When do most people thinking about starting a business? It’s usually when they feel like they have something to add to their field—something which seems to be missing from it. And usually, entrepreneurs are passionate about what they can contribute. They feel strongly about what they’re trying to do by starting their own business.
This type of passion is needed to start a business and keep it going. It can be motivating for the entrepreneur as well as the people working at the business. But is it enough to just be passionate about your field? The fact is that you also have to be practical. So when you’re thinking about starting a small business, here are a few practical questions to ask yourself:
- Why are you starting a business? Do you really have something to contribute to your field? Is it something that hasn’t been done before? Will it be fulfilling a need of the consumer? Will it add value to their lives? The answer to at least one of these questions should be yes.
- Where are you starting your business? The place where you start your business is important. If you’re planning to sell something that requires visibility, then you’ll need to rent a space where there’s a lot of traffic and many consumers are coming and going. But nowadays, it’s also possible to sell your product online, in which case you can just start your business in your garage or in your apartment.
- Who will you employ in your business? Are you planning to set up on your own or will you need other employees? Do you have someone in mind? If you’re going to hire employees, then make sure that they are reliable and trustworthy. If you’re outsourcing marketing, accounting or HR, then make sure you do so with a reliable company.
- When will you start your business? Do you have a time frame in mind? Will you be able to get funding, find a space, hire employees and start producing in that time? Make sure you come up with a three or five year plan before you start your business.
So remember that passion is important, but it’s even more important to ask the tough practical questions before you start a business. Contact us for more information.