Ever thought of starting your own business? Starting your own successful business can be one of the most exciting times of your life. BUT, you need to do a little “soul searching” first.
Here are 10 questions you really need to answer honestly!
- Why do I want to be self-employed? If your answer is not driven by a passion, then you better think again about being self-employed. Successful self-employment takes perseverance and passion drives perseverance!
- Are you really willing to work as many hours as it will take to be successful? This is why you need the passion. 16 hour days are not uncommon. I remember in the early days of our manufacturing business, I would get to work at 5am and would not get home sometimes until midnight. My passion gave me a “supernatural” kind of energy.
- Do you have “High Altitude” vision? If you don’t think big, then you will need to learn how. You need to know how to see the big picture, this will help you see the goal which can be waaaaay down the road. You need to be able to see where you are going. It will also help you overcome daily problems. You can read more about how to create vision in my book, “The Success Factor.” See the book
- Do you have a product/service ( or can you get one ) that people or businesses need or want? It’s Hard to sell screens to a submarine manufacturer. Also, providing a product or service that people need on a regular basis (daily, weekly, monthly, etc.) is going to be easier than providing products that people only buy once in a lifetime or once every 10 years. Monthly repeat customers are best in my opinion. Don’t sell airplanes, sell airplane parts!
- Have you identified your prospective customers? The previous question can help answer this one.
- Are you prepared to not make any money the first year? Or maybe two? Learn how to live well below your means.
- Do you have enough money to capitalize your business? If you don’t know how to answer this question, then a red flag should come up! You need to know what it takes financially to start a business before you move ahead. If you don’t know, then find out!
- Are you a people person? If not, you better hire a “right hand man” who is one. The biggest challenge in running any business is dealing with people!
- Do you have a strong desire to help other people? We have enough greedy, egotistical business owners in our world today. If you truly have a desire to help others, then you will succeed by default.
- Are you humble? If you answered yes…then you’re probably not. Do not make a daily effort to be humble, make a daily effort to NOT be prideful. Always give credit for successes to those who work for you and always take credit for the mistakes yourself! Remember this: “God opposes the proud, but gives grace to the humble.” (James 4:6 ESV) Believe me, you’ll want God on your side!
This list is not exhaustive but it is a great start. If you have never started a business, I highly recommend you hire a coach who can help you in the beginning months. This will be an investment that could greatly improve your chances of success. You will just need to add this coaching fee into your start-up costs.
One major requirement for the coach you select should be: He or she has already accomplished what you aspire to accomplish!
GO BE SUCCESSFUL!!