10 Things to Know Before Starting a Business

Starting a business sounds exciting. Many in their early twenties now choose entrepreneurship over traditional jobs. But if you've tried and failed or are just getting started, this guide will help you think before taking the plunge (RESILIENCE OF AN OLDER INDIAN WOMAN ENTREPRENEUR).

Before you dive in, watch this video.

 "Many believe starting a business later in life is risky. In this video, I explain why that’s not necessarily true. It’s not just for those starting later in life - it’s relevant for anyone thinking about starting a business or already on the journey but feeling stuck at a crossroads."

 

1. Ask Yourself: Why?

Why do you want to start a business? Are you tired of corporate life, laid off, or looking for extra income? Maybe you believe money alone will lead the way. Unless you know your "why," you’re stepping into the unknown.

 

2. What Is Your Passion?

Passion isn’t just about what you like - it’s what drives you, what you refuse to give up on. True passion fuels perseverance and growth. It doesn’t have to be grand; even a small idea can grow into something big.

3. Finances: Do You Need Money to Start?

Some businesses, like coaching or consulting, require little to no investment - just a laptop or phone. But others, like opening a restaurant, need significant capital. Understand your financial needs before jumping in (BEST CHICKEN SOUP INDIAN STYLE RECIPE).

 

4. Capability: What Do You Know?

Passion alone isn’t enough. Do you have the skills, experience, or credentials? Managing people, handling finances, and adapting to technology are crucial. AI and automation are changing the game - how do you stand out?

 

5. Study the Market

Who are your competitors? What’s your target market? Is your business idea unique, or are you entering an oversaturated space? Market research is key—read, learn, and analyze before making a move.

 

6. Project the Risk

Every business has risks. Have you considered worst-case scenarios? Do you have a backup plan? Some businesses carry high risks, while others are more stable. Know your risks and be prepared.

 

7. What Support Do You Need?

Support isn’t easy to find, and it’s rarely free. Self-confidence is your best support. Many solopreneurs start alone, then build a network over time. But remember, in today’s world, support often comes at a cost.

8. How Big Should Your Business Be?

Your business size depends on your finances, skills, and vision. Some start small and scale up; others go big from day one. A food stall and a café are both food businesses, but their scope is vastly different.

 

9. Age Factor: Does It Matter?

Young entrepreneurs leverage online platforms, while older generations may struggle with digital tools. Energy, adaptability, and learning new skills matter more than age. The key question: What business suits you best (SIMPLE ANTI-AGING TIPS). 

 

10. If You Can’t Answer These, Don’t Rush

Take a piece of paper and write down your answers. If you struggle to find them, it’s a sign to pause, reflect, and rethink your next step.

 

Final Thoughts

Starting a business is easier said than done. That’s why many stay in their jobs or choose to do nothing. But if you’re serious, take time to plan, assess, and then take the leap with confidence.

(Ms. Nava is a Zen entrepreneur who founded Nava's Zen at 58 and is now in her 60s. She is a certified yoga instructor, coach, and counselor. With over 22 years of lecturing experience, including 13 years in the Curtin University Australia Degree Twinning Program, she shares her passion for Zenfulness through the small steps we take towards aging gracefully and fostering personal growth).