You’ve graduated from college and have some capitol. You have decided you don’t want to work for someone else; you want to work for yourself. You’ve seen different businesses advertised, but how do you know what type of a business is right for you?
Here are some of the most important things to ask yourself when considering the right avenue to take to pursue your future business goals.
- What is my ethical stand?
One thing to ask yourself is what are your personal morals and ethics? To have a business be successful, you must stand behind what you sell or do. You want to go into work each day and be proud of what you have done with your life. This is what company mission statements are all about.
- What am I passionate about?
If you start a business to only make money, but you hate what you are doing, it will show. Let’s say your parents want you to become a dentist, but you can’t stand the thought of digging into someone’s mouth. This goes against your inner passion. This is one reason why most businesses fail. If you hate going to work every day, it’s going to wear you and your business down. Not only will it affect your employees but it will also negatively impact your clientele. You need to be true to yourself and do what you believe in. Think about what gets you excited. Do you love the sciences? Math? Art? Cooking? Advertising? Think about what it is you love to do and then start a business along that line.
- Are there a lot of other businesses similar to the one I’ve chosen?
Is there a market for your business? Are other businesses along the same lines as yours? The old adage: “Find a need and fill it,” is also crucial at this point. If there are a lot of businesses out there like yours, think about what you can do to make yours seem different and better; always think that you’re in business to fill other’s needs. Give your idea a fresh new twist; you’ll have a good chance to make it.
- What are my core values?
The next thing to ask yourself is what are the core values that you want your business to reflect? Where do you think other businesses have gone wrong and how are you willing to right it?
- What is my mission statement?
What about this business reflects your principals? What would you like to say to the world through your chosen venture? Form a mission statement of about 25-30 words that reflects what you hope to achieve through your chosen business.
What is my business plan?
You’ve heard the old saying, “If you fail to plan, you plan to fail.” A solid business plan is another road to success. It forces you to think about some aspects of a business that you might not have before considered. Research:
- What is the purpose of my business?
- How much capital will I need to begin?
- Have I thoroughly studied the market?
- What is the competition?
- What is the potential weakness of the business?
- What challenges will I be facing and how should I prepare myself to handle different issues as they occur?
- Where do I want to be in five years?
After you’ve asked yourself all of these questions and have done your research, you’ll be well on your way to running a business that is successful and satisfying. Then start advertising your business and you’ll be on the road to success.