Why you? Why now?
Updated: May 13
Starting your own business is an exciting opportunity but it is essential to be practical from the beginning. Before making any decisions, ask yourself some key questions. First and foremost, do you have a realistic business idea, and do you have the drive and energy to bring it to fruition? Also, do you have the necessary skills to develop your idea, and if not, could you acquire them? If the answer to these questions is "no" that does not mean you will never start your own business, just not the one you are thinking of now.
Being your own boss requires a wide range of abilities, many of which you will need at the outset. Take time to identify the transferable skills you know you have - plus other talents you could develop - that would be useful for the business. Ask friends and family to give you fresh insight by listing your strengths. Conversely, scrutinize yourself, looking for areas of weakness, and think of ways you can overcome them.
Running a business is a long term commitment, so trading in a field that interests you is important. However, you need to be confident that your interest is strong enough to last the duration of the business.
Timing is essential in business and offering the right product at the right time can set you on the path to success. As such, spend time researching your potential market, look at what rivals are doing, and seek professional advice. The timing also has to be right for you, of course, but are you ready?
Starting a business requires time and money, and also involves pressure and risk, which you need to be prepared for. Unless you are fully confident, look for ways to start trading slowly and gauge demand. If you are currently employed, consider starting the business in your spare time as a side hustle, perhaps reducing your employed hours as the business grows.
The only way to do great work is to love what you do