Are you bored of your nine-to-five job? Do you want the freedom to make your own decisions about your work? Do you like to think outside of the box and come up with better solutions? Then entrepreneurship may be for you. Not everyone is cut out to be an entrepreneur – especially if you like structure and are only able to focus on one thing at a time. But if you never try, you will never know. Here are some questions to ask yourself when thinking about becoming your own boss.
What do you want out of life?
It is first crucial to figure out what you want out of your life so that you can pursue a business which complements your life plan.
What resources do you have available?
The next step is to look at the skills and physical resources you have available to pursue your business. Do you have money in a savings account you could use? Do you have access to a laptop or a Wi-Fi connection? What are your passions? Is there a profit center in your idea? Are you willing to charge people so that you can make a profit off your passion?
Who is your target market?
It is important to focus on a niche market. Find a problem which people are willing to pay to have solved. Build your business around the profit center of your passion. Furthermore, it is important to chase a niche market, and not anyone and everyone who you think may have money to spend on your solution. In other words, your client base should not be too wide to start with. For example: if you start a freelance writing business, focus on one area and become a guru in that field.
Do you have a business plan?
It is important to setup a business plan so that you can see what your ultimate goal is, and also see how your finances will work to get the business going. Furthermore, you can use your business plan to help with getting investors to take an interest in your company. They will know you are serious about your venture if you have a business plan.
Do you have the time?
What commitments do you have over and above work? Do you have children? Do you have aging parents? These are important considerations to think about when starting your business because you will need to dedicate at least 12-14 hours a day working on your business to get it off the ground.
What is your networking system like?
Do you have people who you can promote your product to and who are willing to spread your idea? It is important to be able to network with a variety of people and get referrals as people like to do business with people they know and trust.
With the answers to these questions, you will be one step closer to becoming your own boss. Through perseverance, passion and hard work, you could leave your nine-to-five job and enjoy the freedom which comes with being an entrepreneur.
Proudly brought to you by the NSBC.