From the legal obligations to simply thinking of an appropriate business name, starting your own business is no easy task. Imagine being able to test the waters to see how your business idea would sail before even investing your savings and time into it. It seems like a wise move, right? Before taking off with your idea, it’s also smart to take a few moments to ask yourself these four important questions, revealed by Michael Eisenga – successful entrepreneur, investor, and former mayor of Columbus.
#1. Do you have a burning desire to be a business owner?
Entrepreneurs often spend 60+ hours a week working on their own business, compared to those working under someone else at the average 40 hours a week. It will undoubtedly take a large amount of time initially, with the responsibility of building your business and doing the necessary things that no one else wants to do. On that same note, are you easily discouraged? Many companies fail at first due to insufficient research, low funds, or just the lack of a concrete business plan. It is essential to understand that to reach success; it is common for many temporary defeats to occur along the way. If you have perseverance and are able to take a failure and turn it into a success, starting up a business could be a great option for you.
#2. What do you want to get out of starting a business?
Have you always dreamed of being your own boss, or have you always wanted to create something for which you would be proud to be remembered? Or maybe what you find appealing is the status and potential income you could use in order to take more vacations and increase your standard of living. In any case, it’s a good idea to get a feel for why you want your own business and understand your motives, so you won’t lose your focus when rough times come along.
#3. Have you completed research to verify what would differentiate your business from your competition?
This step can become time-consuming and possibly even discouraging, especially if someone else has already put your business idea into practice. However, by doing this research, you can look through your competitor’s website and see things you would want to do differently or find things that could be improved. After all, if the competitor’s website design or content is lacking, your business idea may still be well worth investing in, as you know that you can raise the bar.
#4. Do you know what types of clients you want to attract?
It is crucial to have a good grasp of who your target market is. Not understanding your clients’ needs and desires could leave your business at a big disadvantage. You must classify your target market early on. Are your customers female or male? Do they have extra money to spend, or are they on a tight budget? Essentially, you are making judgments about the type of person you hope to serve with your business. By having a clear picture of who your target market is, you can focus your business around them and ultimately attract the exact customers you want.
A lot of responsibilities come with starting your own business. Before you begin, make sure you take some time to understand why you’d like to start your own business and what you can do to make it a more successful venture before you even start. Ask yourself these questions, offered by Michael Eisenga. For more information, visit https://www.michaeleisenga.com/.
About Michael Eisenga
Michael Eisenga is a successful commercial real estate investor with a banking and finance background and is the former mayor of the City of Columbus. As a President of both American Lending Solutions, a mortgage lending company (he founded and operated from 2000 to 2018), and First American Properties, he has a track record of creating and operating successful businesses. Mr. Eisenga is also devoted to property development and construction, primarily serving smaller local communities. Especially in the senior housing sector.