Questions to Ask Yourself Before Starting a New Business 

When you have time to reflect on your life, you might find there are certain aspects of it that you want to change. This could be a relationship, your physical health, and fitness, or your career. Seeing as we are at work for such a big part of our lives, it makes sense to do something that you enjoy and that will give you a good work-life balance. 

Running your own business can seem like the ideal solution; you are able to dictate your own working hours, make your own decisions, and become more successful. Yet there are some downsides to running your own business too, and it’s important to address them and be sure this is what you want to do. Before you begin, ask yourself some questions so you know which direction to go in. 

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Is Your Product or Service Needed? 

It would be terrible to start your business and go to all the time, expense, and energy it takes to do so, only to find that no one actually needs what you are selling. 

So, although your business idea might seem like a good one to you, you need to test the market to see whether this is really the case. Carrying out extensive market research to determine who will buy from you will be very helpful. Not only will it show whether what you are planning is going to work and be well received, but it will also tell you who your most likely customers will be. This means that assuming your business idea is a good one, you can market to the right people and save money on your marketing budget. 

Where Will You Work? 

There is a big trend towards working from home right now, and although this can have its benefits, it’s not something that everyone can achieve. Nor is it something that everyone wants — some love being with other people or they enjoy commuting to a place of work because it makes them more productive. 

When you know what business you are opening, you will need to work out what type of premises you need. Working from home is certainly one option, but you might also want to consider renting an office, buying a retail store, or creating your own warehouse and showroom with a steel building from, for example. 

You may need to focus not just on the situation you are in now, but also on the future. What are you intending for your business? Are you planning to open a café as well as a store? In that case, it makes sense to rent a larger building so that you have room to expand later on. 

Could it Be a Sideline? 

Starting a new business is never something to go into without thinking. It will cost you money and time and will fill your mind all day, every day. Plus, when you are just starting out, you won’t make a lot of money (in the majority of cases) as this takes time, so it will cost you in terms of a regular salary too. Can you really afford to do this? 

If you still love the idea of creating and running your own business, why not start it as a sideline or ‘side hustle’? You will have to work hard in your spare time including weekends and evenings, and it might be that your work-life balance disappears for a while, but if it means you can slowly build things up and not lose any income because you can still work at your main job, this could work well. 

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