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When you speak of starting your own business, most people think it's a wonderful idea and are absolutely encouraging of your business endeavors. In fact, most would call it "living the dream!" For the most part, starting a business is indeed a very brave business move, and if executed correctly, can prove to be a very rewarding and profitable move as well.

The only scary part about starting your own business is the fact that there are a number of unknowns.  Yes, there are tons of resources that tell you "If you do this, your business will be successful." Those articles are helpful in some ways, but everyone's entrepreneurial journey is different. Who's to say that if you followed this person's advice that it won't blow up in your face?

There's no real guarantee of success but there are some things that can set you up for success in certain areas for sure! The true measure of your success will be the way you handle your failures (because you will encounter them along your journey) and your overall approach to your journey.

So, before you jump head-first in the entrepreneurial pool, make sure it's something you actually want to do. Take a look at these major considerations first before starting your business.

Considerations to Think About Before Starting Your Business

The Demand For Your Type of Business

When starting your own business, you can't just start one because you think it's a good idea, there has to actually be a demand for it. If you're thinking of selling a product but no one wants to buy it, your business wouldn't survive past its first year.

Conduct market research and see how well the competitors in your industry are doing. If they're not doing well, there's a likely chance that you won't either, causing you to rethink your business idea.

Will You Be Disciplined Enough to Run Your Business? 

They say that passion is what fuels the entrepreneurial spirit but passion alone won't drive sales... discipline will though.

Running your own business means you're operating on your own time. This can be a "blessing and a curse" for some. When you have the freedom to work on your own time, some business owners will get too comfortable with that freedom and not make any profits from their business.

The best thing you can do is run your business like other major corporations. Create business hours for yourself. Prioritize your tasks and give yourself working hours as well as scheduled breaks. 

You have to understand that you will only get out of your business what you put into it, and if you don't put much effort into it, that's the kind of results you'll get from it.

Can You Afford a Business?

As you know, it takes money to make money, and if you don't have the money, you can't start a business... and that's just the money needed to start your business. That's not including the costs of maintaining a business.

To start and maintain a business, you're going to have to consider the costs associated with whether you're starting a brick-and-mortar business or an online business; You have to think about business insurance options; And from a legal standpoint, you have to think of the legal fees associated with necessary licenses and permits needed for your business to be fully operational.

Fortunately, there are funding options available to you, but as a word of caution, you're more likely to get approved by small banks than big banks. According to the Small Business Administration, small banks approved 48.7% of small businesses in comparison to the 23% of small businesses approved by big banks. When considering funding, just be sure to keep your options open.

Streamlining Options

As technology advances, so do businesses, and it's technology that allows businesses to function as seamlessly as they do. Everything from artificial intelligence to ERP (Enterprise Resource Planning) applications, there are so many tech trends that businesses are adopting in 2020 that makes running a business a piece of cake!

Well, running a business may not be as easy as a piece of cake but it certainly has made certain processes much easier. 

There are software programs that automate all your information so that everything is clear for all departments. Chatbots are improving business customer service... There are lots of options out there to streamline your business, you just have to do your research to see which one is a better fit for the type of business you have.

The key takeaway with streamlining your business is to work smarter, not necessarily harder, so really take the time out to see how much work will be needed to start your business and if it will actually be worth investing your time, money, and energy in.