Starting a business is a big step! Do you know the questions you should ponder on and find answers to before getting started? Proper planning and organization is the best way to position your self for success. The 4 questions below is a good place to start.
- Why do you want to start a business? Are you starting a business because everyone around you own a business or because you think your work is too demanding and you want to control your schedule? It is important to identify your why so that when the going gets tough your why keeps you going. Understanding your why also helps you to identify yourself if you are ready to start a business or not.
2. What problem do you want to solve for people? It is important to carefully think about the problem your company will be solving for people. How are they currently handling that problem now? Do you think people will be willing to pay you to have the problem solved? As you can see, asking one question has led to several other questions. Write these questions in your journal and include your answers too. Carefully think about the problem you are looking to solve, how people are currently solving the problem now and how you can do this better.
3. What do you need to get started? Now that you know the problem you want to solve and how you want to solve it, it is important to identify what you need to bring the idea to reality. Is it a technology product? Or is it a service or a physical product? What do you need to bring this solution to the hands of the people that needs it? If it is a technology product and you cannot build it yourself, then you know you need to look for someone who can help you. Or someone who can partner with you with complimentary skill-sets. Answering this question carefully help you to decide how much money you need to get started.
4. How do you you plan to secure funds to get started? You will need some funds to get your business off the ground? Do you want to get a loan? Raise money from friends and family to get started? Think through this
Starting a business is a huge endeavor, adequate planning and proper mentoring creates a strong foundation for success in business.