Our friends at LifeCheq help people make difficult life decisions, like starting a business, by combining research and financial modelling techniques to illustrate the possible scenarios. In this module, they outline the major things you need to consider before starting a business.
Even if you have a fantastic product or service, it takes time for people to catch on. But while you are busy building up your client base, you still need to pay your employees, cover your rent, buy your materials, and have enough left over to meet your own living expenses.
Before taking the plunge, you therefore need to answer the following questions:
Your answers will not be 100% accurate, but at least you’re thinking about the real numbers that will drive your business.
But how do you know if your idea works in the real world. The next lesson looks at how to test your idea.