Starting Your Own Business: 5 Things to Consider

By Staff Reporter - 16 Nov '19 21:11PM

(Photo : Starting Your Own Business: 5 Things to Consider)

Starting your own business is a major decision-if it were easy, everyone would start their own successful business. So how can you take your talents from employee to boss? How can you create a business that will not only survive but thrive?

The journey isn't going to be easy and everyone's path is different. Here are five things to consider when starting your own business.

Financials

When it comes to finances, whether you're becoming a freelancer or creating a business from scratch, most people only think about money coming in and money going out-in other words, how much they make and how much they spend.

While profit is important, it's not the only financial department small business owners, freelancers, and entrepreneurs should focus on. Your eyes should also be set on financials like health insurance and tax planning. Working with a tax planner can help you take the guesswork out of your taxes. Tax season is known as a stressful time, but it doesn't have to be if you're working with a money-planning professional year-round.

Did you know many people without traditional jobs should make quarterly tax payments? That's why business owners need to think of financials outside of profit.

Job vs Side Hustle

Starting a business is a huge decision and although actually launching your business is an accomplishment, it's hard to succeed and grow after starting. According to the Small Business Administration (SBA) Office of Advocacy's 2018 Frequently Asked Questions, only 50 percent of small businesses survive past the five-year mark.

To help ease the pressure and also increase the chances of success, you should ask yourself this question: Can I quit my job, or should I start my business on the side while my current income helps to support it?

Only you can truthfully answer that question, and the response is based on each individual situation.

Talent vs Industry Market

Many people try to break into industries that are trending. While that can be beneficial for business owners who are wealthy and can afford to take a risk on a business that might not succeed, it's important to focus on your strengths and weaknesses. Do your talents match up with the industry and market you're trying to enter? If not, then you have to be honest with yourself-why do you want to join an industry that your expertise can't shine in?

The answer might be because your passions lie in this industry, and that's OK.

Location and Your Target Audience

The question of location might not be as relevant as it used to be since many companies do their business online, but it's still important. Where are your customers located? Do you have to move to a different city or state to be in business? If you want to open a food truck business, then the answer might be yes.

Luckily for aspiring business owners, there are tools that allow them to work from anywhere in the world. As an example, a cloud-based call center software allows your business to engage with customers from anywhere via text, phone, email, etc. This type of software can also free up the phone lines while putting importance on customer service and agent productivity.

Your customers can reach your company and receive answers to their questions via the channel they feel most comfortable with, and they can also be directed to agents that are skilled in the departments they seek answers. That's only the beginning with call center software.

Many businesses can work remote, but you still have to figure out where your customers are.

What's your passion?

Timeframes for success and making a profit are different for every business and factors, such as the industry and startup capital, play a role.

There are many reasons to start a business. Some people want to make more money, others want freedom, and some want to follow their dreams-in many cases, it's a combination of all three. It's not easy to start a business and many owners work double-digit hours a day. The point being, it's easy to lose passion for a venture or burnout if you're not truly passionate about the work.

Is your business opportunity something you can and want to do for the rest of your life (or at least until you retire)? If not, you might need to reevaluate your idea and discover a business, industry, or profession you're truly passionate about.