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Five Questions to Ask Yourself When Starting a Business

Five Questions to Ask Yourself When Starting a Business

Paige Pichler

The gig economy is alive and well, in fact more people are making a living from their laptops and own businesses than ever before. With COVID causing even more unemployment, it may be a good time to consider starting your own thing. If you’re thinking about making the leap, here are a few questions to ask yourself before you do so.

Can I handle uncertainty?

Many new business owners underestimate the ups and downs of starting their own company. There are many variables and fluctuations in how your business is performing and how you feel. If you struggle with feeling safe despite the inevitable ups and downs life will throw at you, it may be time to think a little deeper.

Is my business plan relatively safe in the case of economic volatility?

As what’s happening in the world right now will show, the markets will fluctuate and the world at large will have high times and low times. Is your product or service still purchasable in an event where people can’t leave their homes? Can you still perform in the event of a downturn? If not, see if there are a few ways you can recession-proof your income by creating other passive streams of income.

Do I know how to sell?

Even if you’re not overtly selling a product, when you have your own business, you’re selling constantly. Showcasing your skills and value, you should be ready to explain why you’re the best at what you do and how you can help your customers. This doesn’t mean you’re pushing your services on people who don’t need them, but you do need to be able to effectively convey your expertise when sitting down with potential customers and clients to be successful. Don’t overthink it, but practice explaining your services in a way that helps people connect with you and trust your ability.

What are the overhead costs?

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This should go without saying, but think of everything that you’ll need to pay for ahead of time. Beyond just rent and physical items, think of things like Wi-Fi, professional memberships, courses you need to take, and so on. Make a list of these and make sure you have it on hand as you start to plan out your finances.

Do I have self-care practices in place for when things get difficult?

It’s important to remember that you are not your business and your business is not you. You still need to have things outside of your work that you enjoy and unique things that make you who you are. Think of all the things that make you feel better and make a list. Having this on hand can make a large difference in your mental state when you run your own business.

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