Let me ask these seven questions before you start own business.
Doing your homework before jumping into entrepreneurship can save stress, nightmares, tons of money, and debt.
- Can You fail well? All businesses go through tough times. Do you have the persistence to admit something didn’t work and find a way to get where you want to go? To be successful in business you must find a way around the road blocks on your path to success.
- Can You sell well? Small business owners must sell services or products. You are the most motivated person in your business. And, you must constantly be looking for customers and opportunities to showcase your company. If you haven’t HQ selling skills, take courses (Udemy.com), read books (must read: Selling 101), or go through a sales training program (like BranTracy.com). Selling skills are critical for business success.
- Is Your family and friends behind you? You need good support. Your family must be behind you when the inevitable tough times hit. They must believe in what you are doing as much as you do. It’s hard to fight a family member and stay positive about your business when things aren’t going as well as you’d like them to.
- Do You have enough money to jump into business? Count how much money you think that you will need to start and then quintuple that number! It’s much better to have too much money than too little. Heavy cash flow problems take focus away from building a company.
- If You have partners, what will they contribute? Partnership is like a marriage. Ensure that your partners contribute as much financially as you do. This way they have the same stake in the success of the business. Also, your partner should complement your skills rather than have the same skills that you do. If both of you, for example, love to sell and hate accounting, the business will suffer.
- Is Your friends think Your idea is a fantastic idea? If your friends tell you that you have a great idea ask them to invest. That will quickly tell you whether they truly think the idea is great. 😉
- Do You know Your customers and will they purchase? Your customers write your paycheck. Identify target audience and why they will purchase the your products and services. Why should they buy from your company instead of your competitors? What additional benefits does your company provide that they currently aren’t receiving?
If you are able to answer these seven questions, the chances of the your business surviving to its fifth birthday will be greatly increased.