With all the changes in the economy, many Georgia residents are looking to start their own businesses in an attempt to make their version of the American dream come true. The process of establishing a business organization can be such a rocky road, though, that even the most organized entrepreneur may question what direction to take. In order to stay on track, here are five helpful questions that would-be entrepreneurs might want to ask themselves before beginning their business ventures.
The first question is whether moonlighting is an option? Moonlighting while maintaining a day job may sound hard, but it can be an effective way to find the right niche for your business, especially if your idea energizes you. Another question to ask is whether your family, if you have one, is on board. A new business venture will require resources and support from the entire family, so discussing a new venture with everyone is essential.
Also ask whether there is sufficient savings to start. The popular phrase “cash flow is king” rings true for new ventures. Having a clear idea of where cash is coming from and going to is vital. Know whether you have a distinct advantage, meaning, examine if there is one thing that you hold that the competition doesn’t. Whether it’s better industry contacts or low cost materials, any step up on the competition can help set your business apart from others attempting to do the same thing.
Whether one is willing to learn is also a question that should be asked prior to beginning a new business venture. Starting a new business means that the entrepreneur likely will need to develop practical skills beyond just the basic product or service; think sales, marketing, finance and accounting. At some point human resource expertise may be required.
Starting a business in Georgia requires a great deal of flexibility and personal endurance. Although the process can be time intensive and perhaps difficult, the payoff of success doing what you are passionate about can make it all worth it.
Source: Charlotte Observer, “5 questions to ask yourself before starting a business,” Jennie Wong, June 21, 2012