5 Questions to Ask Yourself When You're Thinking of Starting a Business

Question 1: How can I bring value to the marketplace?

When do I know if it is the right time to have my own business? originally appeared on Quora, the place to gain and share knowledge, empowering people to learn from others and better understand the world.

As we see more and more upheaval in the traditional workplace, entrepreneurship has become an attractive option for those who want greater control over their schedules, earnings and career paths. There are so many positives associated with owning your own business, but before embarking on that entrepreneurial journey, you should ask yourself the following questions:

How can I bring value to the marketplace? Can I fill a hole or unmet need in the market? What can I do better/differently than existing businesses/products that are already out there? Is there an actual want or need for my product? Have I thoroughly tested my concept and measured anticipated demand?

How well do I understand my target audience? Have I properly identified a customer segment that is willing to purchase my product or service? Who are they? What are they interested in? Where will I find them and what messaging will appeal to them?

What are my plans for generating revenue? Don’t be blinded by the sexier aspects of entrepreneurship. Your initial focus should be almost entirely on generating sales. Create a specific, realistic, quantifiable and time-based plan to hit your revenue targets.

How long will it take for me to become profitable? There’s no such thing as an overnight success. Make a financial plan for how you will stay afloat until you reach the point of profitability. It will likely take longer than you initially anticipate so be conservative here.

What resources do I have already and which must I acquire? Think about both physical and labor resources here. Who can help you? Who might you need to hire and for what tasks? What will you need in terms of supplies and space? Brainstorm, plan, and do your homework to have what you need in order to be successful.

Can I start as a side hustle first while I gain traction? It’s always best to launch your company as a side hustle until you validate your business concept and gain traction. That way, you are protected and still have a steady paycheck coming in while you are trying to figure it all out. Good luck and remember that nothing worth doing will happen overnight. Stick with it.

This question originally appeared on Quora.

Photo Credit: GaudiLab/Getty Images