Have you been thinking of starting your own business lately? Before you embark on an adventure in entrepreneurship, it is a good idea to take stock of your financial position, your aspirations for the future and whether or not you have a solid business plan that is sustainable. Starting out for the first time on your own is not about merely following your instincts but calls for lots of planning, thinking and hard work - there are no short-cuts to these important elements. Ask yourself these important questions;
· What are your reasons for getting into business?
· What are your business goals, objectives and skills?
· What level of income will your business need to generate in order for you to stay afloat?
· What are the advantages and disadvantages of establishing your own business?
Get the advice of seasoned businessmen and women who have been through the grind of starting out on their own and are now successful. Talk to friends about the business plan and do a market survey on whether people would need your services. If possible, test the waters by going part-time first, then, if prospects look good for you, consider it on a full-time basis.
What’s the best part of owning a business?
· You get to do what you enjoy and love.
· The harder you work, the more money comes in.
· You are your own boss.
· You have flexibility in time and can organize your life around yours and your family’s needs.
What’s not so great about owning your own business?
· You might need to risk your own funds to start-up.
· Working long hours to kick-start your business is quite normal for all new businesses.
· Dealing with cash-flow, production and other operational problems may infringe on your time.
· Making business-critical decisions may sometimes be scary for a new entrepreneur.
· The idea of growing your customer-base from zero is another scary proposition.
However, do be prepared for some financial hiccups. As attractive as business prospects look, consider payment and credit terms, and customers who pay late. If you do not have financial cushioning or simply put, savings, to fall back on, you might run into financial problems and debts. Have back-up plans and seek out investors who are willing to invest into your business to give you that boost.
Most of all, if you decide to embark on your own business venture, you must always be positive, motivated and persevere, regardless of the circumstances. Remember, that many people have succeeded in a variety of businesses, no matter how quirky or strange or even mundane those businesses may be. Look around you for a need that you can fulfill and there you have it – a new business idea.
Whilst in business, be sure to mix around and network with people who can offer you tips on success, are able to motivate you to achieve more and to point you in the right direction with connections or contacts that they may have.