Formula for a Successful Business Start-up
It should be obvious that, to be successful, a business should have a viable market. This, of course, can require the help of online market research companies prior to the organization and startup of the business. Every bit as important, however, especially in the case of a solo proprietorship or a ‘ma and pa’ enterprise, is that you have a personal feel for the activity. The more enjoyable operating the business is the more easily you can overcome the many speed bumps that always appear.
Finding Your Personal Niche
We call this ‘finding your personal niche’. The following fifteen questions will help determine if being in business is the right thing for you and, if so, what kind of business, directed to what market, would be most successful for you. This is a decision that you, alone, must make, – but to help ensure you make a good decision, you must objectively review your qualifications, attitude and drive for being a small business owner.
1. Are you a self-starter or do you require a lot of prodding?
2. Are you a good organizer?
3. Are you easily able to get most people to go along when you start something?
4. What is your biggest goal over the next 30, 60, 90, 120 days – a year or lifetime? (Personal goals usually vary with the time frame and can be critical to the success of a small business.)
5. What gives you the greatest joy in life?
6. Do you admire and respect any successful business personalities and, if so, whom and why?
7. If you decide to do something do you pursue it regardless of the obstacles?
8. Do you always seem to find the energy required even after an especially tiring day?
9. Do you have an income goal? Have you tied this goal to a specific time frame? (It can take up to two years for many businesses to become significantly profitable).
10. Do you have special, perhaps unique, talents or training you received in the military related to your intended product or service?
11. Are you ready to get started as soon as plans can be formulated?
12. Are you able – and willing – to devote 50, 60, perhaps 80 hours a week to this business?
13. If your spouse, partner or sibling is to be involved with you, how many hours per week is he/she able – and willing – to devote to this business?
14. Do you find that you rarely get sick though others around you do?
15. I being in business for yourself your passion or an economic expediency?
If You Have a Partner
If your spouse, ‘partner’ or sibling is to be directly involved, these questions should also be answered by him/her. Preferably, the questions should be studied and answered individually without collaboration between the two of you. Each of you should write down the answers, review and study them and the implications of each question and associated answer. Being a small business owner is a great challenge and can cause many hardships on the way to success. Many feel that the challenges are well worth it and, certainly, overcoming them successfully is destined to help make a better and more capable person of you.
Before You Act, Think It Through
Again, it must be stressed, if you are really serious about starting your own business, you should take whatever time is necessary to deliberate very carefully about the answers to the above questions. It usually takes a lot of time and thought – and rethinking – before you can feel sure that you have the best answers. You must be honest with yourself because the success of your future business is very dependent upon it.