If you are stuck in a 9-to-5 job to pay your bills, feeling miserable, and daydreaming about that business you’ve always wanted but think it’s too late now, I’m here to reassure you there’s no such thing as being too late!
Starting a new business has nothing to do with your age, some of the greatest businesses like Coca-Cola and McDonald’s were established by founders over the age of 50.It takes passion, determination, and commitment to launch a business and have it succeed.
But we’re not going to go through the steps of starting a business; we’re going to find out if it’s time for you to start your business.
There are five questions you need to answer before quitting your job and jumping into anything. Once you have them answered, making the decision to start your business would be easier.
Question #1: Do you have a Good Idea?
Unfortunately, just because you think you have a groundbreaking idea, doesn’t actually make it one. Your business is going to be something you invest your time and money in, so you need to make sure it’s the right choice.
In order to find out if your idea is a winner, you need to do an efficient amount of market research. Is your product/ service needed? Are there not enough providers of this product?
It is important that what you’re offering is actually in demand because if it isn’t, no one would want to buy it. But even that isn’t enough to guarantee it’s good enough, you need to make sure you’re offering something different, extra to what’s already in the market.
So ask yourself, how can I offer something different and better?What you can do to get feedback on your product is create a prototype and test it in action. Listen to what users have to say and improve your product accordingly.
Question #2: Do you have a Business Address?
Whether you’re going to start a home-based business, rent office space, or get a business address, you need to have a settled address to use when legalizing your business and for liability. Many startups prefer to be home-based to save money on office rent that can consume a lot of the budget but sometimes, using your home address as your business address isn’t the best idea.
Renting a virtual office means you can get the commercial business address without needing to pay for expensive office space. Plus it protects your home privacy from customers, competitors, and investors.
Question #3: What is your business plan?
Writing your business plan is the most important phase in starting your own business. A business plan is your 5-year guide to what your business will draw out to be.
It should have all your business details like the type of business, product analysis, development, market and sales strategies, and financing. Your business plan should not be longer than 30 pages; it should be summarized, clear, and to the point.
Make sure it displays how your business and product will evolve. In case of funding, this is presented to banks for loans or investors so it needs to be well executed and updated throughout the years.
Question #4: What is your capital?
Starting a business is expensive, there’s no sugarcoating it. But the good news is there are multiple ways to raise capital for your business. Of course, if you have enough capital on your own, that’s great because you control the budget. However, many startups don’t have enough funds and that’s when you need to get creative. To find investors interested in your project, check out Gust or you can apply for a grant at Grants.gov that fund small businesses.
Another approach to try is looking for a partner that believes in your idea and is willing to fund it or you can set a crowdfunding campaign on Kickstarter or Indiegogo, two of the most popular crowdfunding websites that have helped thousands of businesses so far. And as stated before, you can also seek a loan from a bank; there are certain steps to do in order to apply for one that you can ask your local bank about.
Question #5: What skills do you have to make this work?
In order for your business to turn into something, you need to be good at what you do. If you’re starting a blog, you need to master your writing skill or if you’re inventing a new product, you need to be a great salesperson. If this business is your passion, you need to make sure you have the right skills to push it to the top. However, you can’t be great at everything so it’s very important to know when you need help.
You can hire freelance services or add a new member to your team to diversify the skills in the business. Hiring the right people can make or break a business, so remember to leave what you don’t know to those that do know.
If you’ve worked out all the details of these five questions then there is nothing standing between you and starting your own business. Don’t waste any more time being hesitant about what to do next and take action!