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5 Golden questions to ask yourself before starting a business

April 11, 2013

Posted by Simon Misiewicz on 11th April 2013

Are you thinking of starting a business?

Do you know what will be required of you?

You might have the best business idea in the world, but you need to ask yourself, do you have what it takes to launch a business and grow it into something great? It is a big leap quitting your job to follow your business dream – as you will be leaving a steady pay check behind.

There is no reason why you can’t do it. Just take time to think about exactly what you are going to do and how you are going to do it. There are also some very important questions about your personal circumstances and your commitments that you will need to address.

“DO I HAVE WHAT IT TAKES TO BE A BUSINESS OWNER?”

It can be a lonely place heading up a business all on your own and you will have to make all the decisions – unlike now, when other people probably determine how the company runs and where it is headed.

So, it is crucial that you have qualities such as self-discipline, passion, dedication, are a good communicator and have bounce-back-ability! You need to ask yourself just how committed you are. Running a business is like a marriage and the minute you say ‘I DO’, you are in it for the long-haul.

There will be many challenges and risks which you will face and you may make mistakes along the way. You need to be able to learn from any mistakes, dust yourself down and continue to drive forward. And of course, it helps if you have bundles of enthusiasm about what you are doing because that will keep you going when you are still working at 12am after a 15hour day!
“WILL IT MAKE ME HAPPY?”

If your proposed business venture is currently a hobby, which you have great passion for, then will it take the fun out of your hobby? The last thing you want is to hate doing something everyday. Let’s face it, it is great to make cash out of something which drives you, but you need to make sure that the fun will not be lost.

You may no longer be able to meet your mates in the pub every Friday night for snooker games or cook fabulous meals for your family every night of the week, could you cope without this? If not, then it may not make you happy. But by sticking with it and hanging on in there, you will soon be making enough cash to do what you want and when you want!
“CAN I WORK AROUND THE CLOCK?”

Running your own business, you need to be prepared to work 24/7. Starting a business is no easy task and at times it may well feel like it is taking over your life. But the hard work at the beginning is the foundation on which your venture will flourish.

No, you don’t have to go it alone and can get other people onboard, but you are still the boss. While other around you work 9-5 and take a lunch break, you may have to sacrifice that for some time while you get up and off the ground.

Weekends may also become work days and it can be tough, so be prepared. But remember by putting in the hard work now you are going to – hopefully – reap the cash rewards later, leaving you able to do much more with your time and money.

“WHAT EXPECTATIONS DO I HAVE?”

We all have dreams about what we want to do with our lives but it can be quite another thing to turn that dream into a reality.

You have decided to embark on your own business, which is great. But you now need to be realistic about it by planning out what you are going to do and how you are going to do it. Sitting down and doing research will be a key task as it will help you to know if the goals you have in your head are attainable.

Passion and determination will drive you through the difficult times and it is great to set yourself goals, but just make sure that they are realistic and won’t leave you disappointed.

“DO I HAVE SUPPORT?”

Launching a new business is a leap into the unknown. It is hard work and so the support and understanding of family and friends is really important. Finances are a major concern for those starting a business – particularly if you are quitting a steady monthly pay check. So, having financial backing – maybe a bank loan, a grant, or a cash help from family or friends – is important.

And can you support yourself? Can you remember what your motivation for doing it is when the chips are down? Remain positive and tell yourself ‘this is why I am doing it.’ There is no reason why you will not succeed, just make sure that you are doing what is right for you and for the right reasons.

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Telephone: 0115 939 4606
Email: simon@optimiseaccountants.co.uk