When you operate a business you can duplicate yourself by hiring employees and salespeople to increase sales; you can also duplicate your customers and find more just like them to purchase your services. Before getting started with your service business you need to look at two issues regarding financial compatibility – these are income and investment monies.
At first when you decide what kind of service to sell you need to consider exactly how much money you would like to earn and how money you need to earn.
Here’s how to find a good match between you and your service business:
- You need to be well-suited to operating the business as well as being matched to the services you are considering providing – in other words you and your business need to be a good match.
- It is imperative to have the financial resources to start or buy the business; there needs to be enough money to pay for all the day-to-day operating costs until your start-up business breaks even.
- If these do not match up it might be a good idea to search for alternatives.
- Does your business have the kind of potential to generate the income you require to pay for all your personal expenses and does it also have the potential to generate the income you would like to earn; this is important because if you cannot pay all your own bills, you will soon find yourself in hot water and if, over time, you cannot earn the income you want to earn you will soon lose the enthusiasm you started out with which is always a recipe for failure and disaster.
- You need to be in good health for any start-up operation as it takes a lot of energy to get something of this nature off the ground. If you are not in a good space physically you don’t want to end up hiring expensive staff to do your job for you.
- Do you have the right smarts for this type of service or business? Remember that skills and expertise that can be used right away is important and could make a huge difference to your bottom line.
- If you need licenses and certificates – a good example is a restaurant and a liquor license, you need to explore what you need to obtain these and what the upfront expenses to attain these would cost. Time is money – remember if this is going to mean losing money due to time restraints, you need to find ways and means to overcome these hurdles.
- Will you love operating your business? If you won’t love this with all your heart, then this one’s not for you.
Rising to new heights and challenges takes guts and enthusiasm – and if you are not passionate about your start-up business, then you will soon fail. It takes a lot of hard work and a huge dose of enthusiasm to make a start-up succeed. Do you think you have what it takes?