Criteria for Cabinet Business Idea
The business idea is one of the most important factors for successful self-employment. Many founders who become self-employed place too little value on the development of the business idea.
A good business idea for wholesale cabinets craft should meet the following criteria
- Large and increasing demand in the market
- Distinguishes itself positively from existing business ideas and offers
- Is not easy to copy
- Good value for money from the customer’s point of view
- Is feasible: financially, legally etc.
- Is lucrative: interesting margins and profits, high hourly rates, subscription or license models, etc.
- Corresponds to one’s own vocation and one’s own strengths
- Can easily be tested in the market or even better – positive market tests have already been carried out
Should you become self-employed full-time or part-time?
Of course, it is ideal if you can fully concentrate on being self-employed. Of course, the financial possibilities must be sufficient to finance the loss of income in the first 1-2 years. If the financial resources are not available to the appropriate extent, part-time self-employment offers a good alternative to minimize the financial risk. Many hairdressers, car mechanics or wholesale cabinets makers initially offered their services from home and only then became fully self-employed when a sufficiently large customer base was available.
How can you reduce the risk of self-employment?
To answer this question, it is necessary to mention the most important risks:
The personal risk: You are not suitable for self-employment and do not meet the most important requirements
The business risk: The business idea is not strong enough to establish itself in the market. It takes too long to generate enough sales, resulting in a lack of liquidity
The health risk: Prolonged inability to work due to illness or an accident.
If you want to become self-employed successfully, you should think carefully about whether you meet the personal requirements for self-employment. There are many founders who overestimate themselves in this regard. If personal deficits come to light during the start-up phase, external help can be accepted or missing knowledge can be learned. You should give up self-employment if the deficits are too great. If financial resources are tight, self-employment on a part-time basis can be considered.