What Do I Need To Have Before I Can Start My Own Business?

Every entrepreneur has ask himself or someone else this question at least once before deciding what next step to take or thing(s) to do.

If you find yourself asking the same questions that millions have asked, you should not be too afraid because experience is here to guide you. Countless numbers of people have asked the same questions and a few have attempted finding answers. While many have failed some have succeeded.

You too can join in the success story be learning from mistakes and tapping from great experience and timeless principles of business success.

Below is my top 5 pick for things to consider

  1. Location:- I consider location at the very top of things to consider when you want to start your own business. whether its an online (internet) business, regular shop, whatever, you have to consider how you position yourself to be seen. Where are your target customers/client? Will they locate where you are? How long will it take them to find you? Or you want to be visible right from the word go? It is very important that you are seen, heard, noticed. This is what I consider as your location. You must be where the market is.
  2. What do People really need? :- If you sell what people don’t need then you know you won’t last. Like the old saying goes – businesses exist to meet needs. Meaning they exist to offer products or services that are needed. The flip side to this is that since sales drive product and services, any business or product that can not attract enough sales/patronage will die out.
  3. Do you have the required skill? – You have to decide if you have the required skill set to run the kind of business you want to venture into. You have to be blunt to yourself here. If you know you don’t, then you have to engage a professional to help out in aspects you are lacking. If it requires getting a crash course go get it! Or partner with someone who can compliment your skillsets.
  4. Do you have all the money you need? This question is very important. Do you have what it takes? Or you are banking on your friends, relatives, etc? You have to be sure because people can change their minds. If you are expecting money from someone or a financial institution make you have it in your possession before you go too far to withdraw. These days banks and financial institutions are ready to give loans to new business so far they can meet their conditions.
  5. Set out To Build a Brand : You must know that what you do or fail to do will determine to success or failure of your business. Make sure you are really interested in solving a problem or taking care of a need. The money will come as a consequence of these genuine efforts. With time your business will come to be known as a brand which clearly cares and meets people’s need.
Stand out

See you at the top as you stand out from the crowds by being clear with what you want to do and the direction you want to take your company to.

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