Fail is scary, imagine putting time, efforts and money in a business and overnight you realize its all drained. One of the biggest reasons of a failed business is lack of knowledge. Many people start something because someone doing same and earning good money. When you do a business based on words and mouth, based on noises you are bound to fail, that will happen sooner or later. So before you start, give ample time to decide where you will put your money. Here are few things to consider before you take the first step
Ask yourself following questions:
- Do I have knowledge in the said area of business?
- Do I have many connections in this area of business?
- Do I have accessibility to resources?
- Do I have enough knowledge of sales funnel?
- Do I have enough funds to begin?
- Shall I be able to invest enough time for the work?
- Shall I be able to keep enough patience?
- Do I have reasonable backup plan in place?
Answer all those questions as Poor Average and Good. If you have at least 4 or 5 good and 2 or 3 average then you can go for this. However, before you begin improve in the weaker areas. Tall building cannot be built over muddy grounds.