Getting Started

"It’s all about YOU"

So you’ve decided to set up your own business? Before you even begin to answer the question of when, what, where, who and by what means – ask yourself the question Why?

People starting a business immediately focus on the skills they need to acquire. They think about how much money they need to save. They think about things they need to do to get started. They think about where to set up. Equipment they need. They ask the sole trader vs. limited company question

You do need all these questions answered but not before you answer some questions about yourself. Why do you want to start your own business?

  1. Why now?
  2. Are you unhappy in your present job?
  3. Are you considering starting your own business because of necessity (being laid off or fired?)
  4. Have you what it takes to become self-employed?

What type of person are you?

Are you really cut out to be an entrepreneur? You must have self-belief. You must have passion. You must have commitment. You must not take no for an answer. You must be resourceful.

Any business owner will tell you of the long hours, the impact on family and personal life. Listen to them. If you are not used to working hard already – don’t even consider starting your own business. In addition you must face the present economic reality for business start-ups. Consumer demand has contracted. Business confidence is poor. Finance for new and developing business is restricted. At the same time unemployment has increased. As a result there are fewer business opportunities and it’s harder to get started.

You need to fully understand why you are starting your own business. With fewer opportunities available be wary of risking redundancy payments or savings if you are being pushed by circumstances into starting your own business as a career. You might be better off focusing your efforts on retraining and seeking alternative employment in these circumstances.

The decision ultimately rests on whether you really want to be your own boss. Do you have belief in yourself? Are you passionate about your idea? Are you clear about the business opportunity? Then the recession won’t stop you. Don’t be put off by others who don’t have your vision, your drive or your passion. Believe in yourself and just do it.

 

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