Questions to Ask Yourself Before Launching a New Startup
Starting a new business isn’t the same for everyone. There are so many different ways to go about it, and many often forget that self-employed people and freelancers are technically their own businesses too.
It’s easy to understand why people may want to go down this route – it’s great to think of being your own boss and setting your own schedule. On top of this, depending on the industry you’re aiming to work in, there may be the potential to earn a lot more than you are receiving in your current employment.
There is so much to think about though, and it can be stressful just contemplating where to start, let alone actually setting off on the path towards success. Is this path right for you? How can you turn your dream into reality?
You will likely have many questions for yourself… Here are some of the most important ones you should be asking.
What will I do?
Undoubtedly, one of the most important things to consider before starting your own enterprise is asking yourself what kind of business you’d like to be involved in.
With so many possibilities to choose from, it’s easy to feel spoilt for choice. Having said that, once you figure out what is actually feasible for you, you will see that your options are much slimmer than you initially thought.
This shouldn’t put you off though, as it may actually be a good thing. Once your options are narrowed down, it’s much easier to make a decision.
To find out what type of business would be best for you, you’ll need to decide what most interests you and how you can turn that into an enterprise. For example, if you’ve always been a graphic designer for a big company, why not create and sell your artwork online?
If you really want your business to be a success, it has to be something you are knowledgeable in, as there is likely a lot of competition out there. This is where having a more general business background, truly comes in handy, as you can make the leap and jump in to anything that you feel might be a success.
Is this right for me?
Once you’ve chosen what you want to do, it’s vital that you ask yourself whether or not this career path is really right for you. Even if you are going into something you have a lot of experience in, the lifestyle of owning your own business or being self-employed, might not be suitable for you.
Do you think you could handle not knowing when you’re going to be paid? Would you be able to deal with having staff members that depend on you? Are you willing to put in the extra time and energy that is needed at the beginning, to build your business brand?
If the answer to any of these questions was closer to a no than a yes, it might be a good idea to re-evaluate your situation. Many people like the idea of starting their own business, but when it actually comes down to putting everything in place, they find out that it’s not what they wanted after all.
This doesn’t have to be bad news though. You can certainly make changes in your life that mirror the perks you wanted to get from running your own business. Whether that’s talking to your boss about more flexible hours, or asking for more responsibility at work, there are other ways you can make a difference, without having to go into the world of running your own company.
If you truly do think that this is right for you and feel that you could do it well, there is nothing stopping you from looking into this enterprising career option.
Can I afford it?
One of the biggest hurdles facing most people starting their own business is their financial situation. While you are, of course, entering this line of work to make money, it can cost more than it makes, early on, and this state of affairs can last a long time.
It’s for this reason, that so many people save for years before they even think about dipping their toe in the entrepreneurial water. This can be disheartening, but knowing this before you jump straight in, can save you from sinking.
If you can’t afford it right now, it doesn’t mean that this is never going to be a possibility for you. Making sure that you’re financially sound before setting off on this journey, is one of the smartest moves you can make as a new business owner.
By doing so, you are much more likely to get things set up properly and not trip over the first economic hurdle.
Should I leave my current job?
Due to the cost of running their own companies, many new business owners continue to stay in their existing job roles for a little while longer.
If you’re looking at the world of being self-employed or running your own company because you want to get away from your current job, this can be frustrating to hear. However, it means that you can keep an income coming in while your new business properly finds its feet.
Though this might mean having to leave your other business to the evenings and weekends, it will certainly be worth it in the long run, when your company is in full swing and making a profit. Once this happens, then you can start thinking about cutting down the hours on your other job, or leaving altogether.
Do I have the time?
Although you may have dreams of being the boss who comes in when and if they please, this is rarely the case early on! That reality might be in your future, but when starting a new business, it zaps up all your time and energy in most cases.
This is especially true if you need to stay in your current employment, as you will start to feel that all your waking hours are spent at work, whether at one job or the other. It can really pay off in the long run though, as long as you’re prepared to put that time and energy in.
If you can’t, for whatever reason, it might not be the right time for you. Let’s say you and your partner both work full-time and have 2 young children. Your hands are probably too full as they are at the moment!
By adding the stress and time it takes to start a new business, you might get burnt out very quickly. In this case, it might be a good idea to put a pin in your new business for now and revisit it when you have more time to play with.
This doesn’t mean that you’re giving up – just that you have other priorities that fulfill your focus right now.
What do I need?
If you do decide to go ahead with your business, you’ll need to have everything properly in place. From hiring staff to equipment, there is so much to think about and the needs of each company are truly unique.
Are you opening up your own coffee shop? Maybe you need to consider hiring a barista or two, as well as purchasing a good quality coffee machine.
Perhaps you’re producing and selling a new product… Do you have the machinery to make this as easy as possible? Looking at companies like fluentconveyors.com and finding what you need, can be a good place to start.
To begin with, you may be able to get by, with limited or no resources. Many businesses operate from the owners’ own homes, to save money until they start to see real profits.
However, if you know that you’re going to need equipment and staff straight away, it’s important that you put this into your plan. For example, you don’t want to be in your coffee shop with no coffee machine! And you’ll need to think about apparatus to put appliances together.
Asking yourself what it is you truly need, is so important from the start. On the flip side of this though, it’s equally essential to determine what you don’t need. At the beginning of a business, money is often tight, so you won’t want to waste it on something that you don’t actually need.
If you have a set-up that you can make do with, for now, it’s better to go with that and buy the fancy stuff later, rather than risk putting yourself into debt.
Starting your own business is an extremely exciting and perfect career option for many people. There is a lot to think about though – so much so, that it can become overwhelming for some.
If you have answered these questions honestly, you will have a much clearer idea of what you can and can’t handle, as well as what you want to achieve. So now, you’re in a much better position to get started on your startup!