6 Questions to Ask Yourself Before Starting Your Own Business

Chris McIntosh March 17, 2017

Are you thinking about starting your own business? Are you also having some second thoughts about it?

Ask yourself these 6 questions to determine if starting an online business is the right choice for you.

  1. Is Your Goal to Work for Yourself?

If you’re going to work for yourself and build an e-commerce website, you need to work on strategies and media for advertising and promoting your business. But if you are a freelance writer, just as an example, you are still working for someone else. That’s OK, just understand the difference. You are being paid for the good work you do, and you use the quality of that work to promote yourself, but you still depend on the support of someone else for getting paid.

  1. Do Your Skills and Talents Allow You to Do This Alone?

Write down a list of the things you must do and the resources you need for your business. These could include:

  • Website design and development.
  • Knowledge of SEO to write content for your site.
  • Online marketing strategy.

Look at each item on the list and ask yourself if you have the skill and talent for it. Ask yourself if you even like doing them. Categorize them from “I love to do that” through to “I hate that”.

This will help you figure out if you need help with your business and if you are truly cut out for running it.

  1. What Interests, Passions and Experience Do You Have?

Starting your own business means you will do something that is needed in the market. So, what do you need and what do you read? What hobbies do you have, what interests you, what makes you tick, and what are you passionate about? When you answer all of these, you will realize that everything can be helpful to start your business. If cycling is a hobby, for example, there are plenty of other people who like it too. You can connect with them if you don’t already. Do you see where this is going? The same goes with experience, too.

  1. What About Financial Resources?

Draw up a rough estimate of the finances you will need, both for startup and ongoing operation. Then ask yourself if you are good at managing money. Be absolutely honest with your answer. If you have to think about it, you probably aren’t. So, if you are a bit of a big spender who doesn’t budget strategically, you should hire a pro to do the financial planning for you.

  1. What About Your Personal Limitations and Lifestyle?

Time is a crucial asset that you MUST have. Does your lifestyle really allow you time? Like it or not, you’re going to need to make changes. Many people who can help you start your business will tell you that time is more valuable than money in their world. Patience is another important currency. Some people around you may not like the online business idea, especially those with sensitive stress triggers. You absolutely NEED support here, be it from family, friends, even a dog. Whatever it takes to keep you balanced.

  1. What Are the Deal Breakers?

Time is the first. If you cannot allocate at least three or four hours a day for your online business, then it’s not right for you. Make a list of deal breakers and find ways to round them out.

When you have answered these questions, you may need help in setting up your business. Contact experts in startups and also website design and development to guide you through the process and also to keep your enthusiasm fired up!