1. Key Points Before You Begin
Ask Yourself If You Are Ready To Start Your Own Business
Many different factors contribute to the success or failure of a new business. Being aware of any potential weaknesses at an early stage could make all the difference between success and failure.
Starting and running your own business could be one of the most difficult challenges youfll ever face. This is the time where you have to honestly reflect on your own personal qualities. The process of assessing your own skills and experience is vital from the point of view of establishing your goals. You can use this as a way to measure your success later in your business plan.
Potential pitfalls include, misjudging your own personal and commercial skills, not using a business plan, poor management of cashflow & insufficient financial support. You will also need to ensure you employ the right staff as this is an important area thatfs often poorly handled. Never forget - never be afraid to ask for help!
Why Do You Want to Start your Own Business?
Being your own boss appeals to you?
You want to increase your income?
You know you are offering a valued product or service?
To get enjoyment from doing something that interests you?
Key Factors Of A Successful Business
Are you marketing the right product/service, promoting it to the right people and with the right message?
Is your customer service reliable & outstanding?
Do you Know when it is time to seek specialist or expert help?
Do you have a detailed and realistic business plan, and sound financial management?
If you can honestly answer the following questions positively then you are ready to begin.
Are you committed and self-disciplined?
Do you cope well under pressure?
Can you plan ahead?
How does your family feel if initially you have to work much longer hours, maybe every day of the week & take a fall in pay?
Do you have all the support you are going to need?
If you are prepared to risk losing your savings, How does the family feel about this ?
Are you enthusiastic, ambitious & realistic?
Seek further advice or training in areas of weakness and if you are in doubt wait until you feel more confident to take on these responsibilities. Details of professional organisations that may offer you guidance or advice can be found in section 8.