#1 Question You Should Ask Before Becoming an Entrepreneur

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Are you ready to jump into becoming an entrepreneur and go off on your own?

There’s one important question you need to ask yourself: “What am I going to sell?”

In other words, how are you going to make money? Without a product or service to sell, you can’t have a profitable business.

It may sound simple, but so many people think they can make the switch to being an entrepreneur without putting real thought into what they will sell.

My wife Blake and I made a video about this which you can see below. If you want more content like this then make sure to subscribe to the Be Your Own Boss Podcast Youtube Channel where Blake and I teach you how you can be your own boss.

As you answer that question, here are a few things to consider:

What are you good at?

Take an inventory of your skills and talents to see if there is something you could turn into a business. Look at what you are doing in your current job and see how you can leverage that into a side hustle. You may find you have a natural knack for consulting or writing in your current job, which means you could likely take those skills and go off on your own. 

What do people ask you to do?

Before Blake started her business as a speaker, writer, and CX expert, people were constantly asking her to give speeches and write articles. She soon realized that she could turn those things people were always asking for into a profitable business. The things people ask you to do show you that there’s interest and demand for your talents. You might always have people asking you to bake them a cake, organize their house, or build them a website. Do those things for free for a while and then start charging to build your business. 

Blake and I made lots of mistakes during our entrepreneurial journey and learned things the hard way, but you don’t have to. Whether you are considering going off on your own or you already have, this will be a valuable resource for you. Download our PDF on the 7 things you need to master if you want to be a successful entrepreneur.

What will people pay for?

Take a look at the market to see what people are interested in buying. The market will tell you what to sell and what to charge. Look for holes in the market or areas where there aren’t enough options and provide a service that meets that need. You may have a passion about a certain product or service, but if no one will buy that or pay enough for you to stay afloat, your business will suffer. 

It may seem like a basic question, but be sure you know how you are going to make money before you go off on your own. It’s the most important question to ask yourself. 

Take time now to assess your skills and the market to set yourself up for long-term entrepreneurial success. 

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