Top 10 questions to ask yourself when starting a business
What do you need to know when you are starting a business? These simple questions will help guide you when starting a business, and hopefully give you a head start to your journey as an entrepreneur.
If you really want to quit the 9-5 and are serious about starting a business, this post is a must.
If you’re thinking of starting a business, ask yourself the following questions;
- How am I currently making money?
- How much start up capital do I have to invest in my new business?
- What am I really good at or passionate about?
- Am I an expert in a field already?
- Will I create my own product or promote someone elses?
- How much time can I commit to making money online?
- What tools will I need for starting a business?
- What am I not good at?
- What do I need to learn?
- What are my timescales?
Planning and focus is one of the most important stages of starting a business, and you’ll save yourself a lot of time and money if you make sure you are open and honest with yourself when in this stage.
Let’s go into the questions a little deeper…
How am I currently making money?
How are you making money right now? Do you have a job already? Are you working full time or part time? Are you helping someone else out? Are you looking for a job? It’s easy to get confused, and think that you have to start from scratch, but if you’re making money already, consider incorporating the way you are making money into your new business. E.g are you currently in sales and have good product knowledge? Consider using this knowledge and the power of your existing contacts when starting a business.
How much start up capital do I have to invest in my new business?
So many people try starting a business and fail miserably due to lack of funding. Set your sights on what you can afford. Start small and invest however much you can afford in you or your business. Prioritise your spending and make sure you are investing only in essentials such as training, marketing or products.
What am I really good at or passionate about?
What skills do you already have? Is there a subject or a ‘niche’ that you are passionate about? If you are stuck for a business idea, look into your hobbies, passions and current skillset for direction.
Am I an expert in a field already?
Are you already an authority? Are you well known in your Niche? If you are already an expert in something, you can quite easily promote or sell that expertise online. No need to re-invent the wheel! Many people fail when they start a business because they launch into a completely new field that they know very little about and fail to do proper research. Don’t get caught out.
Will I create my own product or promote someone elses?
Affiliate marketing is perhaps one of the fastest and easiest ways of starting a business. Affiliate marketing involves promoting someone elses product in return for a commission when a sale is made. having said that, it is relatively simple to create your own info product such as a tutorial, a course or an e-book, so make sure you decide which route you will take before you start.
How much time can I commit to making money online?
Plan your time around your lifestyle. When I first started internet marketing, I was working all day and learning all night. I burnt the candle at both ends and got nowhere. When I finally used common sense and practised what I preached, I organised my work on a weekly schedule and got more done in those couple of hours a day than I had in the months of long days and nights before! Ensure you can afford to spare the time you are dedicating to starting a business.
What tools will I need for starting a business?
After speaking with lots of people who have spent thousands on products and software, make a list of what you really need and keep it simple! You don’t always need that ‘must have’ software, and remember, there is NO push button product that will make you money. Stick to these guidelines and save yourself a fortune!
What am I not good at?
Be honest with yourself. Just because you’re not good at something, you shouldn’t dwell on it and let it stop you starting a business. If you’re confident that you can learn the necessary skills with relative ease, then go for it. If not, With the power of outsourcing and sites such as odesk, elance and fiverr, you can get work done relatively cheaply, and free up your time to get on with other work.
What do I need to learn?
With so many courses available in all different areas of starting a business, making money online, software etc, it is important that you don’t try and do ‘everything’ Plan out what you need to learn and what can be outsourced, and try and stay focused on that plan. I am saying this because one of my WordPress Coaching students had spent $7,500 on courses without making a cent online – think about it, – do you really need to be a photoshop expert before you launch your blog, or can you outsource the graphics and design work? Don’t let the learning curve hold you back.
What are my timescales?
Setting timescales are a really important factor when starting a business. Don’t turn into someone who will ‘do it later’ or ‘start that tomorrow.’ Set yourself goals and timescales for important milestones for your business start up.
So, Are you set? Write the answers to the questions you have asked yourself, and go plan Starting A Business!