Starting your own business is no easy task; within the UK – more than half of new businesses don’t survive beyond five years. In this article I want to tell you the things which I considered before starting Nosy Design and I encourage you to ask yourselves the same questions. Be honest, there’s no point of lying to yourself!
- Does your business REALLY have a market or is it just an idea which you are fond of?
Your product or service needs to sell, it’s as simple as that. You can’t be in business if you’re not making money. You can’t make money if your stuff sucks. You need to carry out market research and ask your potential customers if they like your product or service, would they buy it? You can’t be the only person who likes your idea; you need support from the market, otherwise, your business will not survive.
- Will your business have a market in the future? Will your product / service still be needed?
Think 3-5 years ahead, will your business idea still have a market? Maybe you can already see signs that whatever you are selling is being automated by a computer, or people are no-longer interested. Twitter is currently losing interest, so it wouldn’t be smart to build an App that works in a similar way. Physical retail stores are slowly being replaced by online versions like Amazon, Ebay, ASOS etc. You need to think carefully about your idea and how it will perform in the future.
- Is this really YOU? Are you really an ENTREPRENEUR?
Not everyone can be a number one in a business, maybe you perform better being a vice president of a company or being in-charge of the marketing or sales. Analyse your strengths and bet on them. I know it may be hard to admit because we all want to be number ones in everything we do (including me!), but the market doesn’t allow that. You will earn more money and be happier by being a super successful number 2,3 or 4 in a company than being an average number one.
- Are you ready to work 110% to out-work your competition? Have you got the stomach to be disappointed, put-down and ridiculed?
Starting your own (successful) business means waking-up early and finishing late. You may have to work 70h+ weeks, take-on part-time jobs to support your family whilst you take the leap of faith or give-up things that you once enjoyed. People will often ridicule you and put you down because they WANT to have to courage to start something of their own (but they can’t, so they try to bring you back to their level).
- What’s Your Back-up plan
The statistics don’t lie, despite your enthusiasm and hard work you need to be mentally prepared that your business could FAIL. If it does, what’s your back-up plan? Have you got enough money saved to sustain yourself and or your family for at least 6 months? Are you investing some of your time into learning a new skill or working on a part-time job? A good rule to follow is the 80-20, spend 80% of your time working on your business and 20% of your time on your plan B: a course, part-time job or anything else that you think could work as a back-up. If your plan B ties in with your main business… brilliant! For example, your business is to sell… MILK and your side-hassle is designing bottle labels for other companies, the two will benefit each other and cause you to excel at both.
- Have you got the needed support from friends and family around you?
If everyone around you is negative about your business idea you will find it extremely difficult to have a positive mind-set. If that’s the case, you have three options: eliminate the negativity by getting rid of those people, use the negativity as fuel to power your inner furnace or examine your idea closely and if all those people are RIGHT, change your idea.
I think it’s important to mention that I’m not saying any of those points to dishearten you, nor am I claiming to be perfect and have a bullet-proof answer to all of the mentioned questions. Do I get discouraged and have doubts? Of course! But to me, it’s important to self-reflect and ask questions like this. I encourage you to do the same, bet on your strengths and go with what YOU want, not what anyone else wants.
Stay Nosy Guys.
P.S. And watch the below video:
Starting your own business is no easy task; within the UK – more than half of new businesses don’t survive beyond five years. In this