5 Vital Questions to Ask Yourself Before You Start Your Own Business?

Are you planning to start your own small business? Do you hate your job and dream of being your own boss? How hard can it be? These 5 questions are vital to ask yourself.

You are the best mechanic, IT geek, baker, cleaner or candle stick maker in town. All your friends think you are a genius. They don't even know why you haven't done it sooner.

Or I got a redundancy payout from the public service or the bank or left the armed services. Time to take control of your time and be your own man. What better back ground for a small business owner than coming out of a large corporation, public service or the military?

 Here are the five vital questions to ask yourself before you take the leap of faith and start your own business.

1) Why do you want to run your own business?

The stronger the reason the greater the emotional drive. If you are planning to run a cleaning business to make a bit extra cash to supplement your day job is very different to wanting to grow a business that becomes a national network.
Whatever the reason have it clear in your mind why you are doing it. Whatever you plan to achieve ,if it is clear written goal, then hitting that milestone is your personal success.

2) What will your business look like when it is done?

When you start your business you should start with the end in mind.  Have a clear target.
For example:
If it is a causal mowing run with 50 regular clients that gives you $800 a week working 3 days a week.
The same rule if you plan to have a franchise network of 400 franchisees servicing $20 millions of clients each year. 
Have clarity on what direct you want to take your business growth.
It is your business, buy into the final outcome . You can make in happen.

3) What skills do you already have to make your business a successful venture?

Be honest with yourself. What do you bring to the game. What are your skill set? 

List your strengths and weaknesses.

Take time to evaluate where you will need help and where you have a advantage. Formulate a plan to make the most out of your strengths and how your plan to deal with your weaknesses.

 I recommend you find yourself a coach or mentor that can help you fast track you skill development.Get help were you need it.

All you have to do is improve 1% a week and you can do anything in 5 years.

Everything you need to learn is out there

4) Do you have the support from your spouse and family?

Is your family on side? Is you partner supportive or would they prefer you stuck to the day job? 

I have seem hundreds of businesses fail because of the partner that really didn't want their spouse to run their own business.

 It is s tough job to grow a business and battle a spouse with an agenda to block the success if the business.  If your partner has concerns,then talk them out and answer those concerns.

After that you really have two options let the business or the spouse go? 

5) Are you truly 100% committed to reaching the goals of the business?

 Be in or be out. You won't make it happen with 50% commitment. If you hesitated with your answer ,then stay in your job. 

Put in 100% and you will get 100% back.

Chase your dream,have a real go and make you business dream a reality.

Robert James

Balance Enterprises