As kids, answering the question on what we wanted to be when we grow up came too easily. Ironically, many of us ended in careers we are not happy about. Are you pondering on taking a quantum leap in your life and gaining financial freedom through a business startup? If you are, here are 3 fundamental questions to help you get started:
Do I have the passion for this?
Doing something you are passionate will make you feel driven to face challenges and hurdles that come with being your own boss. This might mean working long hours, having clients as bosses and dealing with suppliers. The road may be bumpy but with your resolve and passion, you can reach your goal and do something you love.
What do I need to do?
Before you hand in your resignation letter to your manager and start your own business, you have to learn about what you are getting into. Writing an effective business plan should be on top of your list. If you are introducing a product or service, research if there is a market for this. Find out the current trend and who will be your potential competitors. Also, ensure that you have a game plan on how build your company or brand.
Will I be able to sustain my business?
Part of your business plan should include your projected expenses and sales for at least three years. By doing so, you will know how much investment you need for a start-up and operation. Many businesses fail from not having enough capital to get the company going. Plan on the direction you want your enterprise to go and veer from unnecessary purchases. Accumulated debts can eat up your profit which will not give you any option but to close shop.
Starting a business might not be a piece of cake but it is doable. By doing something you are passionate about, studying your market and applying the right marketing tools, you can have the edge to make it in your chosen industry.