All the best entrepreneurs get it wrong sometimes, they just do. It’s not a judgment, it’s a fact and that fact has helped to shape some of the best business decisions ever made.
If you can’t learn from your mistakes and use failures to spur you on to bigger and better things, then maybe being an entrepreneur isn’t the right thing for you.
In this blog we’re talking about getting started, getting that idea off the ground. It might be that you’ll make mistakes along the way but you want to make sure that you’re at least starting off in the right direction, so we’re looking at your start-up idea and if you’ve picked a winner or a lame horse.
#1 Are You The Solution…or The Problem?
What question are you answering with your start-up business? What’s missing out there that only you have the solution to?
It’s a simple question but if you don’t have an answer, then chances are you don’t have a business that fills any need, for anyone. A business that doesn’t fill a need is a business that doesn’t stand much of a chance in the real world.
Your idea might seem brilliant in theory but if only you believe in it then attracting funding is going to be a challenge that you may not find easy to complete. Ask the questions.
#2 Startup Costs
There are certainly some skills you have that will set you up and that might be a simple but effective website to get off your ground. The question is, what then? If you’re selling your own services then that might be all you need to get going but if you’re selling physical goods how will you fund manufacturing and packaging costs.
Perhaps you’ll have some pre-orders available at a lower rate to generate a little bit of interest or perhaps you’ll approach an investor for backing or the bank.
Before you do get going, take a look at what your bottom lines are, what you’ll need to a month to month to break even, what you’ll need to make a profit. Ambition is perfect but it needs cold, hard facts to back it up.
#3 Just You?
How about when you’re looking to upscale your business? Think about what success is going to look like for you and what you can do to accommodate it.
Have a plan, have a recruitment process ready to go for when that demand really takes off. Failing to upscale appropriately will spell disaster for your startup. Get that marketing professional on board or that data management consultant, if that’s what it takes.
Starting your own business isn’t for everyone but get it right, find that niche and you’re flying. Get it wrong and the worst that can happen is you lose some money and some motivation.
The trick is what you’ll learn from that experience. No one wants to make mistakes in business but if you do miss the mark first time, don’t give up. Ask yourself the hard questions and see where an adjustment here or there can make a real difference.
Have you asked these questions before your startup?