According to Gary Brewster, Oneida entrepreneur and businessman, to start a business, you need to do a great deal of planning, take financial steps, and satisfy any legal requirements. You need to set goals, execute plans, assess your progress, and be prepared to make adjustments. These are challenging objectives, and they can take a great deal of focus and resolve.
Below, Gary Brewster of Oneida shares five questions you need to ask yourself to make sure you’re ready to start a business.
1. Are you entrepreneur material?
There are a few basic questions that you should ask yourself when you start the process. You need to know what kind of product you are offering, and what makes it unique. You should identify your ideal customer. You also need to find out how your product benefits your perfect customer. When you answer these essential questions, you will finally have a clear idea of your business's identity.
Once you know what your business is about, it's time to turn the focus on yourself. You need to ask yourself if you have the passion required to keep at the task of running your business and making it grow. Running a business is incredibly hard work, after all.
Less than 1% of new businesses started each year make it. Success in business requires learning new things and doing lots of incidental work that tends to be boring. It's important to ask yourself if you can be as deeply attached to your goal of starting a business as you need to be.
2. What niche do you cater to, and what kind of target customer do you have in mind?
Many startup businesses make the mistake of assuming that they aren't likely to succeed if their product doesn't appeal to every customer. In reality, it's enough to appeal to a customer segment. It's important to identify the niche that your product will appeal to, and then find out what the ideal customer in that niche looks like. Once you identify the target customer, you'll know how to tweak products to their needs, and design advertising that appeals to them.
3. What kind of team will you have?
Individual entrepreneurs may start businesses; they aren't the only ones who run them, however. Teams of talented people manage successful companies. Knowing how to pick a capable team is as important as knowing how to develop a quality product.
Even if you don't plan to hire employees, getting a business off the ground can require professionals such as accountants, lawyers, marketing professionals, and others. Not only is it essential to bring these professionals on board for their skills, but it's also important to bring them in for the opinions that they can offer on the direction of your business. These opinions can be vital to the success of your entrepreneurial dream. It's crucial, then, to thoroughly research the best possible team.
4. How much funding do you need?
Bootstrapping businesses don't need a great deal of funding to get off the ground. Nevertheless, a certain amount of funding certainly is necessary to get a company started. It's essential to create a thorough list, for both the initial tasks and for ongoing activities, to carry the business through until it becomes profitable.
Once it becomes clear how much funding is needed, you will need to research different sources of credit. From lines of credit to vendor credit, and from business credit cards to business loans, there are several various alternatives to consider. A mix of different sources of funding may work.
5. Which business structure is best?
When you choose the type of entity your business will be, you decide other characteristics, as well. You determine the kind of liability your company has, how you will file taxes, and so on. Once you make a selection, you also get a tax identification number, and you can register for the necessary licenses and permits.
Starting a business can be a complicated process. It requires that you mentally prepare yourself for every step that you take along the way. Once you make sure that you are mentally prepared, and you have the basic questions answered, you should be ready to take the plunge.
About Gary Brewster:
Gary Brewster of Oneida is a seasoned business owner, gaining unparalleled experience in the commercial roofing space, while also establishing himself as a respected part of the Tennessee community. Gary is widely known for his outstanding customer service and roofing expertise. Outside of the office, Gary enjoys spending time on his family farm with his wife, children, and grandchildren.