There is a shocking research that shows how almost the same number of businesses started monthly are also closed monthly. If you want to make your business work, it is important you know what you are doing.
Before you start a business, it is advisable you ask yourself these 5 questions that have been highlighted in this article. Once you figure out the answers to these questions, then you are safe for the next step which is starting your business.
Do you have a plan? It is important you well written goals and results your are prospecting for your business. You can always monitor your progress by having a plan.
Second question you should ask yourself is whether you own the rights. Taking sometime and researching about trademarks and rights is important before starting a business. Ensure you own the name, the trademark and you can create your own matching domain. It is important you take your time researching on the trademark name online before you begin naming or branding your business. If you find that somebody else own the rights, this can put your business at a risk in future.
Next, you need to ask yourself if you are working within the law. It is important you understand the business regulations of your country. Do you know about the business taxes and licenses required by your state? Also, you can ask for help from lawyer and accountants to help you in structuring your business, so that everything is on book.
If you are starting a business, knowing what you are doing is important. You may get all the help you need from professionals but if you dont know what you are doing, your business is bound to fail. As a business owner you should be familiar with terms such as, profits, sales, losses, gross margin and other important terms in business. If you have information on all these, it will be easier to make informed decisions. Also, you will look for ways to cut cost and increase sales.
The fifth question you should ask yourself its whether its worth the sacrifice. It is important you know how much starting the business will cost you. Apart from checking the capital, you will need to check how you will pay your living expenses. How much time will it cost you to start the business? When starting a new business, in most cases it will require hours of hard work. Most business owners when starting they were forced to take a part time job.
It is important you look for answers to these questions before starting the business. You can get another useful article on how to start a business here.