Starting a business is not a small decision. Entrepreneurship can be tough and involves making sacrifices and facing challenges. No wonder many businesses fail in the first few years. If you’re about to start a business of your own or you’ve just started, then there are a few things you need to stop and consider.
Here are five questions you need to ask in order to make the most of your business:
- What need does your business meet?: There is no business unless your product/service addresses a need. If your business does not offer any value to anybody, then you will not be able to keep the lights on. Be sure that there is a need for your product/service before you go ahead and invest in it.
- Who are your audience?: Your product or service will probably not serve everybody across every location, all ages, all locations, all socio-economic classes. You need to know who your business serves, so that you can develop a strategy around the needs of your audience, thereby minimizing waste or resources and maximizing resources
- What is the plan?: ‘He who fails to plan, plans to fail’ right? That’s why you need a plan. Having a well laid out plan helps you to project results, set your goals, monitor results and stay on track.
- Where is the money?: Funding is such an important part of starting a business. There are various ways to raise funds to start/expand a business and you need to determine which one is best for you by considering how expensive they are, if you are open to having partners in your business among other factors.
- What kind of risks does this business come with?: Every business comes with its own risk and business owners need to not only identify these risks but also have a mitigation plan in place. One of the most effective risk mitigation methods that businesses can use is insurance. AXA Mansard’s Business Insurance Plan offers protection to Small and Medium Enterprises against business risks. It is a single and all-encompassing and affordable insurance solution that provides covers for your business content and stock, life, health cover and group personal accident cover for employees of your organization, public liability, professional indemnity, covers for your organization’s vehicles and other covers.