7 Questions To Answer Before Starting Your Own Business

Considering the fact that Australia’s economy is the 13th largest economy in the world, it is little wonder so many people decide to start their own business. Nevertheless, one other scary figure is there to tell us you have to be very cautious: research shows around 95% of young businesses fail dismally. In order for you to be in the other 5%, here is a list of things you have to bear in mind when starting your own business.

Who are you?

How exactly are you planning to contribute to the local/global market? What is it that you have to offer to the world? Be very specific about the type of your service or your product. Think of the message you are trying to convey to the consumers, and check if your product is good enough in that respect. In short, create a brand.

What is your market?

Who is your target consumer? What is your niche? Do not simply assume that it’s enough to have a nice product whose quality you expect to be recognized. Always bear in mind who is going to use your product or service. Study the statistics and do research. Picture your ultimate shopper. What is his/her age, occupation, lifestyle? How is your product going to make a change in their lives for the better?

What is your business plan?

Now that you are fully aware of both your company’s final launch and your niche, it’s time you set some goals, both short and long-term ones. Be very specific in setting the milestones when discussing short-term goals. They will also serve as indicators that the business is running smoothly, and point out any irregularities so you could react on time.

What’s your budget?

You have to set a clear budget if you wish to be on your way to stardom. Before earning big, you need to be fully aware of your financial options and limitations. In addition, every business has some hidden costs, so try to take everything into account. Not to mention every new business has to wait for a while to get the money from the revenues, while at the same time it will need funds for a new set of products.

Are you well-informed?

For every area of business, there are specific rules and regulations. First of all, you could find out whether the government is offering any incentives for similar start-ups. Perhaps there is a tax deduction you were not aware of. Staying informed in your business area is obligatory. You should always be aware of the latest changes in laws and standards. For instance, being familiar with and abiding by safety rules is of utmost importance, especially when it comes to the industries with the highest percentages of injuries on the continent.

Have you got what it takes?

A shy aspiring entrepreneur sounds like a myth because it really is. In order to succeed in business, you needn’t be rude or walk all over people, but you have to believe in your vision and be confident about it. After all, if you don’t believe in it, then why would anyone else? In case you have any doubts, clear them prior to committing to the job fully, or at least always keep them well hidden from the others.

As well as that, though the most successful entrepreneurs seem like the embodiment of spontaneity, they are actually extremely disciplined when it comes to their business. 40% of business owners admitted to not going on holiday since they are still waiting for the money they had invested.

Are you willing to learn?

Being a successful businessman or a businesswoman who has their own company sounds like a dream. In order for that dream to come to life, it’s recommendable you are always on the top of your game when it comes to new trends, tendencies, ways of manufacture, marketing tools…Running a business implies juggling several tasks at once, and keeping track of everything. Should you decide to become an entrepreneur, do not forget this is a lifetime learning process.

Therefore, in order to survive your first year as an entrepreneur and to fit into the 5% we have mentioned, work on these guidelines first. Once you master everything to perfection, you can set off into the adventure.

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