Five Questions To Ask Yourself Before Starting Your Own Business


Are you the proud owner of a business concept? Struggling to take your idea, and make it a reality? Signature Works offer flexible office space in Liverpool and can help you answer those tough questions to start you off on the right foot.

If you are considering what life would be like as a self-employed business owner, then you’re not alone. We have seen an increase in the number of businesses over recent years, with over 2.2 million more businesses emerging in 2018 than 2000. But what does it take to become part of the 80% of businesses that make it past their first year?

There are a number of questions you need to ask yourself before starting your own business. Here are five things to consider:

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1. Where is your motivation coming from?

This may seem like an obvious question, but it should be the first and most important one you ask yourself. Are you just looking to make money? Do you want to be like your entrepreneurial friend? Do you feel pressured to fit in with the current trend? If you answered yes to any of the above, you’re in the wrong place.

At Signature Works, we have seen first-hand the diversity of businesses out there. None of which would still be around today if it weren’t for their genuine passion for what they do. Ask yourself, will you still be motivated by the same thing in 6- or 12-months’ time? If the answer is no – then it won’t work as a business long-term.

Figure out why you want to be self-employed, and more importantly why this particular industry. Answering those fundamental questions will help you get on the right track for success.

2. What problem are you solving?

So, you’ve got your business idea and you’re excited, great! But do you know who will benefit from it? Whether it’s a service or product you are offering, it can be easy to become consumed by your own enthusiasm.

Sadly, without an end goal in mind, your business will soon begin to struggle.

Ask yourself, who are your target audience, and what are their most common reoccurring problems? Is what you’re offering going to solve that problem? Will they be willing to pay for it? Wherever your passions lie, ensuring that you keep your target audience at the forefront of it all will help you to get noticed for the right reasons.

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3. Who is your competition?

One of the most effective ways of doing market research is to check out your competition. What services do they offer? What is their company ethos? And most importantly; what are their customers saying about them?

With access to business reviews from past and present customers, you can see what your competitors are doing right, and what they’re doing wrong. This insight not only gives you a feel for the market, but also indicates what you should be aiming for – to improve your business and stand out against your competition.

4. What is your USP?

Every successful business has its own unique selling proposition (USP), but what’s yours? A business USP is a marketing concept that has been around for decades and gives you the opportunity to show customers what you’re really about.

Knowing what makes you stand out will help customers differentiate you from a competitor and can help draw interest.

So, ask yourself, do you stand out and why. If not, then what can you do to make yourself unique? Whether it is the way you produce your products or the way you run your business, the ability to offer the customer that something extra will make you memorable.

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5. What do you need to get started?

Perhaps the most daunting question of all is what do you need to make your ideas a reality? Start-up fees, staff, legal knowledge – all of these things are crucial to starting a business. So where do you begin?

One of the reasons co-working in Liverpool is so popular for start-up businesses is that it offers flexibility, affordability and exposure to a range of skilled and knowledgeable individuals. If you are worried about how you will get started with your business, working from a flexible office can really help make the process easier.

Why choose Signature Works as your flexible office space?

When you choose to work with us at Signature Works, you benefit from all of our fantastic membership benefits. With everything from business support to full access to our Signature Connect service for lasting business connections, we have you covered.

We offer a number of membership options, so we’re confident there will be something there for you. Let us help make your business dreams a reality – call us on 0151 558 1566.

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