Have you ever wanted to start your own business but weren’t sure where to begin? Here are a couple of questions that you can use to decide if owning a business is for you.
- Is there a demand
- Are you skilled (enough)?
- Do you have the time?
- Can you afford the initial cost?
- Can you do it right?
1. Is there a demand?
Take into consideration your surrounding. What problem would you like to solve? Where are customers currently going? For myself it was that quality computer service was either way too expensive or inflexible with the business of daily life.
2. Are you skilled?
The more appropriate question is “can you compete?” Your business is a racer on the track. The other racers are the economy, demand, and of course, the ref is the government. They may have more experience or more knowledge, but they may cost more too. Weigh out your competitors. If you choose a career, make sure to start out in your garage. The low overhead from not having a rent payment is a great feeling.
3. Do you have the time?
This adventure will soon demand your time. Not just the time it takes to work but the time that it takes to brainstorm new ideas. If you can’t make time for a business than it isn’t worth doing. If you are already working overtime and going crazy from stress than starting a business is not a great idea for you.
4. Can you afford the initial costs?
If your business is in the services industry the amount of initial cost varies from the job you are doing to your target demographic. Some people will be okay with you working on their car out of your garage but others will look for a “real” mechanic. If you can start out of your garage the stress to sell is less than what it would be if you had to make rent for the month. If you know that the market is stable and it makes sense to have your own office space then go to town. Just understand the amount of risk associated with that investment.
5. Can you do it right?
If you are into breaking the rules then maybe this isn’t for you. Starting a new business requires you to follow government guidelines. Finding a good accountant is the best way to keep on the straight and narrow. I know a good one if you need one!
Starting a business can be a daunting task but there is nothing like the sense of accomplishment from creating your own mini empire. I would encourage you to start slow. Don’t go all in if you don’t have too. Find a part time job while you are working on your own business.
Please feel free to reach out to me. I am not an expert but I am always happy to share my insight.