The germ of any successful business has been a unique and incredible idea. Someone, somewhere, had the abilities and the ambition to make the new business start-up happen.
So how do you know if you’ve got what it takes to start your own vocation?
1. You know the risks
Even though no one would willingly part with the considerable time, money and effort that a small business requires to get off the ground, you have to be aware that losing it all is a possibility.
While the rumour is that many small businesses don’t survive the first few years is untrue, there are some who don’t survive these early years.
2. You know the USP of your start-up
Even if you’re looking to penetrate the market with a product that is largely the same as other current services, you need to be able to differentiate yourself. This is your USP – your unique selling point. Will you be the most innovative, the most affordable, the most friendly, or the easiest to use? Whatever it is, you’ll need to base marketing efforts around this point in order to stand out from the crowd and bring in vital sales.
3. You are organised
No matter how great you are at creating a top quality product or service, being disorganised can and will hold you back from bringing those skills to the market. Consider how you’ve fared for deadlines and high-stress situations in the workplace in the past and be honest with yourself about how well you would manage to organise everything from the GST receipts to the creation of a company website.
4. You have the funds or means to get the funds
There are many ways to keep your costs low while starting a business, but almost no way to run a new company on nothing. You’ll need capital to invest in the early days or at least a method of gaining capital from other investors or lenders.
5. You’ve done primary research
Coming up with a great idea for a new business is always an exciting moment for an entrepreneur. However, if you’re the only one who thinks the idea is a good one, you will likely run into problems when you’re trying to market it.
Talk to friends and colleagues and spend some time online researching the area to see if there really is a need or a desire for your product or service. You can do a quick and easy anonymous survey throughout your networks using polling software for honest answers on whether or not anyone would really purchase what you have to offer.
6. You can address the business plan
Every company needs a business plan to organise all the details of the business into one tidy document. It will cover your financial position, including funds, future funds, expenditures and product prices. It will have details about the current market that your product or service will fit into, including any research you have already done. And most importantly, a business plan will include your company concept. You will need to do an analysis of your strengths and weaknesses, make a plan for the future, and consider your customer.
7. You have the right connection
Friends, colleagues and acquaintances can be an extremely helpful resource when starting a new business. You can go to them for advice and work such as setting up the website, creating the business plan or even designing a logo. With a pool of talented, helpful people around you, you know you’ll have relevant, useful help when you need it, and you may even be able to organise such services at a discounted rate.
8. You are creative
Creativity is one of the most valuable assets in your repertoire, and if you mean to start your own business, you will be using those creative skills around the clock.
You’ll have to come up with new ways to make sales, you’ll need to be creative to work on your tight budget, you’ll run into countless problems every day that take new ideas to fix.
9. You want freedom
One of the main reasons entrepreneurs start up a new business is because they are tired of working for others- they want independence. Your independence will ensure everything runs the way you plan it to, but it will mean you have the responsibility of it running that way, and that you will have to bear the weight of any failures as well. If you’re ready for that kind of independence, you may be ready to start your company.
10. You won’t give up easily
J.K. Rowling, the famous author of one of the world’s best-selling book series (Harry Potter, you know…), was rejected by a dozen publishing houses before being accepted by Bloomsbury. There are countless tales of successful men and women who didn’t give up and finally made it big, and every one of them is relevant when you’re thinking of starting a business.
So, if you have all that it is mentioned above and is required to take the big leap, go ahead! Initiate a formal set-up and build your own empire!
