5 Questions to Ask Yourself Before Starting Your Own Business

Mumbai, October 16: Often people want to start their own business because they feel they have a great idea. We don't want to discourage anyone but would like to remind that starting a business is not a cakewalk it requires a lot of crucial planning in the backend.

Here are five questions which you need to ask yourself before starting your own business.

Try to Have a Unique Idea

The first and the foremost to any business is to have a plan for your business. Your idea should be unique and something which the customers want. Don't try and launch something where already 10 players are fighting with each other. If you have an idea, keep your customer in the centre of it and think aloud that how will they be benefitted.

Do Adequate Market Research 

It is very important to do market research before you think of launching your product in the market. Understand if there is a demand for your product and then analyse your competition. Try and find out how will your product be different from the others and why should customers choose you.

Compare the Risks Vs Rewards

It is very important to analyse the risks associated with starting a business in comparison to the rewards which you may get to see if the business becomes successful. For e.g you may have a lucrative career, earning a handsome salary and thinking of quitting your full-time job to start your business. There are no doubt huge challenges and risks associated in the initial few years, so are you ready for it?

There can be two sides to your wanting to start a business. One being your idea may not kickstart and second, it may become huge and a successful venture.

Strategise a Plan

It is very important to plan and plan well if you want to start your own venture. Remember everything is new and will be in limited resources. Right from the budget to the people whom you will be able to hire to run your team. You need to spend every penny wisely. Crisis doesn't come knocking at the door, for e.g. no one knew at the start of this year that the COVID-19 pandemic will lead to several businesses getting shut and people losing their jobs. Therefore, it is very important to plan for a time when things will not run smoothly.

Do you have the money?

Finally, do you have the money to start a business? Are your finances in place? According to a Forbes report, most startup founders use their personal savings to fund their businesses. It is therefore very important to not remember not to drain your bank account to raise funds for your business. Entrepreneurs should set aside enough living expenses to last them for a year. Most startups are not profitable for months after opening