A recent article, 11 Questions to Answer Before Quitting Your Job to Start a Business by Kenneth Burke says that there’s a lot to consider before you quit your job to start your own business.
Here are critical things to consider to avoid common mistakes and put your business on the road to success.
1. Why do you want to start a business?
Be honest with yourself. If you’re just trying to escape from office conflict with your present job, then you start a business for the wrong reason. If you have the passion and bright idea, then you’re in the right direction.
2. Do you have potential market?
Do some market research, if there’s not a market (no one wanted to buy the product), don’t try to force it!
3. Do you know how to start a business?
Here are a few things to consider:
How will you get or create your products?
How much fund do you need?
What business licenses/legal requirements do you need?
Will you need to hire a virtual receptionist?
Will you start your business from home or rent an office space?
Who’s your competition?
There’s a lot more that you should be ready to do.
4. Who will support your new venture?
Financial- Bootstrapping with your own personal resources or invite some investors or borrow money.
Emotional–Who will support and motivate you to press on when times are rough?
Managerial– Would you like some help or learn everything on your own by trial and error?
5. Can you handle failures and setbacks?
It takes a lot of patience and determination to make a business work. Do you have the zeal to keep going through setback after setback? Can you handle failures positively? If yes, that’s great!
If you are well prepared and ready to take the risks, then start fulfilling your dream to be a successful full-time entrepreneur. YourOffice offers you a wide choice of office and workspace solutions: virtual office space, meeting room access, and coworking office space. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.