There are many situations where someone is made to venture into his own business or self employment. The reason may be as simple as passion to do something on his or her own, or it may be due to reasons like not finding a suitable job after a pinkslip. It is a well known fact that people who pickup self employment option out of interest do better than who opt it out of compulsion. Success does not happen by chance. Anyone, who has his proper business plan on the table and strict adherence to action plan is bound to be a winner in his professional life.
Even a marathon race starts with single step forward. The action plan must be made by breaking the overall business objectives into a smaller measurable tasks which should be completed within a particular time frame. There should be a continuous monitoring and review at specific intervals to find out the progress. Initially, a target or goal can be set at an easy level and slowly it can be increased over a period of time. Innovative ways must be found in order to keep the business running.
Before even jumping into self-employment, there are some basic questions that need to be answered on a self evaluation basis to arrive at a conclusion on whether the business venture can be sustained or not. In any case, whether on the right track or not, a new start-up company takes its own time to show the required results. One should not have a wrong assumption on success, just because of his friend's or neighbor's success in the similar business.
Following are the some basic questions for self introspection,
* Whether the business plan is suitable for the individual - prior experience in the business with other family members
* Market research on demand for the service or the product
* How long the family can sustain with existing resources
* Whether back-up plan is in place to face contingencies
* How quickly the business is expected to break-even and start giving profits
* Market competition
* Own strengths
* External assistance
* Legal requirements
* Man power requirements for marketing and support