Startup

Starting a business – is it for you?

So you have a business idea and want to start a business? Well, you are in the right place!

Starting a business is an exciting but slightly scary prospect. Being self-employed or running a business can give you freedom, no boss to answer to, as well as giving you the opportunity to do something that you love and the possibility of uncapped income. However, it does not suit everyone.

In this first Step, we are looking at the basics and asking: Starting my own Business – Is it for me? in our Personal Checklist. We will also be looking at Personal Survival Budgets and checking if your business idea matches your passions and skills.

You need to have a passion for what you are doing, be able to put up with stress, loss of sleep, and lack of money. Sounds great, doesn’t it? If your new business is to do well, much will depend on you. Your experience, knowledge of the sector and market, skills, personality, attitude, and commitment will influence your chances of success.

Before you start looking into starting your own business, you need to ask yourself:

Are you the right type of person?

Run through our Personal Checklist list of questions, and you will get a pretty good idea if running a business is the right thing for you.

Many people think that the biggest reason for starting a business is to make a fortune. Whilst this is certainly true for some, the majority of small businesspeople probably earn less than their employed counterparts. The desire to make money is not usually enough by itself to get you out of bed on a cold and miserable morning when not everything is going to plan.

Are your circumstances suitable?

Self-employment can provide a realistic alternative form of income if your circumstances make it difficult to find or hold onto a traditional 9-to-5 job. The flexibility and wide range of choices make it possible for anyone to set up on their own. You have to make sure that your nearest and dearest are 100% behind you before you begin. Stress and lack of money can put a strain on those around you, even without the added pressure of running a new business.

Have you got the right skills and experience?

Starting a business with no relevant skills or experience is very brave. Having the right kind of background sets you off to a much better start. Many businesses require particular qualifications (electricians/plumbers) or licences. Maybe you need to gain some new skills before starting? On the other side, you might be a very good hairdresser but this doesn’t mean that you can run a successful business.

Business Idea

You might have a very clear business idea or maybe you are toying with a number of concepts? Please find attached Business Idea Generating Canvas to get an idea of what suits you best. Maybe look at it and answer the questions with somebody that knows you well – maybe you will discover some strengths you did not know you had!

Can you support yourself whilst in the start-up phase?

Starting a business will take a while and before the customers are rolling in you have to make sure that you can pay the bills. Calculate your ‘Personal Survival Budget’ so you have a clear idea of the money you need to have available during the start up phase.

Testimonials – What Others Say…