Things to Consider Before Starting a Business
If you want to start your own business, you can be sure that you have made the right decision. In today’s society, what we call the middle class or the rich class is represented entirely by people who are engaged in trades and trade. Not to mention the difficulties of making a living on salary conditions. Yes, you made the right decision by wanting to start your own business. However, there are a number of requirements that you should pay attention to before starting your own business. We will share them with you in articles. Our article titled “Things to consider before starting a business” is with you:
1. The Choice You Make Will Change Your Life
This does not only apply to opening a shop. It also applies when you start a new job in terms of different environment and culture. However, the situation will be a little different when you open a shop. While you can easily leave your workplace, it will not be possible to do so when you open a shop.
So whatever shop you open, this choice will affect your destiny. If you are in business, you will most likely be working in that shop for at least 5 years. A different job, a different mindset and a different environment await you. Nothing will be the same for you as it was when you were working for a salary.
Note: You can get different ideas by reading our article titled 94+ Shop Opening Ideas that we have prepared for those who want to start a business.
2. Think about the Future and Decide So
Think about the future in every decision you make, not just when starting a business, but in every aspect of your life. The decision you make now in starting a business will determine where you will be in the future. You should think about the possible situations you will be in the future and question whether you will be satisfied or not. For example; when you open a grocery store, after 5 years you may be the owner of a grocery store with the most wholesalers or branches. Or when you open a burger shop, after 5 years you can give a franchise or open a bigger restaurant. Therefore, the decisions you make now will affect your future. Before making a decision, you should think about where this business will take you in the future.
3.High Working Hours Await You
In 90% of the ideas in the shop opening ideas article we have written, you will need to work more than at least 12 hours a day. Unless you employ staff. Even if you employ staff, your mind will stay in your business. This is the most common complaint of those who do their own business. Not having time for social hobbies and community activities due to work life. So what can you do in this situation?
First of all, accept that you will work more than you would in a salaried job. There is only one situation where you will not get bored because of working hard. That is to do what you love. When making a choice about opening a business, ask yourself if it is the job you love. If you enjoy what you do, even if you work 16 hours, you will not get bored for sure.
4. Be Ready for Negative Scenarios
When we dream of starting a business, the brain automatically thinks that everything will be perfect. Our mind always avoids negative thoughts. This reflects negatively on us. Yes, in theory everything is perfect. But things are a little different in practice. Time is moving forward more and more and we don’t know what we are going to face. When you start a business, it is possible to face many negativities. For this reason, you should anticipate these negativities and take the necessary measures before starting a business. The biggest problems are usually due to lack of capital.
Read here: If You Do Not Have Enough Capital, Be Sure to Read This Article
5. Do a Job You Absolutely Love
When you don’t have money, it doesn’t matter whether you like a job or not. You think that when you will earn money, everything will be good and you will love the job more. But this is not the case. When you exceed the financial conditions, you start to think about your own personal comfort zone. This is where whether or not you are doing what you love comes into play. If you’re not doing what you love, you’re going to take a step back every day. You will have no reason to get up early and all the negative thoughts will surround you.
6. You must have enough capital
We mention this rule in every business idea. The amount of capital you allocate will also affect how you will do business. In other words, the size of the business, its design, the neighborhood where it will be located, etc. are all related to the capital you will allocate. If you do not have enough capital, everything will not be as bright as you think.
First of all, the capital required to start a business is not the same as the capital required to continue it. It takes at least 6 months for a business to sit and do business. In this first 6 months, the shop may not make a profit. In this case, you will have to eat out of pocket, that is, from ready capital. If you do not have a ready capital to keep you afloat, all your efforts will go to waste.
7. Conduct Research on Tax and Finance
Unfortunately, 90% of artisans complain about taxes. They say that the tax burden is heavy and that there are significant disadvantages in making a profit. However, it is difficult to hear this from a rich businessman. Because tradesmen who do not know the tax laws open a sole proprietorship and fulfill the conditions offered to them. The wealthy businessman, on the other hand, opens a limited or joint stock company and charges even the expenses of his house to the company. He knows how to pay less tax and what kind of incentives he can benefit from. For this reason, you should do research on tax issues and investigate how you can gain advantages.
8. Be Careful About Location Selection
One of the most important stages of starting a business is the choice of business location. Many people want to start a business especially in a place close to their home. However, proximity to home is not the first condition you should look for when starting a business. The product you sell, the competition situation in the neighborhood, shop rent, etc. should be the main situations you should question.
9. You Absolutely Need to Make a Business Plan
According to research, many successful startups devote a significant part of their workload to creating a business plan. When you start a business, you need to make a business plan such as what needs to be done before starting a business, what needs to be done after 1 month, after 6 months and after 5 years, and what needs to be done. When you make a plan at the beginning, you make more logical decisions than during the business. The business plan will also guide you when you face a negative situation.
Read more New Business Ideas
10. Forecast All Revenue and Costs
When you do a business, the 2 factors that determine your destiny are revenue and cost. We can say Income – Cost = your destiny. For this reason, prepare possible expense and worst-case income scenarios before starting the business. In particular, you should examine what are the most important expenses on a cost basis. Business rent, tax, withholding tax, personnel payments, raw materials and intermediate goods will be your biggest expense item. You should definitely calculate your monthly foreseeable costs before starting a business.
We have come to the end of our article titled “Things to consider before starting a business“.