Am I Ready? Tough questions to ask yourself before starting your own business.

by Susan Martin

These days, it seems as though everyone wants to start their own business. Seems easy enough, doesn't it? Come up with a good idea, and the dollars roll right in!

Most people understand that running a business requires business know-how, but most successful business owners also possess some additional skills and qualities that help make running a business easier. Before you decide to start a business, you might want to think about the qualities you possess, how that might help you be a more successful business owner. But before you make that big decision, ask yourself these questions:

1. Personal questions: Am I a self starter? When you have your own business, there’s no boss or manager to tell you what to do and when to do it. To get your business off and running you’ll have to motivate yourself to get things started.

Do I enjoy challenges? Businesses provide constant challenges. If you enjoy a good challenge, it will energize you. If you don’t, you may end up feeling as if you’re involved in a constant battle.

Am I a creative problem solver?Creative problem solving is a key skill for business owners to possess. One way to practice your creative problem solving skills is to challenge yourself to think “out of the box”. Don’t go for the obvious, think in a different direction than you’re used to.

What are my strengths and weaknesses? The ability to do this is also invaluable for the business owner. Recognizing what you’re good at and what you’re not will help you decide how to use your time, and when to call in experts or outside professionals for help when needed.

What skills do I need to learn to run my business effectively? Recognize which skills you need to develop in order to run your business most effectively.

2. Business questions: Do I really have a money making idea? Not all great ideas make money. Large companies spend a lot of time and money evaluating ideas, prices, markets, and packaging etc. before bringing a new product or service to market. So test your market ideas and make sure they’re profitable before you get started.

Who is my competitor? Learn everything you can about the others in your field who provide similar products or services to the same ideal customer. This information will be invaluable in learning how to “position” your own business.

Who are my ideal customers? Every business needs customers. And the most successful businesses know exactly how to describe who their best customers are, what they need and desire. And don’t forget: one of the most important qualities of an ideal customer is whether they can afford your product or service.

Will I need capital to startup my business?If so, how much? Not all businesses require a lot of start-up money, but don’t fool yourself into thinking that you don’t need any. Be realistic about how much money you’ll need, and how much time it will take until you can draw a salary; so that you give your business idea enough time to grow and flourish.

Have I written a business plan? If I need to raise startup capital, is my plan powerful enough to attract investors? Make sure you include all of the sections that investors will look for. Also, make sure that the type of plan you’ve written is appropriate for the amount of money you’re looking for.

Date: 2016-04-22; view: 828