Why start in business? Maybe you think you have a great idea and you want to exploit the opportunity to make lots of money. Maybe you are currently working for someone and you feel you could do better yourself. Maybe it’s a lifestyle decision.
Whatever your reason for starting a new business it can be a very rewarding process but it usually takes a great deal of commitment, positive attitude and family and financial support particularly in the early days and a bit of ‘luck’ to make a success of it .
To some extent you can create your own ‘luck’ and this article aims to give some pointers to think about before starting out on your own.
1. Are you ready? Can you deal with the potential personal sacrifices, financial insecurity and loss of company perks? Are your close relationships able to take the pressure of self-employment, and can you live with the loneliness of making all of the decisions on your own?
2. Do you have the motivation, self-confidence and judgement to start your own business? It takes drive and perseverance to build a successful business.
3. Do you have the relevant skills to understand how to develop your products or services; do you have a basic understanding of the financial implications of running a business?
4. Have you researched the market you will be selling to, is there a market for your product or service?
5. Do you have enough financial reserves to last for several months without income; will you need financial help from the bank?
6. Have you completed a business plan setting out how you will succeed including forecasts of profit, and cashflow?
7. Have you set some business milestones for you to gauge the success of your business?
8. Have you chosen the right advisers for your business; are you going to get the right advice?
Starting a business can be a huge commitment in time and emotion and, while not exhaustive, by answering the questions above you may make the process a little smoother. Good luck!
Roger Duckworth is a Director of Ward Goodman and has been helping small business achieve their goals for over ten years. For more information in getting started in business call him on 01202 875900 or email him at roger.duckworth@wardgoodman.co.uk.
Whatever your reason for starting a new business it can be a very rewarding process but it usually takes a great deal of commitment, positive attitude and family and financial support particularly in the early days and a bit of ‘luck’ to make a success of it .
To some extent you can create your own ‘luck’ and this article aims to give some pointers to think about before starting out on your own.
1. Are you ready? Can you deal with the potential personal sacrifices, financial insecurity and loss of company perks? Are your close relationships able to take the pressure of self-employment, and can you live with the loneliness of making all of the decisions on your own?
2. Do you have the motivation, self-confidence and judgement to start your own business? It takes drive and perseverance to build a successful business.
3. Do you have the relevant skills to understand how to develop your products or services; do you have a basic understanding of the financial implications of running a business?
4. Have you researched the market you will be selling to, is there a market for your product or service?
5. Do you have enough financial reserves to last for several months without income; will you need financial help from the bank?
6. Have you completed a business plan setting out how you will succeed including forecasts of profit, and cashflow?
7. Have you set some business milestones for you to gauge the success of your business?
8. Have you chosen the right advisers for your business; are you going to get the right advice?
Starting a business can be a huge commitment in time and emotion and, while not exhaustive, by answering the questions above you may make the process a little smoother. Good luck!
Roger Duckworth is a Director of Ward Goodman and has been helping small business achieve their goals for over ten years. For more information in getting started in business call him on 01202 875900 or email him at roger.duckworth@wardgoodman.co.uk.
To find out more about any of these stories or Ward Goodman please contact 01202 875900
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