Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck.
Here are important questions that you must ask yourself when starting a home business:
“How can I support my family while I build up by business?”
This question must be worked out according to each individual’ circumstances. If possible, save enough money to support your family’s expenses for at least two years. Another way for many people is to start out on a part-time basis after their regular jobs to see how much they can handle. Then when their incomes reach a certain level they will switch over and go full time.
“What are my abilities?”
To determine your abilities you will have to take an inventory of yourself. It is important that you know your aptitude for small business ownership. Decide what you enjoy doing the most and what you “feel” you would be good at. Evaluate your skills and determine whether you have all the important ones you will need, or whether you can develop them or hire someone who already has them. The key to success is not so much having every skill (though that would be ideal) as it is finding ways to compensate for the weaknesses.
>> RELATED: 6 Skills Every Entrepreneur Need to Succeed
“Is there a market for the product or service I have chosen?”
Be cautious before you invest any money! One of the first steps in examining your business idea is to get to know more about your market. Do a market research by gathering information to determine who might buy the product or service and what they might be willing to pay for it. Check it out by making inquiries directly to the company, competitors, or firms who are marketing a product similar to the one you are interested in. Good research will yield good data on the competition. Make sure that a market for your business idea exists, and that it is big enough to support your business. Test it on a small scale.
>> RELATED: 5 Ways to Test Your Business Idea Affordably
“How long will it take this business to reach the financial goal I have?”
Patience is the successful entrepreneur’s best friend. It will take time for the business to become known, gather paying customers, and reach a break-even point. Particularly at the start-up phase, a very precarious stage where most failures occur, your total personal commitment is a must. It is a question of knowing how much time you can dedicate to your business. At this point, you may be working days, nights and weekends, and consistent profitability may be just within your reach.
>> RELATED: How Much Money Do You Need to Start Your Small Business?
Recommended Books on Starting a Home Business:
- The Six-Figure Second Income: How To Start and Grow A Successful Online Business Without Quitting Your Day Job
- Home-Based Business For Dummies
- Checklist for Starting a Business
- Work at Home Now: The No-nonsense Guide to Finding Your Perfect Home-based Job, Avoiding Scams, and Making a Great Living
- Turn Your Computer Into a Money Machine in 2017: How to make money from home and grow your income fast, with no prior experience! Set up within a week!
- 10 Common Home Office Mistakes
- Top 10 Home Business Ideas for Work-at-Home Moms
- Pros and Cons of Financing a Business
- Top 10 Ways to Earn Money at Home
- Master Your Money Type to Create a Life of Wealth and Freedom (Part 2)