6 Questions to Ask Before Starting Your Own Business

Hi, I’m Mahavi and I’m here to teach you more about starting your own business. In my years as a life coach I’ve helped many entrepreneurs get their ideas off the ground and enjoy great success, and I want to do the same for you. Let me guide you through the basics and see if you can benefit from my wealth of experience.

Before you consider starting your own business, you need to ask yourself these questions, and only when you know the answers will you be ready to take the next step.

1. Is there a market for me?

You might think you have a great idea, service or product, but if there is no market for you, or the market is already saturated you need to take a step back and reassess.

Sometimes the best ideas are not received well, or there is already something that offers a similar result, and if we don’t know if there’s a gap in the market, we cannot take it.

2. Have you done market research?

Opening an ice cream store in winter? Looking at a shop that has no foot traffic? Offering a service that relies on public transport but there’s no bus station near by? These are all things you need to consider.

Before you begin you need to do some research and assess all the variables that you’ll face in your business.

3. Are you ready to be the boss?

Are you confident in delegating tasks, able to be fair but firm and to guide a workforce the way you want it? If you’ve balked at any on these questions you’re not ready to be the boss.

Having your own business takes a lot of leadership skill and you need the confidence to be able to assume responsibility in every way.

4. Do you have enough money to see you through?

If your business doesn’t make a profit for a few years or you’re suddenly hit with big bills, can you cover them without relying on win big when playing online pokies? Has your bank account got a buffer and do you have access to emergency funds?

You should have at least 6 months worth of living expenses saved up, as well as a slush fund for those little (and not so little) costs that crop up when least expected.

5. Who is your competition?

Identifying who your biggest competition is, is crucial.

Sometimes this isn’t as obvious as it seems and you may need to do some homework to see who else is offering what you do.

6. What is your marketing strategy?

If you haven’t thought about marketing you have a problem. You need to have a clear-cut strategy that is also very flexible, as you’ll learn by trial and error what works for your business.

If you can, bring in a professional to give you advice, or at the very least, if you are marketing yourself, make sure you are up to speed with the latest trends and techniques.