Questions to ask yourself before you start a business

Starting a business is a big decision in your life and career. If you feel that you do not have everything figured out, you’re not alone. Numerous startups have to put up with such challenges in the course of their journey.

Your mission and business plans are the only factors to have at hand before you get started. Startups frequently figure out all other matters once they get the ball rolling. Ultimately, unless you start the business, you won’t know if this idea is going to work.

Let’s take a look at some questions to ask yourself before you start a business:

  1. What’s the purpose of my business?

You should be sure about the purpose of creating your business – what value is it going to add for to the greater community. Whilst you can create a brand new startup from scratch to bring your vision to life, it may also be a good idea to look into existing businesses that reflect your values and look into franchising with that company. 

If you’re passionate about the Australian education system and want to motivate, uplift and inspire thousands of students across Australia, you should look into franchising with HSC Success Tutoring.

  1. How much money would I require to get started with?

The amount of money you may require to start a business is variable from one business to the other. This financial uncertainty when launching your own start up is the reason many investors turn to franchising. 

Franchising gives you financial certainty because the funds associated with a franchise are typically outlined in the franchisors document, giving you the security to  invest as much as you feel comfortable, with no hidden costs. 

Business documents on a desk
  1. Do a basic competitor analysis

Unless you know the players involved, playing a game could be difficult. A Google search will reveal how much competition you have for your business in the vicinity. 

The competition should not dishearten you. Having an idea about your competition will give you the opportunity to simply do better. 

  1. What is the USP for my business?

Your business will have a Unique Selling Proposition, something that makes it unique among others. This will play into the value you want your business to offer to the wider community. Again, when franchising, you simply would have to find a business that aligns with your beliefs and you believe to be a unique proposition.

A business meeting with three women

HSC Success Tutoring (HST) is one of the fastest growing one-on-one tutoring organisations in Australia. Within two years of its establishment, HST has become a pioneer in the Australian education system by being the only tutoring company that follows the research-backed, ‘inspired learning’ teaching method.

Franchisees who take on this lucrative business proposition will follow a tried and tested turn-key business model you have the potential to that could make anywhere between $70k-90k p.a (AUD) in profit. With the billion-dollar tutoring industry already seeing a rapid expansion, the best time to invest in education is now!