Ask Yourself 5 Questions Before You Start a Business

Starting a business takes courage. Being successful and staying in business takes even more. You’ll need a combination of hard work, skill, perseverance, and perhaps even luck.


Startup

1. What funds do I absolutely need to start?

Maybe your dream is to open up a storefront to sell your handmade chocolates. However, that’s a lot of money you'll need up-front to open a store, especially if you haven’t tested the concept. Instead, do whatever you can do in the beginning to use as little in funds as possible to grow organically.

2. Who else is doing this?

Do a simple Google test to see who else is out there doing what you're doing.However, you need to see what the competition looks like in order to decide if you can offer something better.


3. Do you understand the responsibilities of ownership?

Owning a business presents quite a collection of pros and cons—such as the opportunity to earn considerable money but also the downside of big financial risk. Small business owners are often responsible for the entire business, typically including everything from managerial to administrative, sales and financial duties.


4. Have you set your business goals?

Be sure you know what you want from your business (both short- and long-term), and what you’ll need to do to be successful. Knowing what you want from your business spread all of the other decisions you'll have to make. It will affect which business you choose, how you evaluate your chances for success, and how you determine if you have the right skills.



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