3 Common Questions Startups Ask!

I actually believe that this is what happens to a lot of people who want to start a business. They suddenly realise that time has gone past so fast and they wake up to the fact that they need to do something before the year runs out. So I have written this article to help answer three common questions most people have when it comes to starting in business.

The first question is: “When is the best time to start a business?”

Let me first of all, say that those waiting for a perfect time will never see it because strictly speaking, there is never a perfect time to start a business. Think about this; quite a lot of businesses flourished under the last economic downturn. It was the same in the 1920s economic collapse and it will be the same in future. So the answer to that question is quite simple. The best time to start a business is Today!

What I am saying to you is start now, start today with the decision that you are going to create your dream business. Start today with a thought about the service you’re going to provide. Start today by putting your ideas down on paper. That in itself is a step in the right direction. Again, I repeat; start today.

The second question that a lot of people asked is: “What type of business shall I start?”

This obviously requires a lot of thought but I’m going to give you two simple rules that you can follow to decide on the type of business you should start. Broadly speaking the type of business anyone can start falls into two categories.

The first one is to convert your hobby, passion and skill into a business.

The second is to exploit an existing opportunity

Let’s talk first about converting a hobby, passion and skill into a business. Most of the time this type of business requires little or no money because you are already providing the skills, product or service. Sometimes people already know you as being able to offer this particular service. Therefore, it is easy for you to get clients, find a market, create a solution, and ultimately exploit opportunities the market presents. I must admit this is my favourite type of business, the reason being that any business will go through tough times and without passion to overcome obstacles, most people will simply give up!

So what about exploiting an existing opportunity? Perhaps you’re working in the place and have discovered that a particular service is missing or that an opportunity exists to deliver maybe a consultancy, particular product or a particular service. That is the kind of opportunity I’m talking about exploiting. Since you’re already functioning within that particular industry, it is easy for you to gain access to decision makers and those that can purchase your solution or service. This particular type of business tends to demand a high level of entrepreneurial skills and it helps if you had a passion for that particular industry.

The next question that most people have in their minds is about the money needed to start up a business. So they may say things like “Where am I going to get the money to start or how do I get the money to start?”

At an investors meeting, I went to a few weeks ago, one of the investors said there is never a shortage of money, there is just a shortage of well tested and well-presented ideas. This means anyone with a well-tested business idea can actually raise the money they need for their business by way of investment.

Another way to get the money you need to start your business is to ask the existing customers or potential customers to pay a deposit or pay in full before the service is delivered. This is very possible especially when your product is extremely useful to your target group. Actually, getting your potential clients to pay towards the cost before the service is delivered confirms that you have a great product or service in the making.

Are you seeing with these types of questions out of the way that there is no reason why you should wait till December or January to start your business? Why not start acting today? Why not take action today? Put pen to paper. Consider the first steps you can take towards starting your own business and don’t wait any longer. The year is about to end. The sooner you begin the sooner you achieve your dream of owning and running a successful business!

Boomy Tokan is a Business Consultant with expertise to help you start and grow your businesses. Click
http://startyourownbusinessacademy.com/free-guide/”>http://startyourownbusinessacademy.com/free-guide/ to get your FREE Guide on How To Start Your Own Business in 30 Days. Ask him any question at
mailto:[email protected]”>[email protected]

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