Before starting your own business: 10 questions to ask yourself

Starting your own business is very different from running or working for a company. The entrepreneur is the one who has the intention, the means, the idea and creates the company. An entrepreneur’s objective is, from an initial idea, to have the initiative and the decision to undertake a business project that allows them to enter the market either by manufacturing a product or by providing a service.

Starting with an initial idea, the entrepreneur must have the decision to make his idea come true. For this, you must have the necessary information and tools to facilitate the process.

Entrepreneurship means facing challenges and risks, but it is also an act of thought planned and conceived to be driven towards clear objectives. It is an act of functional and creative action of human genius.

However, in order to carry out the task of your undertaking, it takes a lot of planning and reflection. In terms of business creation, zero risk does not exist. On the other hand, assessing the risks before launching yourself and preparing for the worst are two attitudes to favour when you want to create your company and take it as far as possible.

After all the planning required, you should follow the reflections. To help you adopt the right strategy and make the right choices, ask yourself these essential questions.

We present 10 questions that you should ask yourself in order to reflect on the adventure of starting your own business, before launching it.

1. Why starting your own business now?

If the answer to this question seems obvious to you, go to the second. But a little introspection is not reserved only for the field of psychoanalysis. Is this desire for starting your own business is a choice, a need, or even a makeshift for lack of something better? Are you fundamentally rebellious of wage earners and their hierarchical, organized and reassuring world? Or are you tired of the life you lead?

It is better to know your true motivation, and what pushes you to take the plunge. This early reflection is necessary and will allow you to anchor yourself in your choice or, on the contrary, to consider other solutions. Remember that starting a business is a long-distance race that requires great endurance.

2. What problem do I want to solve?

The project, the idea, the patent … are the engine of the offer that you will make to your target customers. Your market research, either superficial or deep, convinced you that the offer of goods or services that you are going to offer would find a market need and allow you to start a new life.

Whether it’s an online business, a ball rolling, baking or a travel agency, the process remains the same and if feasible as simple as possible. Have you validated your project, alone and if possible accompanied, in order to ensure as much as possible that your offer was interesting for your customers, manageable in front of your competitors, and viable over time?

If you feel unsure, short evaluation sessions of your project exist, the Chambers of Commerce and Industry can help you, and if you are unemployed, or have a training approach to business creation.

3. What are my financial means?

These are very different depending on whether you set up a workshop, a factory, or you freelance in hairdressing at home. The main thing is already to identify your needs, based on your age and your situation so that you can devote yourself fully to your new start.

No way will you realize after six months that the restrictions imposed are too difficult to bear for you and/or those around you. Likewise, do not forget that the facilities granted by the various administrations during the creation or resumption of activity quickly caught up with you. The support of your bank and your partners is one of the foundations through which you can plan for the future.

Investments and savings can be of all kinds but do not underestimate them in the hope of a better future or a stroke of luck.

4. What human resources do I need?

You of course. It is not that bad already. Okay, when starting your own business you can count on the partners and the team you have chosen to support you during the launch of this project and who will be able to advise you. After all, they are there to do what you cannot do alone. Not to mention your friends and family who will be there to surround you.

5. What organization will I set up?

The organization of your business must be clarified before it even gets started. Who does what? Who can I count on to be supported or not? Everyone’s mission should be defined and if possible written in your project. And if you are thinking of going freelance, know that this question also concerns you. Man or woman, have you properly assessed the organization of your professional life, but also of your private life?

Perhaps there is ultimately a reason why most women entrepreneurs are created after the age of 45? In short, blossoming in a new professional adventure yes, feel guilty by coming home every night, no.

6. What are the risks?

No new project is without risk and we can even say that it is part of the pleasure of entrepreneurship. What interests to overcome without risk?

This essential assessment will also help you measure your level of motivation. The risks involved in starting your own business are of all kinds: financial, of course, this is the easiest risk to (under) assess; your personal risk obviously. Whether you are over 40 years old, can benefit from a layoff or have to resign from a lucrative position, the situation is different.

Finally, the risks inherent in projects: clearly identifying the possible causes of possible failure will allow you to avoid it. You are the captain of the ship, studying the map and the weather before leaving the harbour is part of your duty.

7. What skills are required for my creation?

Checking the adequacy of the objective skills that you would expect from Mr. or Mrs. X for such a project and those that you have is the most beneficial exercise.

Perhaps you have experience in the profession in which you are embarking on? But being a business manager, whatever its size, also requires organizational qualities, negotiation with your banking or administrative partners, a rigour which perhaps is not your strength? Having a partner, or taking training can be a solution.

Are you going to have to manage? Do you feel comfortable in this role? Talking to your colleagues, friends, former bosses, can undoubtedly help you to detect qualities and defects. Otherwise, coaching companies and other business advisers can be consulted to finish reassuring you.

8. Where will I create my company?

A leap towards independence can also be accompanied by a change of life at all levels, including the place of residence. By desire or by necessity. Control your desires and instead make sure of the merits of your choice.

This goes from the location and the catchment area of ​​your trade to the free zone for the installation of your bonded warehouse, or why not abroad for the processing of raw materials.

9. Is my timing correct?

The correct launch schedule for your creation is essential. When buying a house, it is better to make sure that the city’s new street development will not go through your garden next year. The same applies to your future company.

What are the new regulations in its field, what are the new competitors, the technical or technological developments that will transform this activity? So many questions that can lead to new opportunities and new successes.

10. Do I have a (good) network?

Without speaking of technology watch on a planetary scale, it is important to be always well informed and to have around you a network of relationships in your field of activity. Setting up a real estate agent will require you to work in-depth with your local city or your neighbourhood as well as with the town hall.

Attending trade shows, fairs, websites, your accountant, lawyer or tax collector can be the source of a new business or new savings. Do not disperse, but especially do not isolate yourself, if you start alone. Associations, free consultations with specialists are now available for those who want to take the trouble.

If you’ve been able to answer these ten questions and find new motivations for starting your own business, you’re on the right track! But beware, this is just the start of a long journey and a new life. Hence the interest in finding the right idea and above all, as reassuring as possible.

A word of advice, I don’t want you to waste your time, entrepreneurship is not for everyone, that’s why I wanted to collect for you these questions that are sure to help you to know if entrepreneurship is your thing or not.

Originally published at https://www.thebrilliance.org on May 16, 2020.