5 Key Things to Know Before Starting a Business

 

Entrepreneurship is hot on the streets right now.  Everywhere we look, there’s a new business in town.  If this has ever been a desire of yours, yet you do not know where to start or if you should even give it a try, here are 5 key things to know before you make your decision.

Know your story.  Know your why.
Surveys show that 70% of employees hate their job and many of them want to start a business.  It is important to be transparent and honest in knowing if you are in the 70% however that is not reason enough to start a business.  Could it be that you just don’t like the current job that you have, and with careful evaluation, maybe changing your line of work could help?  Hating your job does not always equate to being saved by entrepreneurship.

What are you truly passionate about?
It is really important to answer this question before ever thinking about starting a business.  If there is no passion, there is no successful business, and my hopes are that you want your business to be successful.  When there is no passion, you are solely seeking money and that will lead you down a road of stress and many times failure.  When this happens, people are often ready to go back into the corporate world.  Know your passion.

Be ready to invest.

You are probably great at many things, but being able to invest in your business and yourself will cut out a lot of the stress that comes with trying to wear all of the hats.  Attempting to DIY your company is a sure way to fail.  You will have to have some means to invest in delegating some of the task out to someone that you know will do a better job so that you can focus on servicing the clients.  This is one of the top reasons many new entrepreneurs fail.  They want to do it all.

Be motivated by the services that you can provide rather than what your clients are willing to pay you.

You potential clients can certainly sense if you are only chasing money, or if you are truly there to service their needs.  There is truly a difference and the decision you make will at some point determine your business success.  Passion before Profit.  Profit will come, but you must remember this should never be your sole reason for wanting to start a business.

Do your research.

Begin to really follow those already in your field and see what they are doing.  It is important to watch other success stories.  By no means do I mean copy, but watch and see what is working for them and then create something of your own that will work for you.  Please ensure that it is as authentic as possible while doing this.

 


Shermikia LemonShermikia Lemon is an entrepreneur, speaker, productivity coach, and Corporate wellness consultant.  Through her signature coaching and training company, Peacefully Profitable, Shermikia helps organizations who struggle with retention due to workplace conflict. 

As a believer in peace and staying true to your life’s journey, Shermikia’s trainings and resources are always geared toward improving your life both mentally and physically.  Known for her calm aura, Shermikia reaches many women and men through her podcast and social media platforms.  More information about Shermikia can be found at www.peacefullyprofitable.com