What you should consider before starting a business
Every business was once upon a time was an idea and every idea has grown to be a business. While some businesses have succeeded, a lot have failed woefully. In this post, I will be sharing what you should take into consideration before starting a business. Doing any business at all requires a practical plan which has solid foundations.
A lot of people started a business because they wanted freedom from the 9- to 5 job time, so as to be free to do what you want to do when you want to do it. One mistake I have seen a lot of people make is trying to run away from a 9 - 5 routine only to start a business and end up working all round the clock as they need to keep the business alive as failure isn't an option.
Funny enough, another reason why so many people quit is that they had an idea that looked like a million-dollar idea only to get into it and realize that it wasn't worth a ten thousand dollar idea as the chances of being successful is very low, marketing might be very expensive and so on. There might be reasons to reduce the standard of living depending on how the business is performing. Analysis of both person and the business.
If you are not going to check for the feasibility of the business idea, then do not do it. Do not chase dreams without looking at the possibility of surviving or making sales after launching. Define the business you plan to start, and be sure that your product or service serves an existing need, Do you know your customers?
Finally, before starting a business, you need to find locations, business name, Merchandises, suppliers, prices and credit plans of suppliers, Financial reports, and is there sufficient funds to run the business and stay in business?
Planning is so crucial in business, in all the ways we gotta be fully prepared.
It is always essential for us to plan appropriately.
I totally agree with you and also another important thing about businesses is that you can't do it alone, what I mean is that seek counseling and guidance from people you know they have gone through it and learn about what to expect and what to deal with, thank you.
Nice post
It is alright to seek counsel because we need other people's expertise to guide us in the right direction.
It's almost like being an entrepreneur has become a fashion in the business world. Not everyone was born to be an entrepreneur, a lot of people jump into it without making research and even carrying a feasibility study to find out if their product or service will work. So sad the fact that they will become billionaires overnight has blinded them from seeing reality.
Knowledge is very important and gaining knowledge from the people those who have experience is highly Paramount.