4 Questions You Must Ask Yourself Before You Start a Business (Plus a Bonus). (Video 11)

Hey everyone, my name is Megan and this is The Bootstrap Boutique, where I document my journey to creating an online business.

Today I want to talk about four questions that you should ask yourself if you are thinking about starting a business.

So, in previous videos I have talked about my little moleskin notebook that I always have with me and I use it to write down thoughts and ideas that I have throughout the day just so I can get it down somewhere and then keep going about my day and being kind of a productive person as far as my day job goes.

So I was reading online a couple of days ago a website that had these questions on it, so I did not come up with these. I should attribute them to someone, but I did not write down what website I was reading, or maybe it was a book? I should be thanking someone for those questions but I don’t know who that someone is, and I, I really feel bad about that but I’m still going to put it out there because I’m sure they would want their ideas shared.

So, four questions that you should ask yourself if you’re thinking about starting a side job.

Question one is “What do you know?”

So, if you’ve ever done any writing and you say “oh I don’t know what to write about!” people always tell you that you should write what you know. And starting a business around something that you know could be a great idea for you.

Question two is “What don’t you know?”

So, is there something that you need to discover a solution for that you didn’t even know was out there, thinking just kind of outside of the box about business solutions, that could lead to a great opportunity for you.

Question three, “Where are you willing to put in the work?”

I about a year and a half ago I guess, had great aspirations of doing ballet as my primary form of exercise. Well, I signed up for adult ballet class that met at nine o’clock at night and I was about six months pregnant at the time and you know it just turns out that I’m actually not willing to go to adult ballet class at nine o’clock at night. So, I really wanted to do it but I was not willing to put in the work so as you can guess, I’m no more flexible now than I was back then.

Question four, “What do you expect?”

Do you expect to start a business and make a million dollars in your first year? That is really going to determine what kind of business it is that you can start. You’re probably not cutting grass. You’re probably doing something with a much higher value add than that. Do you expect to work four hours a week on the side or do you expect to work one hundred hours a week like its a start up? That again is really going to effect the type of business that you start.

So there’s four questions that you should think about if you really want to start a business. And I hope that’s helpful for you.

I actually have a bonus question that is, “Are you ready for it?”

What if you are more successful than you ever dreamed? What if you’re not successful
at all? Are you prepared for both of those outcomes? Because, they could both happen.

They could happen where you’re not successful at all and then you tweak something a little bit and all of a sudden you’re more successful than you ever dreamed.

There is such a thing in small business as being too successful to start where you can’t keep it up, and then you turn into being not successful at all. So its absolutely not one or the other its a continuum, or somewhere around it.

But I’ll tell you this. If you think you want to start a small business, do it. Because it will be so rewarding to know that the success you have no matter if its a little bit or a lot, is all because of something you did on your own. It is such a cool feeling. So get out there and start something now if you think you want to. You don’t have to do it forever, just get out there and try it. It’s so much fun guys.

Leave me a comment, tell me the answers to those questions if you remember,
them. Hopefully you wrote them down too. And you know always, or as always I should say, feel free to like this video, share it with your friends. I’d love to have you as a subscriber and come back and join me every week as we chat about business stuff like this. Always, you can email me at thebootstrapboutique@gmail.com.

Thanks guys!

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