If you have never had a job or have lost a job to earn a living setting up a business sounds like a good idea these days. However, don’t just jump in think about a few things.
3 of those things to think about are
The Type of Person You Are
It is a well-known fact that about half or more than half the people who start a business fail after a few months or a couple of years. You probably know someone in your circle who has failed.
So, look at yourself in the mirror and ask if you are one of those people that can take risks, live with uncertainty and can work harder than anybody else. If the answer is no then look at some other options and try to go that route.
The Type of Family Situation You Have
You may also want to think about the effects this move will have on your home life. If you are married, have children or have dependents have a think about how this move will affect them. It is a huge responsibility to venture into business on your own but it is even bigger if there are other people depending on you as in the beginning there will be a lot of sacrifices.
There will be less time with your spouse and children, less money to take care of dependents and very long hours of working worrying and thinking about the business. If you have a supportive family this journey can be less stressful if not, you are going to find it very trying.
The Type of Business You Want to Start
The type of business will depend very much on what opportunities you have seen in the community. What problem do you think you can solve and how many people will want this problem solved. Dont just jump in, find the demand.
Don’t get fixated on the fact that you can supply something or that there is a lack of something but look for the demand. Is there a demand for what you want to build your business around or not? Is this demand going to be sustained?
Before making any decisions to start that business find out about demand as this will be your best chance of the venture succeeding.
