There are lots of reasons why you would wish to or have your business and these typically could be because you want to be your own boss, make more, wish to earn money from a great idea, concept or a product, you may have identified a gap in the market or simply that you take pleasure in the adventure of having your own venture.
This tool will assist you appreciate and get clarity about your decision for doing business. It will also help you understand and address exactly what is essential to you in running your venture. If spending time with your friends and family is important to you and then you discover that you do not get to do that due to the fact that you have actually ended up being extremely busy in your enterprise then the experience of having your own business will not be a great one. In this priority and exercises you will be able to recognize your values and therefore appreciate exactly what it is that is important to you in running your own business.
Numerous entrepreneurs have a fantastic concept and vision for their company; however it always remains in their head. Once have actually begun to work in their business, often they do not get to fulfil their vision since they are too involved working in their enterprise and have no time to do this, with time they may have forgotten their vision that they started out with and now it is merely just about keeping the business running or regrettably some business owners will have either sold up or shut down. This tool will help you develop your business vision from your reasons for entering into business and your values which will provide you greater clarity about where your company is heading.
When you have gained clarity about your business and understand your motivations and passion for it and created your business vision then have to address whether it will make you any money or not. Whether you wish to become a millionaire or simply want to make some sort of living out of it, you still need to know how enterprise is going to generate its income.
This tool will help you identify your income streams. Many entrepreneurs can see the money but fail to deal with the expenditures in the business and they frequently under estimate the cost of running one which can then cause issue sand challenges in the endeavour. This priority will help you realize the cost of establishing and running your business.
The most crucial aspect of any business is the cash flow. If your business runs out of cash in then effectively the business is over. This priority will assist you to comprehend and work out the set up cost of your business, the running cost of your business per month, lifespan of your business if you made no sales, just how much you may need to invest to make your business viable. In essence it will aid you to recognize whether your business, as you see it at the moment will make you any money or not.
Going through this priority will certainly answer two crucial questions for you.
- Do I love and have passion for my business?
- Will it make me any money?
If the responses to the above questions are “YES” then you know that you have an extremely realistic and a fantastic opportunity of having a successful and an excellent business.
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