Everyone wants or wishes to start their own business at some point of life. There is nobody who has not seen the dream of setting up a business, clients pouring in with cash, business doing so well that you hire more people, rent or buy big offices and then retire as a millionaire. Let us look into the facts or the process of creating a small business.
Asking this question to yourself is important before you start your business; why do I need to build a small business. Just like everything else every individual will have his own reasons like:
1. Make a lot of money
2. Be your own boss
3. Provide something valuable to the society
4. Solve somebody’s problem so that you earn
5. To pay debts off
6. Buy a car and a house
Some of you might find all the reasons above to start a business but there are a few other questions that you must answer before you think all these can come true and those are:
1. Can you make a lot of money in the business you are entering?
2. Do you have what it takes to control yourself when you are the boss?
3. Will you be punctual or get lazy when you are the boss?
4. Do you have something that is valuable to the society? (It can be a talent, service or even a product.)
5. Are you able to find a problem in the market or society that you will be able to solve with your talent, skills, service, or product?
6. What is the market for your business?
7. Who are competitors in the market and what do they offer?
8. What more can you offer from your competitors?
9. If you have debts, how long will take you take to get out of it with your profits from the business?
10. Will you be able to pay your business expenses while you are paying of your debts?
(Business expenses may include salary, internet charges, transportation, stationary, office rent etc. that are required for the business).
11. Will you be able to save money to buy the house and car you wish (if you wish) in the time-frame you want to buy it?
12. What is your business?
So look into the market. What is there and what is not there does not bother a person who has a unique style for what his business is. Most of the major and established businesses started with just one-person while the competitors were huge corporations whom they later left far behind. The examples are beyond the scope here but let us take a few for fun:
I hear you saying; common these are not small businesses!! They are huge businesses. Yes they are and were not built in a day. They are big because the founders made sure they went big, they found a style of their own.
If you are not convinced by these once small companies becoming big companies, then think about your boss. Yes, your own boss (if you are working for a company and if you have a boss). If you have worked or are working for a company or business then think about its initials stages.
1. Did they have such big offices?
2. Did they have these many employees?
3. Did they make this much money to pay salaries, rent, expenses and still profit to build the business?
Analyze why these companies got big and you will find they solved a problem in the society. So if you are at a confused state of why and when to start your company then take a notepad and answer the above questions from your heart.