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3 Questions To Ask Yourself Before Starting a Business

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Many people dream of being their own bosses, if you are one of them what are your main intentions? Below are three questions you should ask yourself before starting a business

I had a chat with one of Johannesburg’s successful entrepreneurs and one the things he mentioned to me is that passion does indeed pay the bills. It’s a matter of how you find creative ways of monetizing your passion that makes your business stand out and even successful. I have also seen people who have put their businesses in jeopardy by taking their employees and customers for granted. With hard work anyone can be a boss, but it’s your leadership style that can help sustain or destroy your business. If you are considering starting a business make sure you ask and honestly answer some of the below:

What problem will my business solve? If you have a knack for identifying a profitable a gap in the market you can answer this question. Maybe your geographic or virtual area is in demand of certain products and services that you can supply or your skills can be a foundation of job creation in your community. You need to honestly answer what it is you are aiming to solve through your business and what will set you apart from your competitors. You also need to ask potential customers what their needs are and test the market to determine whether your business is feasible and profitable.

What resources do I need to get started? While some businesses require a lot of capital to get off the ground many successful entrepreneurs said that they started their businesses with the little resources they had, from selling clothes and products from the boot of their cars to operating their businesses from their homes. If you can start with what you have.

What is my exit strategy? We all want to succeed in our business endeavours, but if your business does not work out the way you planned for it to, what strategies do you have to remain financially afloat while working out a different business approach or being assimilated to the workplace?

What questions have you asked yourself before starting your business?

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