The 4 Top Things to Consider before Starting a Business

For most of us, except the most willing risk takers, starting a business can be an intimidating idea with which to wrestle. New business ventures are looked upon as unstable and unpredictable. Invariably, starting a business also requires some sacrifices, like the need to invest your hard-earned money and a great deal of time and effort without guaranteed returns. These are only some of the reasons why not everyone is enamored by the idea of launching a business. And still, there are others who just do not have the confidence to pursue their entrepreneurial ideas while still others may not even know where to start.

Whether you are a student struggling with student loans, a senior citizen looking for additional income or a young businessperson looking to make it big in a particular market, starting a business will surely help you increase your finances. Your circumstances or your reasons for creating such an endeavor does not matter when starting a business. What matters is your plan and strategy for turning it into a success.

In the meantime, let this list of the top 4 things that you should consider before starting a business satiate some of your curiosity.

1. Look at and weigh your skills

By examining what you can offer straight to the table, it may help you narrow down the possible services or products that you can sell. For some, their hobbies, like baking, carpentry, ceramics or crocheting, serve as their basis when creating their business. 

It never ceases to amaze my clients after going through a discovery process with me how much knowledge they have and didn’t realize it as well as how many good ideas they can generate.

2. Look for a problem and see if you can solve it

Look for a problem that needs to be solved. Look for gaps in the already existing knowledge. Try to match the different issues to their corresponding solutions and match those solutions to your existing talents. In doing so, you may find a problem, which corresponds directly to your abilities. By looking for one issue and focusing your resources on providing a solution, you will significantly enhance your opportunity to earn money. 

Problems are opportunities that come dressed work!

3. Make it original

Think of unique ways to make what you do original. For example, if you are thinking of developing a baked goods store, maybe crafting new flavors or inventing a new tasty treat is your ticket to success. Any idea that you think will make what you offer different from other similar business can increase your chances of success.

4. Define your intended audience or customer

You need to find out if there is a market for your products. You can do this by canvassing and doing a survey or using online tools to spot trends (Google Trends). Also, by defining your target audience, you can improve the reliability of your products. 

By considering these things before starting a business, it is possible for you to create a one of a kind business, which is guaranteed to be a success.

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About The Author

Theodore Henderson works with business owners, entrepreneurs, and corporate professionals. He is an Amazon best-selling author, a Certified Career Coach, a Certified Leadership Coach, and a Certified Social Media Security Professional Powered by CompTIA. In addition he is the author of the business program “Launching Your Great Business Idea,” as well as the author of the following books; “The Wisdom Compass for Christians: Your 31-Day Journey to Wisdom-Filled Living”, “9 Simple Strategies to Becoming a Strong Leader” and the Security eBook “30 Smart Ways to Protect Yourself from Cyber Criminals” aimed at owners of Smartphones, Mobile Devices, and also those who have significant online activities including Social Media, financial services, etc. He is available for keynotes, seminars, and workshops. He may be reached through www.TheodoreHenderson.com.