4 Questions to Ask Before Starting a Business Venture (2021 Covid Edition)
As promised, the Brunch & Goals team have put together 4 questions that we think you need to ask yourself before starting on a new business idea - written especially with the current COVID-19 unpredictable circumstances in mind to help you make your next move.
These questions are to act as a guideline for the sort of things you should be thinking about and the answers you should have clarity around before jumping into the deep end with your business idea.
We have also included sub questions within these questions to help you further think about each idea so you can start your journey, knowing that you have fully equipped yourself for as many eventualities as they could be.
1. What is my primary aim for pursuing this business venture?
Am I truly passionate about this venture?
What is the reason for my passion?
What problem will my business solve (for me and for those who partake in the business)?
2. What is the minimum amount of capital required to get this off the ground?
Ask: how much cash will I have to risk?
Is this venture something worth seeking sponsors for or worth getting a credit card for?
3. What does the market look like?
Who else is doing this? Simply google key words to see who else is out there doing what you’re doing.
What are you projecting for your business success in the next 6 months, 1 year, 5 years... ?
4. What resources do you currently have to get started?
Look at the things you currently have access to and how you plan to utilize it
Following on from there, what resources will you need to look for in order for your business to be successful?
With great opportunity in the booming online markets, starting a business in 2021 with a plan in place should reduce the effects of the risks because you'll be confident in the product and/or service you're bringing to the audience.
We wish you the very best and really hope that these questions can be your guiding light and clarity in starting a business venture.