Are you ready to undertake? 20 questions that will get you out of doubt
Every business starts with an idea that came up at some point in your life. Either because you got tired of being accountable to a boss, because of a dream you had since childhood or because you think it is the best way to obtain a large income. But are you ready to start? In Hispanic Entrepreneurs We give you 20 questions for you to check
"I am ready to start a business"
Work and perseverance is what will prepare you to start your company. Staying positive is a virtue and you will need it all the way. This affirmation will help you prepare for what is to come. But you must be clear about why you want to do it, as well as all the work that you have ahead of you.
Si vas a start a business for the first time You must be willing to work overtime when it deserves it. In the same way, you will have to perform different roles, at least while you can hire personnel to take care of each task. Even when you already have a team, you have to keep an eye on everything.
And despite all the effort you put into the new company, it may not be profitable until after a few years. Calculate that you can start making a profit after 5 years. While that time comes you must have a financial plan to assume the expenses and support you.
On more than one occasion, at Hispanos Emprendedores we have emphasized developing a business plan. This has a reason and it is that this way you will make better and more informed decisions. Before launching into a business and leaving your job aside, create a plan.
20 questions to know if you are ready to undertake
The reasons to undertake can be varied and even if you have a great project you will only be able to shape it as you begin to take action.
For this you will need to know if you are clear about what you want. That is why we have compiled a list of questions that will help you clear up doubts and detect which are the information gaps that you must fill in order to embark on the path to success.
1. Why and why do I want to start a business?
Some people start a company because they want to make this a lifestyle, to create a source of employment for their children and family or because they are tired of working for someone else. The important thing is that you have a purpose so that the efforts you make point towards the same objective.
2. What type of business do I want?
Do you want to start a business from scratch, buy an existing business or a franchise? Evaluate which is the option that best suits your goal and interests. Evaluate the different business types in which you can invest.
3. Who is my ideal client?
Experts point out that one of the most common mistakes of an entrepreneur is not knowing who his ideal client is.
The ideal client is the one who found in your company the true solution to his problem; is the consumer who does not skimp on pay fair value for the product or service that you offer because they are satisfied with your proposal. He is also the one who recommends your products to others.
4. What products or services will I offer?
Will you offer a product created by you or will you be a reseller of a manufacturer's products? No matter what you decide, worry about giving added value.
5. Am I prepared to invest the necessary time and money in my business?
The desire, although it is essential, will not be the only thing you will require to start a business. ¿How to know when to start? When you understand that running a business will take time and money, and are willing to contribute both.
Money, for some, is not a big problem if they can find financing, but if you do not have time to dedicate to your business, be sure that they will not go as you expect.
6. What differentiates my business idea and the products and / or services that I offer from the rest of the market?
We return to the point of added value. Think carefully what your differential advantage will be from the competitors.
7. Where will my business be located?
A strategic location will be crucial to attract customers. If your business will not be physical but online, then you must worry about finding a domain name and hosting.
8. How many employees will I need?
The amount will depend on your financial capacity. You can start small and work your way as your business grows.
9. What type of providers should I have?
You should not only identify which providers are for the type of business you chose, but also its location, benefits, costs, etc.
10. How much money do I need to get started?
Between everything what is needed to undertake, this is the hardest part. There are many factors that go into how much you need. That is why it is recommended that you consult a professional in the business and finance area who can help you.
11. Will I need a loan?
It will depend on your financial muscle; Loans are generally the most viable option for starting your own business.
12. How long will it take before my products or services are available on the market?
A planning of the activities necessary to put your product on the market will help you calculate or estimate the time it will take to market it.
13. How long will it take to start getting the first income?
The key word in the entire journey of an entrepreneur is patience. The results are not obtained overnight and you will have to assume that there is a period of "drought" before receiving the profits.
When you cover the initial expenses, then you can calculate how much your business earns per month.
14. Who is my competition?
Identify your competitors, their prices, products, promotional strategies, customers. You must prepare to offer something different to them.
15. What price will I set for my products compared to those of the competition?
Consider things like cost and profit margin. There are formulas to calculate the sale price and experts who can help you in case you don't get along with numbers very well.
16. What will be the legal structure of my business?
When you start to find out how to start your own businessMake sure you know the laws that frame the operation of companies.
Choose the most appropriate structure so that your business runs as it should and you do not have problems with the authorities.
17. What type of taxes will I have to pay?
The tax issue is also very sensitive. That is why it is important that you hire a good accountant who is in charge of keeping your business up to date once it starts running.
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18. What type of insurance will I need?
If you opted for a physical business where you will manage inventory of merchandise, premises, equipment and machinery, then you will have to investigate the type of insurance that you will need to protect your company.
19. How will I manage the business?
You should look for trained personnel and acquire the technological equipment or software that will simplify the administrative tasks.
20. How will I promote my business?
It is the last question, but not the least important. Without an advertising strategy, it will be impossible for people to know your company.
We hope these questions help you define if you are ready to undertake. If you need advice, do not hesitate to contact Hispanos Emprendedores.
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