Whenever I remember my past two years it really makes me so depressed, helpless & disappointed. Yes! if you think that every thing you noted down on paper as your “Business Plan” is positively going to happen – You are really making a mistake. If it would be some kind of machinery, equipment or tool with well known pros & cons, we may definitely assume or predict any occurrences & be prepared for the same to cope up with.
But here we are dealing with unexpected & unseen circumstances in Business. I also had a great plan & a positive approach, but where I made mistake that led me to a huge loss & debts too. It’s hard for us to find out our mistakes being in a decision making position. We always think that whatever decision we have made are apt, suitable, economical & profitable for the organization (Mostly in case of Small Business).
That’s the reason it has been asked “So do you think you can do business?” Because after being failed for my last 4 year attempts in establishing a profitable business ( invested 4 years in two different business sectors), I thought it would be great if I could share my failure cause to ascertain your business success.
Business Idea: The first thing which really turns your evaluation to your business project is your “Idea“. Business ideas are the building blocks of a profitable & scalable business structure.
Is your Business Idea Really Going to Make A Difference? – Never be the judge & try to fool yourself saying”Yes it is”. I know still there are number of people out there think the same based on their projected revenue, projected expenses & Net Profit generated. But let me tell you “Why we are bestowed with mind, ears & eyes” – to think, listen & to watch. So if we can think something why can’t we share with someone whom we trust to know his/her opinion. It may be possible that still there are few areas left to be reworked. So its always recommended to discuss your ideas with your friends, kin & colleagues (different minds, different perceptions) to unfold missed facts that you wouldn’t have taken into consideration while preparing your business plan.
Before moving further kindly try to answer these following questions yourself?
- What’s your Business is all about
- Why do you think your Idea is new & “Different”?
- What Kind of Problem You are trying to solve in your targeted market?
- How better (financially too) you are compared to your existing competitors?
- Is it a short-term idea or you want to stay longer? If longer-Are you prepared to face any sudden changes in technology you are using?
If you got all the answers favoring you, then great you are good to go. Now as we are enriched with a great business idea lets see how much empowered we are with financials. I know there are lots of people who think most of the businesses don’t require any investment. I must say its partially true in terms of a business dedicated in rendering services based on skills & brokerage. If still you think you may start with zero investment kindly try to find out
- How you are going to sell your skills?- through advertising & promotions (money required).
- How will you pay off your utility bills?- If you couldn’t sell your services for a month. Never ignore these small expenses as these are finally accumulated to a bigger load at the end of the month.
- What if you need any outside paid assistance to complete an assigned task?