19/03/2023
Here are 5 QUESTIONS to ask yourself before starting a business:
1. How ready am I to make a lifestyle change?
Starting a business is not a walk in the park. It comes with a lot of thinking, discipline and continuous effort.
You have to get up early to start planning. Sometimes, you may have to skip meals because you're too busy talking to people, selling your items, managing stocks or packing orders. You may have to skip the night parties because you have to fulfill orders. You may have to skip buying designer items because you have to invest it in your business.
2. What product or service should I offer?
Don't be impulsive. Not all businessess are for everyone. Not because skincare is trending, you should do that, too. Do you know the chemistry that happens within skincare? Do you understand the different types of skin? Do you have enough experience/knowledge to confidently talk about skincare? If the answer is no, then look for a product that (1) you are interested in (2) you have experience with (3) you are passionate about.
Look for your niche, stay on your lane.
3. Which audience do I want to reach?
When you offer something, you can't expect people to buy immediately especially if the product you are offering doesn't even target them โ it's of no use.
So define your audience โ Demographics, interests and behavior.
4. Which business model is appropriate?
This is a bit more complex to understand, but businesses don't just sell their products directly to consumers. A few examples of a business model is
1. Affiliate
2. Franchising
3. E commerce
4. Subscription
5. Dropshipping
And more.
5. Do I have sufficient funding to launch my business?
This is the most critical. This serves as a fuel to your business that without it, the business won't run.
You may say "there are businesses that don't require capital"
Oh yeah. There are like affiliate marketing/dropshipping. But how will you market it? You would still have you make an effort to build your presence online. You may even have to make paid Ads just to promote your product. So either way, you would still have to pay something โ for the product or marketing.
And when we talk about capital, make sure that you have funds dedicated for the business alone. You can't use your money for emergencies, or your everday cash/money.
Because it's risky.
What if it didn't generate sales on its first month? How would you survive your everyday life?
So save up, and use it as your capital.
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WHAT TYPE OF BUSINESS WOULD YOU LIKE TO START?
Comment below.
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