Starting your own business may be your lifelong dream. Big believers in their product or service want to form their own name in the corporate world without being held back by big business or working for someone else.
While faith in one's self and a go-getter attitude is a positive start, there's much more that goes into launching a start-up or small business. A great portion of this comes down to personality type and what you've got to offer. Even the best ideas can fall flat without the perseverance and attitude that gets you past the finish line.
How can you be sure you're cut out for this venture and ready to roll? Ask yourself these "5 Ms" for a better idea if your goals are actionable, attainable, and as amazing as you think they are.
Motivation - Are You Passionate and Determined?
A drive to succeed is more important than you may think. Belief in yourself, your company, and your success is the first building block to your future castle. A positive attitude, strength of character, and a true love for what you plan to embark upon will give you the steam to push through every obstacle you'll no doubt encounter on your journey. Entrepreneur notes, while passion alone won't seal the deal, it's essential to be truly excited about starting. You'll need to be your own cheerleader before anyone else joins in. In this case, there is an "I" in "team."
Marketability - Is Your Business Idea New or Better than What's Out There?
A novel idea or a newer or better approach to an existing concept or business is part of what will make your potential start-up stand out from the pack. Do your homework and find out if you've got something the market is lacking. See if there are existing patents for a product or prototype, and search diligently online to the point of exhaustion. There's no reason to leap into something you won't be able to bring to fruition. If you think your idea is gold, then paired with your passion, bring it to life. People don't realize what they want or need until it's presented to them. We all got along just fine before cell phones, right?
Must-Have - Do Friends and Family (even strangers) Like the Concept?
While you may think you've got the brains and business sense to make your start-up soar, a little (or a lot) of validation is imperative. You're going to need clients, customers, and consumers, so get yourself a range of potential users or buyers to confirm that your concept is on point. Ask friends, neighbors, and even people on the street what they think of your idea. Would they buy it or utilize the service? What would they do differently or expand upon? A pre-launch, self-administered market research project will let you know if your idea is interesting to more folks than just yourself. As posted on Entrepreneur, sometimes the vision doesn't align with what customers want, so make sure there's a market.
Money - What's Your Budget Like?
You're likely going to blow through money like it's water while launching your start-up, and there's no guarantee you'll make it back (plus more) quickly. Talk to a financial advisor to plan intelligently and accordingly, and be realistic. It's important to do your research as to how much everything from parts, to space, to salaries, to advertising will really cost you. Plus, you'll need to be sure you've protected yourself from dipping into your retirement or other savings so you don't bleed yourself dry. As Money puts it, a good rule to follow if to limit your investment in a start-up to no more than 30% of your savings. Insurance is smart as well, and Money recommends a general liability policy for your business to protect yourself. With this in mind, make an appointment with your banker and work out a doable plan that will help you launch with enough gas to push through the start-up phase.
Management - How Are Your Time Execution Skills?
Before you're able to hire a part- or full-time staff, you're going to have to wear a lot of hats and juggle more balls than a circus clown. Are you the type of person who can multi-task, yet still get things completed? Are you versatile and knowledgeable about many, if not all facets of your business? Wall Street Journal warns that if you're not the type of person who can manage numerous roles, entrepreneurship may not be what you're cut out for. Self-discipline and strong decision-making skills are key as well. You're the boss now so the motivation comes from within. Entrepreneur suggests looking inside yourself and be honest if you've got the skills to do it all (at least at the get-go).