Thinking About Starting a Business
Assess Your Opportunity
Have you ever thought about starting a business or a side hustle but don’t know where to start? Here are a few things to help you get started…
First, determine why you want to start a business and what is behind that first initiative, passion, and motivation. Dig deep and set this aside to remember throughout the journey you are about to begin.
Next, conduct a SWOT analysis to determine your strengths, weaknesses, opportunities, and possible threats. This will evaluate the internal and external factors of the business. The internal factors are things about the company that you can adjust and control. While the external factors are apart of the world that there is no control.
In part of defining who you are and what you are going to do, you have to decide if you want to provide a serive or a product. After this is decide, then begin assessing if you are going to build an online business presense or brick & mortar.
Determine a specific set amount of capital that you are willing to risk and/or have that can be set with a time frame. This will allow you to have a set affordable loss and estimate of assets.
Then, as you begin this business are you wanting to be a part-time or full-time gig? Deciding this at the beginning does not mean that if can’t to more later on. However, it is essential to take in the many factors when making this decision.
Lastly, one of the most important parts is to have a support system when starting your business. Consider discussing your plans with family, friends, and immediate individuals that can be trusted. They can be a voice of encouragement, reason, or there to just be heard when times might be hard, challenging, or even easy.
If you are considering starting a business, we can help. Set up your free 30-minute consult here…KLM Calendar