5 Things to Ask Yourself Before Starting Your Entrepreneurial Career
Ready to take that major leap to running your own business? Well, here’s a little secret you should know: becoming an entrepreneur is more about small steps than giant leaps. Those steps are what will help you build your new business from the ground up, but you need to figure them out before you proceed. To make the task easier, here are some crucial questions to ask yourself before you get started as an entrepreneur.
Will You Need to Find a Workspace or Warehouse…
Whether you will be offering goods, services or a combination of both with your startup, you may need to look for a physical space for your warehouse or office. This means you will need to come up with funding sources, such as SBA Real Estate Loans, to afford the lease or mortgage on those spaces. It’s important to keep in mind that SBA Real Estate Loans fall into two categories: SBA 7(a) and SBA CDC/504 programs. Qualifying for either can be challenging for small business owners, but the low interest rates make any additional effort worthwhile.
…Or Will You Start Off Working From Your Own Home?
There are some definite benefits to securing your own office space for a new small business, such as avoiding interruptions and increasing the potential for growth. Still, even with funding, securing a space isn’t always affordable or even practical. If you are not ready to take out a loan or invest in additional space for your new business, know that you can always work from home. Staying productive can be a challenge when you work from home, but by establishing a set schedule and routine, you can focus on making your new startup a success. Creating a functional home workspace can also help by ramping up your productivity.
Will You Need to Create a Detailed Business Plan…
If you were to ask seasoned business owners for keys to success, you may have more than a few answers that include a business plan. By writing a business plan, you will be forced to think about the tiny details of your new small business that can really matter when it comes to achieving success. Plus, having a business plan handy can also help you secure financial backers to provide funds for your business’s success. As you create your business plan, seek coaching and guidance from Summit Success to steer you toward building a powerful and sustainable business.
…Or Will Your New Startup Even Need a Business Plan?
While many entrepreneurs need a plan to help their new business thrive, you may not necessarily be one of them. That’s because a small business can still succeed even if the entrepreneur has no business plan, which has been the case for many of the most successful startups and businesses in history. When you build a business on a passion, you still need some planning, but working through a rigid, overly detailed plan can stifle some of the creativity needed to build up your small business and help it adapt to challenges and changes.
Will You Truly Be Able to Learn From Mistakes and Failures?
Being practical about your new business’s needs is important, and the tangible resources provided above can certainly help. But ultimately, you are the key ingredient that will either help your business ventures thrive or eventually fail. Here’s the thing, though: Whether this first business succeeds or fails doesn’t determine your long-term chances of success as a small business owner. Need some convincing? Take a look at NeuroGym’s list of some of the best known entrepreneurs, including Ariana Huffington and Steve Jobs, who failed in their first attempts but used those failures to eventually create incredibly successful companies.
Becoming an entrepreneur takes a multitude of smaller steps and one giant leap. The questions above discuss the tiny steps that can help your new business venture succeed, but the giant leap you must accomplish on your own. After all, one of the most important qualities any new business owner can possess is believing in themselves.
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About The Author:
Chelsea Lamb has spent the last eight years honing her tech skills and is the resident tech specialist at Business Pop. Her goal is to demystify some of the technical aspects of business ownership.