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This is a collaborative post.
Starting or running your own business is a dream that many people have. It is also a dream that many people pursue, and are successful with. However, where there is success, there is also failure. This failure can stem from not building a business on the correct foundations. Here are several essential questions you should ask yourself before you start a business.
Are you in the right mindset, and place in your life to start a business?
Dreaming and planning to start your own business are two very different things from actually taking steps or actions towards running one. You need to make sure that you are mentally capable of dealing with all the things that will come with running a business, such as problem-solving, marketing, customer relations, and the rest. There is support out there to help you run a business of course, such as a strategic performance dashboard to help with aligning your goals and collecting and reporting data, but you have to be ready to use these for maximum output. You should also ensure that you have as few distractions in your current lifestyle as possible, this way you will allow yourself the greatest chance of success.
Are you ready for the responsibility of others when running a business?
At some point, you will likely want or need to employ other people to help you run your business effectively. This could be for several reasons such as an increased demand for your products and services, or simply because you want to take a step back from the work and focus instead on how to further grow your business. Whatever the reason for employing staff, you will be responsible for them while they work for you. This will include things like making sure they have the right training, qualifications, PPE, and tools for the job. As well as ensuring that they are safe while at work. To help you with the health and safety aspect of having employees, you could consider contacting a health and safety advisory service, which will help alleviate some of that responsibility.
Are you financially able to start and run a business?
This question that you need to ask yourself is quite situational as many businesses can now be started with very little, or even no money. However, during the course of running a business, there will be costs involved at some point, whether it is to pay for insurance, professional help, employees, a workspace, or even the products, materials and tools you need to run your business. If you do not personally have enough capital to cover the costs that you need to start or run a business, then something you could consider, and something a lot of people will opt for is getting a business loan.
Do you have a business plan?
Having a business plan is an essential part of starting and running a business, especially if you want your business to thrive. If you do not have a business plan then you should reconsider starting a business until you have one. You don’t need to overcomplicate anything, just make sure that you do the proper and relevant research for the sector or industry in which you plan to enter with your business, and create your business plan around that.
There are of course other questions and factors you will need to consider before starting a business, but these are a good place to start.