Whether you are looking for an income in this difficult economic environment, or you are ready to move on to bigger and better things, or even if you are just waiting to find a good enough reason to leave your current job, the decision to actually leave, and to take that next step of starting your own business, is really quite difficult.
You must ask yourself some questions before you really do finally decide to make the change from a business worker to a business person.
Q#1-The biggest obstacles new companies must overcome are finances, product, and price. How will you overcome them?
Make sure you have enough money to see you through your first year. Either through your own personal money, business and personal loans from banks and other such lending institutions, and personal loans from friends and family are surely the most commons ways to get money. Of course, you can always play the more desperate route, that of selling things that you own.
Find out through research, marketing, and networking what people want and need. What they are willing to spend money for.
Some suggest to price your item well below the average, some right in the middle of the average price, and some even suggest that you price it above average. All three methods have worked for all sorts of different products and services. People are willing to pay slightly higher prices for better quality, so don't be afraid to increase prices as needed, or to start with a higher price tag to reflect the higher quality level.
Q#2-How dedicated are you to the success of your new business venture?
Some people claim to have stopped at nothing to get their business off the ground. However, that is rather unlikely if you stop to think about it. Everyone draws a line somewhere, and that line is often touted when you are trying to make a few extra dollars for yourself. Dedication is great. It is the heart of your commitment level. Self-discipline and due diligence also play pivotal roles. Evaluate where you stand before you take the first step.
Q#3-Do you have the right qualifications, and can you acquire those you don't have?
Customer service, cold- and warm-calling, leadership experience. They're all vitally important to struggling new businesses. Yet, they are also very possible to learn. It helps having experience in these fields, but it also helps to be trained to further enhance your personal capabilities.
Q#4-Look to the future. At what point in the future would you start receiving a steady stream of income?
Most businesses, no matter how successful, take a while to reach that success plateau. A minimum of nine months, up to a year or more, is quite normal for any new business just to break even. Can you afford to not have very much income right up front? How long would you have to wait until you don't have to worry about your finances any more?
Q#5-How will you market yourself and your new business?
Not only will you have to market your company's product or service, but your network marketing business will force you to market also the business itself. Especially if you want to make consistent, and often increasing, residual income. Websites, internet presences via social networking sites, and advertisements in the local newspapers are just not enough. To really and truly succeed, you must be able to market yourself, your product or service, and your business opportunity!
Q#6-Why do you want to do it in the first place?
Waiting for the best possible moment or opportunity, or trying to get closer to your children are not the best reasons, nor are they the most motivating ones. (Sure, spending time with your kids is important, but in business, it's not about the children.) However, if you have the appropriate motivation, you certainly have strong enough motivation to get you through your business beginnings., and the highs and lows of it.
Q#7-How will you find and create prospects?
For network marketing businesses to do well, they are required to have numerous leads and prospects at all times. And, this is even more important when your business is brand new! There are so many options available to find and acquire these prospects. Use whichever is most favourable for your product or service.
Both you and your family and friends must know, and understand, that your business must be taken seriously, especially at the beginning, for it to really blossom to its fullest capacity. Everyone must be willing to give you the time that you need to get your business into a profit-generating mode.