Dwight Hayter Shares 14 Questions You Should Ask Yourself Before Starting a Business
When you start your own business, many questions arise. The following article will discuss some of the most common questions and provide answers to help guide you through this process.
1. What is my passion?
Watrous, Saskatchewan’s Dwight Hayter understands that as a small business owner, you can be your boss and do something you love. Maybe it’s creating crafts, doing hair for people in their homes, or being a real estate agent. You have chosen this life to follow your dreams and live the lifestyle of your choosing.
2. How much money can I afford to invest?
These questions depend on your life and what you can afford. If you already have a job and will be trying to start your business part-time, how much money do you want to put into it? Are you willing to work nights and weekends for a while before seeing any return on that investment? Or are you okay with making less money initially and just setting aside a small amount each month?
3. Do I have any experience in the industry/niche?
Dwight Hayter believes that research is key if you start a business in an industry that you have no experience in. You want to know what you can offer that will set your company apart from the others.
4. Am I willing to work long hours or weekends to make this succeed?
It’s important to be open to long hours and weekends in the beginning when you are trying to start a business. Dwight Hayter believes that building the foundations of your company will take time, but it will pay off later down the road.
5. Is it worth giving up my current job if things don’t go well with starting my own company?
This is where research comes in handy. Dwight Hayter believes that it is essential that you know what you are getting yourself into before quitting your job and giving up a steady income. If the business fails, will you be okay financially? Will this result in your family losing everything they have worked for?
6. How can I protect my ideas or company?
If you have original ideas or a unique company, you should consider protecting yourself and your business’s intellectual property. You don’t want someone else copying your idea and stealing profits from you without giving credit where it is due.
7. What is the best way for me to market my product/service?
There are many different marketing strategies, but it’s important to remember that you should know your audience. Market your product or service so that it is relevant and appealing to those you want as customers.
8. Is there already any competition in the field?
Competition is important because it means that someone else sees the success of this business venture. You want to know who your market competitors are and what you can do better than them so that you can give customers a reason to choose your company over others. Will the price or quality set you apart from the rest? What makes your product different?
9. Am I willing to put up with all of the sacrifices I will have to make to build my company?
Building a business requires sacrifices. You’ll need to give up evenings and weekends for a while, and you should be prepared for your social life and current relationships with friends and family to change drastically. Are you ready for the challenge? Do you have what it takes to take on this new role as a small business owner?
10. What are my startup costs, and what is the best way to get funding?
You can bootstrap your company if you don’t have a lot of initial funds, but many companies seek outside funding from friends and family or by putting on a crowdfunding campaign. These methods often come with more stipulations than just giving up some equity in the business.
11. How long will it take before I see a profit if things go well?
Startups can take a long time to make money, and you should be prepared for that. Your business plan must outline how and when you will turn a profit. Knowing this ahead of time will help prevent financial difficulties later down the road.
12. Do I need to hire employees, or can I do everything myself?
Many small businesses begin as a one-person show, but it’s important to be realistic. As your company grows, you may need to hire employees for their expertise and additional staffing. Have you planned for this? Do you have the budget available to afford additional help? Does your business plan reflect any growth potential?
13. Do I need a partner, or do I want to work alone?
Being an entrepreneur is hard work, and it helps to have an experienced teammate by your side. Finding someone who has strengths that complement your own can result in a well-rounded business. It’s important to be aware of the challenges that come with partnerships.
14. Am I Ready to Be the boss?
Owning a company is much different than being an employee. As the owner, you are responsible for ensuring that everyone in your office gets to work on time, has the tools they need to get their jobs done, and feels fairly compensated for their hard work. Are you prepared to be in charge? Are you ready to hold yourself accountable for the ultimate success or failure of the business?
Final Thoughts
The questions in the article are designed to help you decide if starting a small business is right for you. If it’s not, other ways can be just as fulfilling and rewarding — like freelancing or consulting with an established company. While taking on this new challenge may require sacrifices, they will ultimately lead to more freedom than many people enjoy working at larger companies. But before jumping headfirst into entrepreneurship, take some time to answer these questions so that your future self won’t regret any decisions made without careful consideration of all factors involved.
