By Sharon Jones
There are plenty of budding entrepreneurs out there who feel they can take the challenge head on, but for every single one of us who fancies ourselves as the new Richard Branson or Nikola Tesla, there are many questions you need to ask yourself before getting your business out there.
Why Am I Doing This?
It may be a very simple question, but it may be one you haven’t even asked yourself. There will be times when things go wrong, and you will need to be able to know the answer this question. If you cannot, you are going to struggle to retain focus during the tough times. There will be times when you may struggle to keep your business financially afloat, and you may end up feeling desperate and wondering why you got yourself into this mess in the first place. But if you can answer this one simple question it will be the thing to keep you pushing on.
Have I Done Enough Research?
This can never be underestimated, from the various financial options to the current landscape of the marketplace, you need to make sure that you have done more than your fair share of research. From the financial side, there are suitable resources like smallbusinessloans.co, as well as many others that can delve into the details of each type of financing for business. From a standard startup loan to equipment financing, to a business line of credit, it’s vital that you know what you are entitled to, based on your lifestyle and credit score. It’s important for you to keep your personal credit score as high as you possibly can, because starting a business will very likely deplete your credit score at a rapid rate. By having a higher credit score, you’ll be able to borrow more to get your business off the ground.
Do I Understand The Commitment?
Not just in a financial aspect, but you need to be constantly on the hunt for potential clients, customers, suppliers, and these all require networking on a near constant basis at the very outset. The best way to get an idea of who you should align yourself with is to speak to many other entrepreneurs to get an idea of what can go well and what can go wrong. While you can get a lot of benefit on how to run a business by the mistakes you make, if you can find out from similar businesses where they went wrong at the outset, this will stop you doing the same.
Do I Have An Exit Strategy?
No matter how prepared you are, no matter how foolproof your business plan is, and even no matter how much money you have behind you, you need to have a way out just in case it doesn’t go according to plan. It can hurt a lot if you put a lot of money and time in something that doesn’t pay off for you. So if you can find a way to get out with minimal damage, this will give you a bit more confidence to push on with your idea and get it to the best it can be. For some inspiration, there are sites like groundfloorpartners.com which have examples of exit strategies.
These are important things to ask yourself before jumping in, so make sure you know the answers.