Are you ready?
Starting a new business is both exciting and rewarding, but it is also full of challenges. The level of commitment that you will need should not be underestimated.
What is your motivation?
There are a number of personal reasons why people start their own business. Some see an opportunity, some suffer a personal situation such as redundancy or unemployment, whilst others have a family history of self employment or consider it as a way of earning their living.
Can you afford to start your own business?
Starting your own business will always be a risk, as there are no such guarantees in life. So we recommend you review your personal financial position to ensure that you can afford to start your business.
Is there a market?
Good market research reduces your risk by obtaining information that supports the key decisions you will need to make about your business. It will save you many hours of worry and pain, whilst you effectively plan the direction of your business based on factual information.
Your business plan is your blueprint for success. It is not a document that is only written when requested by a third party like your bank manager. It should be a live document, capturing your business idea, vision and plans that you should then revisit on a regular basis.
Work/life balance (as sample above)
One of the main reasons why people start their own business is to obtain a better work / life balance that they desire.
Finding the money
Some businesses can start up without any or minimal capital funds, but it is more than likely you will need some money to start the business. This may be purchasing assets such as furniture or computers or start ups costs such as legal fees or business formation costs.
Research has indicated that there are some common reasons for businesses failing. It is important that you are aware of the common reasons for business failure, which primarily impacts on your cash position, so you can plan to avoid these.