Is starting right for you?
The personal rewards can be great - but not without pain
You should look very carefully at your circumstances. In almost every instance, starting a business involves a degree of financial uncertainty and risk. Ask yourself the following questions:
- Can you afford to forego the stability of a regular wage or salary?
- Can you afford to lose any of the money or assets you might invest in the business?
- Are you in a position to wait for revenues and profits to start growing?
- Are you prepared for the fact that you are unlikely to become a millionaire overnight?
Answered no to any of them?
Then running a business may not be for you. However if you are still not put off, there is more.
- Be ready to work long hours. Many people start a business hoping to improve their work-life balance. But in the early stages particularly, running a business can be an all-consuming venture
- You'll need to cope well with pressure. The final call in most business decisions will rest with you. This can be one of the most rewarding aspects of being your own boss, but it's a high-pressure position to be in
- As an owner-manager, you'll have to be ready to deal with every area of your business, from sales and marketing to finance and HR; There are many tedious tasks to be completed: it's all too easy to focus on just the exciting aspects of starting a business
- Being your own boss means in the early days you'll probably also be your own receptionist, admin assistant and book-keeper. And then there is the red-tape: forms to be filed, records to be kept and rules to be learned and followed.
Still interested? Then keep reading
- Assess your skills and attributes: make sure you have the sector-specific skills your business will require
- You need determination and confidence: Being half-hearted isn't an option. If you are going to start your business you have to give it all you've got
- Can you keep plugging away even when things aren't going your way? It's crucial you believe in what you're doing, because you'll have to convince others - such as your bank manager - to support you
- It helps to have an independent streak. Running a business can be lonely, particularly in the early stages. There'll be no one looking over your shoulder to make sure you get things done. You'll have to rely on your own motivation and self-discipline
- Being your own boss isn't all about independence and autonomy. You might have more direct contact with suppliers and customers than ever before, so being able to form good business relationships is an important skill
- You must be flexible. Successful entrepreneurs are generally comfortable taking advice and are happy changing their approach if a better one is pointed out
- People who start their own businesses benefit from being resilient, patient and realistic.
Still here? Then lets Get Started