2020 hasn’t just been the year of the coronavirus pandemic. It’s also been a year that has affected billions with lockdowns, job losses, and economic chaos. For many, the biggest hazard of coronavirus hasn’t been the disease, but the loss of their income and stability.
After all, what can we do if we can’t pay our rent, our bills, or put food on the table for our family? For many, the answer has been to start a new business working from home. After all, making some money is better than making no money, right?
While it’s easy to start a new business, it’s a lot less easy to start a successful business. Unfortunately, skills and talents just aren’t enough in today’s world. First things first: you need to do your homework and take multiple factors into starting your business before you even think about opening your doors.
If there’s one question I hear over and over again, it’s…
Is It Worth It to Start Building Your Successful Business?
This is a tough question to answer, as it very much depends on you, your situation, and your abilities as a business owner. According to Forbes magazine, the beginning of every successful business starts with answering six simple questions. It’snot always easy to answer these questions, so to make this process easier, this article is packed with insightful, yet fun quizzes designed to help you nail your self-assessment and start making smart decisions!
Are You Ready for the “Startup Lifestyle?”
Starting a new business isn’t for the faint-hearted. Whether you’re employed or out of work, bringing a new business to life requires a lot of time, tenacity, and the ability to juggle responsibilities.
Sadly, there’s no “get rich quick” blueprint out there (I wish there was!), and it’s worth remembering that some of the world’s most successful businesspeople endured years of failure before finally hitting on their own success story.
The moral of that story? Don’t be afraid to fail – and don’t get married to one business idea. The startup lifestyle is all about lessons… but are you in the right place to accept them?
Be Honest: Does the World Really Need Your Business?
In these strange times, where millions are out of work and the threat of a recession looms large on the horizon, consumers have reacted predictably. With a tight cash flow and an uncertain future, many are buying what they need… and not what they want.
A good example of what people need is things like toilet paper and food. A good example of things people want (but don’t need) is things like a fancy new TV or luxury goods. That’s not to say sales dry up completely, but they can and do fall.
It’s well worth spending some time to understand whether your product is something that falls into the need or wants camp. And how economic cycles can affect demand for it. While that sounds complex, it really just boils down to answering one question. “Is this something people would buy even if money was tighter than usual?” This is a toughie. But this quiz will help you answer that question!
Does Anyone Actually Want What You Have to Offer?
This can be the toughest self-assessment of all people to answer honestly. After all, you’ve had a great idea, and you’re in love with it. As brilliant as it may seem in your head, the real proof comes from its market viability.
Market viability simply answers the question, “Is this something that people want or need?” This question isn’t always as straightforward as you might think. Remember the short-lived craze for fidget spinners? Few people would have thought they had a market. Yet, for a few months in 2017, they were all the rage.
You may think your business idea or product is the greatest thing since sliced bread. But if your target market doesn’t, your business is going nowhere fast. If you can’t trust your judgment and passion can’t sell, then you need to dig a bit deeper…
If You Start Building Your Successful Business, Can You Match Up to Your Competitors?
Like it or not, the dreaded c-word must be dealt with if you want to ensure that you have a viable business plan. There is nothing new under the sun these days. Whatever your business idea, there is likely a group of competitors already in your niche.
That’s not necessarily a bad thing. Is your product or service is in an area that’s seemingly monopolized by bigger, more popular companies? If so, you may want to consider retreating.
Doing a local Google search for your product or service can be a clear indicator that you may be in an oversaturated market. If you count ten or more competitors, then there’s a strong chance that getting your business off the ground will be much tougher than you think.
The Devil’s in the Details – Are You Prepared to Wrestle?
It’s all very well having an amazing business idea. But in your quest to turn that idea into a successful business, you’re going to need to have a firm grip on your costs. Every business has expenses, hidden costs, and dependencies. As a business owner, you need to be on top of those costs.
These costs can range. Purchasing the raw materials you need to create your product. The cost of hosting a website, hiring copywriters to create amazing marketing materials, and the cost of advertising and marketing itself.
All of this can be tedious. It is necessary if you want to get your business set up and running. Knowing how much it costs to keep your business running smoothly is priceless, but are you prepared to put in the time to get to grips with the finer details?
Are You Ready for the Challenges of the Long Haul?
It’s exciting to start a new business, but over the years, you’ll face many challenges that will need more than your burning passion or amazing skills to overcome. Sometimes, these challenges need everything you’ve got to just keep going.
Right now, you’re at the beginning of a delicate process that can be as infinitely draining as it is rewarding. The real question here is, are you ready to take the rough with the smooth – and can you handle your first real roadblocks?
Not everyone has the grit and determination to see a business through to full fruition. Find out if you’ve got what it takes not just to start your own business, but also to keep it going through thick and thin!
If you have solid answers to those questions and are ready to start building your successful business, start here.
