You’ve graduated from college and have some capital. You have decided that you don’t want to work for someone else; you want to work for yourself! You’ve seen different businesses advertised, but how do you know which type of business is right for you to actually create?
Here are some of the most important things to ask yourself when considering the right avenue to travel when pursuing your future business goals.
1. What is my ethical stance?
One thing to ask yourself is what are your personal morals and ethics? To have a business and be successful, you must stand behind what you sell or do. You want to go into work each day and be proud of what you have done with your life. Try to come up with two or three ideas or principles that are going to guide your company. These principles should be reflected in your mission statement—which will be covered later in this post.
2. What am I passionate about?
If you start a business only to make money, with no personal passion involved, chances are that you will eventually become dissatisfied or bored with your work. This dissatisfaction and lack of investment will show to potential customers and buyers. Let’s say your parents want you to become a dentist, but you can’t stand the thought of digging into someone’s mouth. It goes against your inner passion and eventually you will resent the decision if you choose to travel that path.
This is one reason why many businesses fail. If you hate going to work every day, it’s going to wear you and your business down. Not only will it affect your employees but it will also negatively impact your clientele. You need to be true to yourself and what you believe in. Think about what gets you excited. Do you love the Sciences? Math? Art? Cooking? Advertising? Think about what it is that you truly love to do and then start a business that can involve your passions.
3. Are there a lot of other businesses similar to the one I’ve chosen?
Is there a market for your business? Do other businesses operate similar to yours or offer a similar product? The old adage: “Find a need and fill it,” is crucial to this point. If there are a lot of businesses out there like yours, think about what you can do to make yours seem different or better. You’re in business to fill others’ needs, so give your idea a fresh new twist that is exciting and new—a new way to fill a consumer need.
4. What is my mission statement?
Your mission statement is a chance to show potential investors and the world what your business is truly about. What are the guiding ethical principles of your company? What are its main goals? What special role does your business play in your community or market?
Form a mission statement of about 25-30 words that reflect the essence of your company or brand.
5. What is my business plan?
You’ve heard the old saying, “If you fail to plan, you plan to fail.” A solid business plan is absolutely necessary on the road to success. It forces you to think about aspects of a business that you might not have considered beforehand. Research:
1. What is the purpose of my business?
2. How much capital will I need to begin?
3. Have I thoroughly studied the market?
4. What is the competition like?
5. What are potential weaknesses of the business?
7. What challenges might I be face and how should I prepare myself to handle different issues as they occur?
8. Where do I want to be in five years?
After you’ve asked yourself all of these questions and have done your research, you’ll be well on your way to running a business that is successful and satisfying. With a little bit of advertising and marketing, you’ll soon be reaping the benefits of being your own boss!