Starting a business is often easy. However, what most people fail to realise that doing business is no easy task. Forget about the motivational quotes that tells you that starting your own business is easy and can be done. It doesn’t work that way in reality. This is why we want you to ask yourself these top 10 questions before starting a business.
Before starting a business, you should be able to prepare yourself to do whatever it takes to succeed. One of the ways of doing that is to ask the right questions. As we know, the right questions brings the right answers. Ideas in thoughts are easier than ideas in reality.
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So, instead of asking yourself “Should i start a business?”, ask yourself these questions that we have broken down. This will open your eyes to the practical challenges you will face. By asking these questions, you will be well prepared to face whatever comes to you in the business.
Top 10 Questions To Ask Before Starting A Business
Let us show you these questions so you can get started already.
1. How Can I Finance My Business?
Business needs money to thrive. No matter how good your ideas are, if you do not have the money needed, it won’t fly. How would you raise money to ensure you do whatever needs to be done for the business to survive?
2. Can I Be Patient Till Break-Even Point?
It is said that businesses start making incomes from the 3rd year of operation. If that is the case, would you be willing to wait until that time? Are you ready to sacrifice to whatever it takes to stay in business till then?
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3. Does My Business Meet A Need?
First and foremost, you need to make sure that your idea is servicing a need. Is there a gap in the market? Why should your target market and the wider population care about this idea? At the end of the day, if there’s no audience, there’s no million-dollar idea. Once you can honestly answer these questions, you can look more seriously at taking your idea and turning it into a viable business.
4. Is My Idea Feasible?
You need to determine if you can afford to build out this business idea, if your family or anyone else close to you can handle this change, and whether you have the drive and determination to go the distance. It often is just about the idea, with little thought to the reality. Most entrepreneurs think they can just figure it out as they go. In reality, they need to know in advance. So, if your business idea isn’t feasible, do not start the business.
5. Can I Give The Needed Time?
Are you ready to spend enough time? When you build a business from scratch you will spend more hours, days, weeks, and months than you have previously thought. Building a business takes a long term commitment. Are you ready to stick with your business for years before you break-even and profit?
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6. Do I Have The Need Management Skills?
Before starting a business, you need to know if you have the needed skills, and managerial experience to run the business. Do you have the knowledge and experience to manage the day-to-day operations of a business? As an entrepreneur, you will do tasks that you have never done before. This will help you to know if you need to employ someone who can run the business for you.
7. Does This Business Fit Into my Future Life?
Building a business can be a huge time and energy sink and before you enter in, it’s important to be clear about the implications it will have on your life. Are you willing to put in the hours and energy, to suffer the ups and downs, say “no” to other things like time with friends and family or your hobbies? Make sure it’s worth it to you before you dive in.
Also See: How To Generate Profitable Business Ideas In Nigeria
8. Who Are My Customers?
The success of your business lies in your customers. If you do not know who your customers are and how to meet them, you will likely be in business for yourself. If you know who your customers are, you will know where to meet them and how to meet them.
9. Do you want to sell products or services?
Selling products and providing services are two different things. A service business requires a lot less in terms of upstart capital. A product business requires product design, development, manufacturing, etc.
Also See; List of Profitable Businesses for Undergraduates in Nigeria (Small Startup Capital)
10. Am I Motivated or Just Passionate?
It’s important to know the difference between being motivated by something and being passionate about it. The obvious difference is that passion is fleeting and one should strive to find long-term motivators in one’s business.
Conclusion
Do not run into opening any business that appeals to you because you want to. You do not want to start a business that will only end up being a waste of time and resources. This is why we want you to ask yourself these questions before starting a business.
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