make it viable.
4. Do you have a plan?
Starting a new business takes a lot more planning than just having an idea and telling the world about it. You will need to draw up a business plan to act as a pathway for your fledgling business. You can draw up your own plan, or ask for help from a professional business manager.
5. Do you have some cash available?
Business loans may be available to you, or you may have saved some of your own money to launch your new business. However you chose to fund your start-up, have a contingency in place as most businesses work their way through a lot of cash before they start to see any profit come in.
6. Do you have experience in your new industry?
Starting a new business in an industry that you know nothing about can be risky. Sure, you can employ people with expertise but that is a big expense in the first years of a new business. You would be more successful starting a business in an industry that you understand and have plenty of experience in.
7. Do you understand the risks?
Are you fully aware of what could potentially happen if your business fails? Make sure you know exactly what you are putting on the line to make your own personal dreams come true.
Ask yourself this…
All of the above are important questions that you should ask yourself before starting a new business. As well as these, think also about why you want to start a new business, who your competition will be and what sets your product apart from your new competitors?
Most importantly, consider writing a business plan first and ensure you do your research, planning and analysis of the market you are intending on going into.
If you have a dream, you can spend a lifetime studying, planning, and getting ready for it. What you should be doing is getting started.
– Drew Houston
