Thinking About Starting a Business? Assess Your Opportunities
by Kelly Lorenzen, CEO of KLM Consulting
You might be wondering if 2021 is the right time to start a new business. The idea of the “new normal” should not stand in your way. Think about the current climate. There are many more opportunities online for you to find your niche. Also, with the pandemic, many good, talented people are looking for work. With the forced downtime we all found ourselves in, it gave us time to work on our own talents. Did you find new gifts that you did not know you were good at or passionate about? If so, then It is time to act; why wait?
If you are not sure where to start, here are a few things to help you get started.
First, determine why you want to start a business and what is behind that first initiative, passion, and motivation. Dig deep and set this aside to remember throughout the journey you are about to begin. It will help you stay motivated through some of the harder parts of starting a business.
Next, conduct a SWOT analysis to determine the strengths, weaknesses, opportunities, and possible threats to your business idea. This will evaluate the internal factors, things about the company that you can adjust and control, and the external factors, things that are outside of your control.
You will need to determine a specific amount of capital that you are willing to risk. This will allow you to have a set affordable loss and estimate of assets. Then, you need to decide if your business will be part-time or a full-time gig and if you want to stay online or save for a brick and mortar. Deciding this at the beginning does not mean that it cannot change later, but it is essential to consider as many factors as you can when making this decision.
Lastly, one of the most important parts of being a good business owner is to have a support system. Consider discussing your plans with family, friends, and immediate individuals that can be trusted. They can be a voice of encouragement, reason, or just there to listen when times might be hard, challenging, or when your business is seeing success.
If you are considering starting a business, KLM consulting can help.
Author Bio
Kelly Lorenzen, CEO of KLM Consulting, Marketing and Management is an award-winning entrepreneur with over 18 years of business ownership experience. As a business development specialist, Kelly and her team help busy entrepreneurs & small business owners get time back and reduce overwhelm through consulting, marketing, & project management. Along with being a CEO and award-winning entrepreneur, Kelly is also a mentor, mother, and philanthropist.