Tuesday, January 21, 2020 | ePaper

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Planning to start a business? You need to ask yourself these questions first

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Weekend Plus Desk :
Questions you need to ask before starting a business
What inspires people to start their own business? Some might leave a successful 9 to 5 job to start something on their own or others might simply opt for entrepreneurship without even trying for a job. Everyone has their own reasons but the flexibility to take risks and succeed at one’s own will is what drives most businessmen to choose this path. But starting a business is easier said than done. We bring to you six questions you need to ask yourself before you plan to start a business.
What kind of business you are interested in?
Business is a very board term. Inspired by the success stories of billionaires, don’t simply plan something on your own without giving it a good thought. So, before you make up your mind to become an entrepreneur, ask yourself this question: What kind of business you want to start? For example, do you want to sell a product or a service? Suppose you are selling a service like personal fitness training, it might not involve few things like manufacturing costs, storage, etc. But if you opt for product selling business you might also need to invest in manufacturing units, warehouse for storage etc. Depending on your strength, finance and skill, you need to think about the different options before you start a new venture.
Do you have enough money to reach the break-even point?
Sometimes, the idea of starting a business seems very lucrative when we have a good amount of money in the bank account. But don’t be blinded by that because you first need to have an estimate of if your savings or finance can sustain till the break-even point is reached. Because break-even point in a business is that specific stage when the revenue earned will be equal to the total cost. Which means, after the break-even point is met, you will actually start making a profit? So, think about this carefully.
How many employees you would need to start your venture?
Now, this requires planning and a lot of networking. Also, the number of people you want to employ depends on the kind of business you plan to start. Plus, getting the right people need a lot of references and headhunting. For example, if it’s a service-oriented start-up, perhaps you might need less number of people as compared to a product selling venture. But just deciding the number of employees isn’t enough, you also need to take into consideration the expenses involved beyond salary like medical insurance, gratuity, etc.
Where do you want to start the business?
It’s important to know where you want to start the business because you should choose the place depending on the kind of demand it has for your products or service. For example, a business related to umbrellas would have more takers in a rainy place compared to a place that receives less rainfall. Also, you need to take into account the availability of space, the cost involved and accessibility.
Are you willing to take risks?
Remember, unlike a 9 to 5 job, starting a business involves a lot of risks. So, the question you need to ask yourself is, are you willing to take risks? Also, you need to be careful about what’s at stake when you take risks. ‘Greater the risk, greater is the profit’ - does not always hold true. You need to think very deeply, consider all the pros and cons and then take a call.
Will you give up if you face great adversity and loss?
This is where most businessmen falter. A lot of people give up their ventures when they taste failure for the first time. Perseverance and planning is the key to success. If you are planning to start a business with the intention of being an overnight success, you are very far from the truth. Yes, there are stories about people who became rich overnight but these are just a handful of examples. Starting a business is just like a baby learning to walk-he would never be able to run if he gives up walking after the first fall, right?

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