4 Critical Questions for New Entrepreneurs

Published on 6 May 2022 at 13:06

Deciding to open your own business is a process that involves many factors. The tough part of determining the direction of an enterprise is deciding its identity. Ask yourself the following questions to think about your approach to becoming an entrepreneur and choose a business that is the right option for you. Careful consideration can ensure that your business plan is a template for your future satisfaction as a business owner. 

Two women sitting at a table with notebooks

1. What Are You Passionate About? 

Owning your own business will have a major impact on your life. It is important that you are doing something you enjoy. You don't want to start a business that you don't get satisfaction from. Look at the details of your life that you are passionate about first:

  • What do you look forward to doing? 

  • Who do you enjoy working with?

  • What is your ideal day like?

  • What are your values?  

 Without considering your passions, you may end up with a business that makes you less happy than you are as an employee now. Take into account what motivates you and what you want your life to be like.

2. What Are You Good At? 

Your new business doesn't need to be the same as your current career. You have mastery of skills that are useful in many contexts. These transferable skills can be valuable keys to success in many industries.

 Look at what you do in your current job. What skills do you use that would be useful in a new context? Transferable career skills usually fall into two categories: 

  • Hard skills are technical skills gained from education and training. They often pertain to specific industries, such as computer skills, accounting, data analysis, and project management. 

  • Soft skills are earned from experience and are useful in many contexts, such as leadership, collaboration, work ethic, and critical thinking. 

3. What Problem Can You Solve? 

It is crucial that your business offers value to your customers. Experts recommend doing qualitative research to determine your target audience and what they need. Carry out market research by talking to prospective customers in person and using online surveys. Observe market trends and advertising by competitors. Look for areas of customer need that aren't already answered by other companies.

4. How Much Will It Cost? 

The goal for your new business is to turn a profit. However, you will need to invest money first. Consider the time and resources that go into opening a business. Costs incurred while starting up can include: 

  • Equipment, technology and supplies 

  • Licensing and fees 

  • Recruitment and training of employees 

  • Advertising and marketing 

 If you have a tight budget, there are many resources that offer free tools and financial support. The Small Business Administration offers loans and has tools to help you in every stage of business growth.

Facebook advertisements are a form of affordable marketing because you can save money by creating your own branded marketing campaigns. Use an online program so that you can create a Facebook ad. Ad makers offer professionally designed templates to which you can add your own branding, including fonts, colors, and graphics.

Remember that your time is worth money. Consider outsourcing administrative duties to a company of experts who can help you organize your business planning process. Contact the administrative professionals at Albright Administration today for support, including online research, email marketing, typing, and transcription. Time saved is money made and having the right professional support can lead to a more profitable business venture. 

Photo by Christina Morillo from Pexels

Written by Naomi Johnson

Naomi created Life-Based Business [lifebasedbusiness.net] to offer practical advice and inspiration to help others adopt the life-based business mentality and change their lives in immensely positive, fulfilling ways. It is meant for small business owners, creatives, solopreneurs, boss babes and bros, and side hustlers who are committed to designing their careers to accommodate how they want to live, instead of the other way around.

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