Are You able to Start Your Own Business The 4 Key Questions you want to Ask

 Every year many people answer “Yes” thereto question and each year that answer costs many of them money, time, confidence, and heartbreak. the tiny Business Administration estimates there are 580,900 new small businesses opening annually which number doesn't include the tiny one-person entrepreneurships that crop up a day . However albeit you're your business’s sole employee then there's still something to be learned from the SBA’s numbers.

According to the SBA, two-thirds of latest businesses survive a minimum of two years and 44 percent survive a minimum of four years. Two of the key factors within the businesses survival and skill to thrive: the owner’s education level and therefore the owner’s reason for starting the firm within the first place.

How are you able to confirm that you simply are among the winners instead of the losers during this high stakes game? the solution is inside you. you want to ask yourself four key inquiries to determine whether your own small business will survive and thrive.

1. Are You Ready

Have you mentally prepared yourself for the switch from employee (or student or whatever label fits you currently) to boss. you're getting to be the one making decisions now about everything from office products to line . This total control is one among the driving forces behind many of us who take the plunge into starting their ownbusiness but it's also one among the weather that drives new entreprenurs crazy. once you start out there's an endless list of selections that require to be made and new questions happen a day .

Even more important you'll got to remember that during a small business you'll wear many hats. albeit you manage to start out out with one or more employees you'll each fulfill quite one role in your new business. And if you're running a one-man or one-woman show then you serve in every capacity from filing clerk to maintenance crew to salesman to CEO. are you able to handle switching from task to task and role to role like that? Are you willing to form those switches?

Similarly, have you ever prepared your family and friends for this switch in attitude. Your life goes to vary — probably pretty drastically — which change can have a positive or negative impact on your family life and social interactions. it'll make things much easier if your friends and family are supportive going into the method .

2. Where Is Your Niche?

Have you identified your niche yet? one among the explanations many businesses fail is that they fail to specialise in a audience . Yes if you're a serious chain then you'll sell everything from peanuts to wallpaper but this sort of business requires vast resources that just aren’t available to the tiny business. But small businesses dominate the marketplace (creating quite 50 percent of the private gross domestic product last year) by finding a special approach — a distinct segment .

Knowing your niche means you're better ready to find, target, and maintain your customers also as provide the simplest possible goods and services thereto customer base. That focus is during a ll|one amongst|one in every of"> one among your best chances to not only survive but to thrive in a very competitive marketplace.

3. What's Your Plan Of Action?

Another key think about the survival and supreme success of your business is what proportion planning you are doing before you open your electronic or physical doors. you would like to make a decision if your business are going to be supported the web or include more traditional models. Are you getting to work full-time or part-time at your new business? Are you getting to hire help or go solo? have you ever written (or a minimum of outlined) your business plan? Dreaming, thinking and planning can prevent much trouble and waste later when things are hectic and problems strike. Planning also can help keep you focused and to balance your spending and time.

4. Who Are You getting to Call?

At some point, regardless of how experienced a business person you're , you'll need help. you'll need support, advice, tools, or information — or all of the above. one among the gorgeous , and most frightening, aspects of growth is that it can lead you to places you never imagined. regardless of what proportion planning and knowledge you bring back your new position as CEO the unexpected will arise. How will you deal with this? it's important to acknowledge that no business is an island. it's not failure to hunt help. Failure is when your business shuts down because you didn’t get the assistance you needed.

The best thanks to get timely assistance is to figure on your network while you're employed on building your business. That way you'll have already got a ready list of resources available that you simply can quickly tap into when emergencies strike. In today’s world there are many marvelous resources available to you regardless of what your business model could also be . These include:

• ~ Publications (newsletters, magazines, books)
• ~ People (professional advisors, mentors, teachers, consultants)
• ~ Networks (organizations and forums in your niche also as general business and marketing)
• ~ Education and training (tutorials, courses, and seminars)

After you've got answered these four key questions you're now able to ask yourself that one big question again — are you able to start your own business?