Setting up your own business is very high risk, high reward. While there are a great many benefits to entrepreneurial life, including having ultimate control over what you do, who you hire, and how you work, it is also a very difficult thing to get right. 

The reality is that, no matter how much you want it, business success is hard to come by. But, that doesn’t mean there’s no hope. With solid foundations, there’s every chance that your business could become the next big thing. So, before you get started, ask yourself these four questions to make sure you have everything you need.   

Have you got what it takes? 

If you’re a budding entrepreneur in fintech with a head full of ideas, it’s important that you take some time to stop and reflect on what running your own business will require of you. And, it’s important to be honest with yourself. The last thing you want is to find yourself six months in and completely out of your depths. 

Keep in mind that only about half of all new businesses make it past their first five years. One reason why is that people find they just don’t have what it takes. So, ask yourself whether you have the organisational skills, networking ability, and the discipline to set a good thing in motion and keep it afloat. You will also have to be more determined, be up-to-date with tech such as white label exchange and be more resilient than the average person because chances are you’ll face your fair share of knockbacks.
 

What’s the big idea? 

Another reason for startup failure is that there are an awful lot of mediocre business and fintech ideas out there. As such, it is absolutely crucial that you really think about the product or service you want to sell. For example, you’ll need to know what problems your product solves and who genuinely needs it. Beyond that, asking yourself whether people will really be willing to spend money on it will be a tough but necessary part of the process. 

Start with research into your target demographic and then work from there. You’ll need to know everything from the age and gender of your ideal customers to their income, occupation, and marital status.
 

Is your business financially viable? 

It’s a pretty safe guess that you don’t want your business journey to end in the liquidation of your company. But, businesses go bust, including fintech businesses. And, in fact, money worries are a pretty big reason why so many of them struggle to get very far. So, work out a budget right at the start, and factor in initial investment costs, overheads, and the earning potential of your business, to see whether your idea is viable. 

It’s also wise to use the best software tools and to be up-to-date with the latest technology so that your business can stay on the cutting edge.

Next, you’ll need to think about what it’s going to take to make your business profitable. Then, gear the tactics in your business plan towards making that happen. 

How good is your business plan? 

Speaking of business plans, it’s important to make yours as professional and informative as possible. As you probably already know, your business plan will detail what you want to achieve with your business and your brand, how you want to achieve it, and how long you think it will take for you to hit your targets. In other words, it’s a roadmap that entrepreneurs use to guide them as they grow. 

As such, it’s important that you put adequate time and effort into writing up your business plan, and include these 10 critical elements: 

• Executive summary

• Business overview

• Operations plan

• Market analysis

• Products and services

• Sales and marketing

• Competitive analysis

• Management team

• Financial plan

• Projections 

With a thorough and professional business plan, you stand far more of a chance of hitting realistic targets and making a success of yourself. 

Any new business is going to experience ups and downs, no matter how much planning and preparation you do. But, to maximise your chances of making it as an entrepreneur, you’ll need to know you have what it takes from the outset and put the work into securing your success. It will require a significant amount of time and honesty, but it’s worth it in the long-run.