Starting a business is one of the most life-changing decisions you can make. The 9-5 becomes a thing of the past and work/life balance something completely beyond your control. Because of this, it is vital that you think long and hard before entering into the unknown. Below are our top 5 things to consider before you make the leap.
- Do you have a dream? Because it is such hard work, it is important that your business idea is something you really believe in. Is your product or service something you really love? This kind of passion is the secret of success in the small business world, and will keep you motivated when times inevitably get tough.
- Can you afford it? Dreams and passions are great, but they don’t put food on the table. Starting your own business always requires some kind of investment – this will vary depending on your concept, but is something you will have to budget for to ensure that you can still meet at least the basic costs of living during the lean start-up period. It can take some time to begin to turn a profit.
- Do you have a plan? It is vital that you take an organised approach to your business. A detailed and well-thought-out business plan is a must-have before you even think about resigning from your day job. Insufficient advance planning is the easiest way to turn a dream into a nightmare.
- Can you sell it? Again, do your research. Check out the competition and, indeed, if there is a market for your product or service. If you have no customers, you’ll soon have no business. Simple as that.
- Do you have the time? There are times in your life when the challenges and demands of starting a new business are simply too great. If you have a young family, or other time-consuming commitments, you might be advised to wait a while. Owning your own business can at times be a 24/7 job. Do not fall into the trap of thinking that it will mean you will work fewer hours, as this is very rarely the case.
If, after considering all of the above, you think you are ready, there are still things you can do to ensure a smoother ride when the road gets bumpy – the support of family and friends is crucial and, of course, good liability insurance cover to give you that extra financial security when you need it.
