As the brand-new year begins, it’s a great time to make a fresh start. You can begin making good on your resolution to live a healthier lifestyle. You may want to try repairing strained relationships with people you’ve had disagreements with. And you can even finally start making plans to put up your very own business.
If starting your own business is your goal for 2021, then good for you. You’ll be putting all your efforts into something you’re passionate about, and you’ll get to be your own boss at the same time. Before you take the plunge, however, there are questions you need to ask yourself to determine if you’re truly ready for your own start-up. Take a look at the three of them below.
Do I have the money?
First and foremost, you should have the money to start your own business. For one, you’ll need equipment and materials to run a business whether you’ll be selling services or products. If, for example, you want to put up a logistics company, you’ll have to spend money on forklifts, delivery trucks, storage units and shelves, automated box folding gluer machines, packaging materials, etc.
The next thing you’ll have to invest in is your place of business — be it physical or online. You may need to shell out money for rent for a physical location or for web hosting and design for an online one. Then, there are people who’ll help you run your business. You’ll have to set aside money for their salaries. And even if you’ll be the only person operating your business, you must still consider if you can afford to quit your day job for your start-up.
Do I have the skills and knowledge?
Second, you must have the skills and knowledge to start your business of choice. It goes without saying that you should start a business that you’re really passionate about. If you love cakes and cookies, maybe you can open a bakery. But do you know how to bake? Or do you at least know who and what you’re going to need for your shop?
Apart from the skills and knowledge specific to the industry you’ve chosen, however, you should also be skillful in and knowledgeable about business in general. You’ll need to conduct market research to see if your business is feasible. You might have to learn the different business models as well, so you can pick the best one for your startup. Then, you’ll also have to study taxes and permits and licenses required for your business.
Do I have the time?
Third, you need to have the time to start and grow your business. Right from the start, you’ll be spending a lot of time studying and coming up with a sound business plan. Then, there’s the time you’ll have to put in to execute your plan. You’ll be looking for a location for your business, setting up the store or office, applying for permits, and hiring staff. Then, you’ll be training the people you hired.
Once your business opens, be ready to spend long hours marketing your products or services and knowing your customers. You’ll also be poring over customer feedback — both positive and negative — along the way. You must also find time to innovate to help ensure your business will grow. And everything gets even more difficult if you still need to keep a regular job to stay afloat.
Putting up your very own business is a wonderful way to start a brand-new year. Make sure, however, that you’re truly ready for this kind of venture. Ask yourself if you have the money, skills and knowledge, and time to launch a start-up. And if your answer is yes, then you’re already one step closer to being ready to start your own business.