5 Things to Think About Before Starting Your Own Business

By: vibha babbar

This article is yet another addition in the long list of 6 ways, 8 ways and 10 ways of improving your business. I’m however listing 5 things to consider before you start up “your own” business, i.e., before you venture into Self Employment. This article however, is not in the form of a newsletter from an entrepreneur or a well-versed business writer, business tycoon or polymath. On the contrary, this article echoes the views of a common yet experienced business professional who has witnessed big and small blunders while opening up a personal business. The aim of this article thus is to provide some counseling before you open up a business. I’m assuming that you have read such advice earlier, but then, you never know when a moment of epiphany arrives!

Before you start a business, see if you have:-

Enough Capital: Telling you to stock enough capital before starting a business is no revelation in itself. My point however is- make sure if you have enough capital for optimum utilization of your business. Money breeds money; but an advantageous use of money breeds a large amount of money. Hence, while opening a business, money incurred is not only on real estate, resources and basic amenities. Money is needed for marketing campaigns as well, and an optimum utilization of marketing money would secure you a place in the industry.

Self motivating skills: When you are starting your own business, it is of prime importance to realize that there would be no-one to ‘tell’ you to take the action. You must use the ability to decide and take action yourself. This is the main difference between an employee and an entrepreneur. Be self motivated, particularly in situations where you have to think on the feet and decide!

Passion about your business: Just as you choose your subjects and career suiting to your area of interest, your business should also pertain to your area of specialization. Business is a means to money, and means should never be compromised for the end. So take up the task that you are interested in, and that you enjoy doing.

An Accountant: Whether your business is large scaled, medium scaled, small scaled or micro sized, the need of a tax adviser or an accountant is pertinent. The need becomes all the more important when you are just opening the business. Your tax adviser can help you get rebate on the taxes and maximize your profits.

9 hours a day mindset: In order to be successful in your business, today’s environment demands entrepreneurs’ omnipresence. That is, you have to (not virtually) be at all places at all times. So if you have the ability and interest to put those extra efforts in the work you do, chances are that your business would be super successful.

It’s easy to open a business. Keeping it open however is a task. Hope these points have been of some help to the budding businessmen.

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