5 Things To Consider When Starting A Business

So, you’ve decided to start a business? Here are 5 things to consider…


Study the market or industry you are attempting to venture into. Are you bringing something new to the industry? Are you improving something that already exists? Are you providing a service or product that people may not even know they need yet? These are just some of the important questions you should ask yourself before you start a business. Answering these questions will also give you a head start on creating your business plan. Research your industry, look at your competition, and figure out where and how your business will fit in.


Starting a company isn’t cheap. Investments in the form of finances, time, emotions and energy, will have to be made. A large portion of your day and life will have to be dedicated to this business. Are you mentally prepared for that?

Marketing and Branding.

How will you stand out in your industry? Marketing and branding are essential when it comes to running a business. People need to know about your business (marketing), and people need to connect with it (branding).

The way you market and brand yourself is extremely important.

Picking a Team.

Are you going to have a team? Figuring out who to start a business with is just as important as figuring out who you are going to marry. Your team can make or break you. Even if you are starting out as a solo entrepreneur, the more your business grows, the more the workload will increase. Eventually, a team will need to happen, just make sure you are picking people who will add value to your business.

The Process.

The process of starting a business can be very long and very tedious. Owning a business sounds cool in theory, but have you really thought about everything you will have to sacrifice? You may sleep a little less, you may have to decline a few invites, and it could even affect your love life. It takes a special kind of person to understand what it takes to run a business. Also, failure is a large part of the process. You will fail. You will fail again. You will fail some more. Failure is inevitable. It’s a part of the path to success. If you don’t have thick skin now, running a business will either toughen your skin, or break it. The process can be brutal. Mentally preparing yourself for the challenge is vital.

Being an entrepreneur is cool. Being your own boss is amazing. However, being successful at it takes work. So, take your time. There’s a quote that says, “It’s takes 10 years to become an overnight success”. If you are planning to be in it for the long haul, then proceed. If you aren’t, you may want to reconsider.