20 Things to Consider Before Starting Your Own Business
- 1.Who are my competitors and how am I different?
- 2.Is there a gap in the market?
- 3.Who is my target market (age, gender, Income level, location, interests, lifestyle, personal style, needs)?
- 4.Can I start this and still hold down my existing job?
- 5.Timeframe – how long can I hold on until I start making money?
- 6.Can I price my product correctly to make money and still be competitive against the big players?
- 7.Do a SWOT analysis – strengths, weaknesses, opportunities, threats
- 8.Will it be profitable?
- 9.How will I fund it and how long will I need to keep funding it?
- 10.How will I get my brand out there?
- 11.What are the things that could go wrong?
- 12.How much am I prepared to risk (financially and personally)?
- 13.What hurdles will I need to overcome?
- 14.Is this just a dream and am I prepared to give it 1000% effort and keep at it for many, many years to make it work?
- 15.What impact will this have on my family and my personal life?
- 16.Am I prepared to work alone and do most things myself?
- 17.Am I genuinely passionate about this business idea?
- 18.Why do I really want to do this?
- 19.Who do I have to back me up if I need some time away for something unforeseen?
- 20.Rejection – can you cope with daily rejection for years and years whilst trying to get your brand out there?Image: Founder & Creative Director Cheryl Botha with her limited edition range of handcrafted Swarovksi crystal sandals.
A lot of us have a dream to start our own business and often it is just a dream. If you really believe in your business idea and if you have considered all my points above, then GO FOR IT! But take note, my biggest piece of advice is only risk as much as you are prepared to lose. When I bet on the horses at Spring Racing and Melbourne Cup my mantra is “only bet as much as you can afford to lose,” the same goes with a new business venture.
Often I read about people or brands that are described as an “overnight success,” but when I read further into their story most of the time I find that it took them 10 years to become an overnight success. So keep this line in mind “It took me 10 years to become an overnight success!”
To be positive and encouraging but also sensible, all I can say is believe in yourself, go for it, and keep your day job for as long as possible.
Most importantly, as Cinderella says “have courage and be kind” and also make sure you have FUN!
Lots of love,
Cheryl xx
