Many people want to run their own business. Recent years have seen this dream become a reality for some. It may have been because they were made redundant or they may have decided to start up in business to be more independent and obtain the full financial reward for their efforts.
But before you all rush off to start that new business here are a few things to think about:
1. Why are you starting in business? This is not a stupid question to ask yourself, a new venture will be very time consuming and you will need to have total dedication and focus if you are to succeed.
2. What skills do you have? Have you got the required skills for the sector you are entering, if not should you really continue? Remember very few start ups have the financial backing to hire people with complimentary skills in the early stages so you may very well need to be a ‘jack of all trades’, are you?
3. Funding, have you got enough savings behind you to keep you going while the business gets off the ground. It may be better to start off while still employed or if this is not an option at the very least have a well written and realistic business plan that you can present to your friendly bank manager when you ask for those start up funds.
4. Know your market place and competition. I have combined this one, firstly unless you are really lucky and you are in a niche market you will always have competitors, you have to research this competition, make sure what you do stands out from the crowd and is price competitive. And above all, make sure there is a market place for your business, it’s no good if no one wants what you have to offer.
5. I referred briefly to doing a business plan in point three above, this is so very important, there is a saying, ‘no one plans to fail but they do fail to plan’, don’t fail to plan, do a business plan.Even in a simple plan you will at the very least need to identify:
a) where you are now
b) where you want to be in 12 months time
c) where you want to be in five years time
d) How you get from a to b to c
6. The plan will once written need to be refined not only as your business progresses and changes but also as the market place and competition changes.
Remember, although starting your own business can be hard work and very stressful it can also be very rewarding.
The information contained in this blog site is of a general nature and is not a substitute for professional advice. You are recommended to obtain specific professional advice before you take any action.
No action based on the content should be taken without seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors,the firm or this site.
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