MANY people dream of starting a business but are hesitant to start because they are not sure if they’re capable of going on their own or are not sure what kind of business they should start.
Are you one of those people wondering if starting a business is right for you? Do you have the drive and ambition to make your own business work? Read on and find out how for yourself….
If your reason for wanting to go into business is because of job dissatisfaction, money problems, people conflict, a need to elevate your position or image, lack of time for self such as unhappiness with your present situation then you need to be extremely cautious and meticulous in the type of business you choose and the role you will play therein. Your first choice of action should rather be to look at changing your job and work situation.
If your reason is because an opportunity has come your way then you need to carefully consider what will be required from you in terms of both money and skills and whether this opportunity will be able to support your current lifestyle in the short to medium term.
If your reason is because you want to realize a dream for which you have a vision or purpose and you have a product or service that fills a gap or need in the market and launching this product or service will give personal satisfaction first, as well as an income then you might have a recipe for success.
Whatever your reason for starting or going into a business might be, it is clear that there will be risk and that you will need to evaluate yourself, your own situation and the type of business you wish to go into very carefully. Each type of business requires a particular type of person and it costs money.
Be clear on your reasons?
You must be clear about the reasons for wanting to go into business and then you must be prepared to take the plunge.
You must find a focus that fits in with your “doing skills” or have available to you the people (such as partners, management and employees) who have the “doing skills” you don’t have.
Your “doing skills” may for instance encompass being able to drive, deliver, clean, cater, design, invent, repair, entertain, investigate, research, buy and sell, import, advise, or manage.
If you are sure you have the “doing skills” required for the business you would like to go into, you will also need to decide on your best relationship with the business and how you will be involved in your business.
Will you be involved full-time or part time? Will you manage the business yourself or run it with partners? Or will you be a passive investor? Your relationship with your business will depend on your own particular circumstances such as your income needs, time and management skills, self-discipline and family support.
Buying a business
To start a new business is one of your options, but you may also want to look at buying a new franchise branch, or you may buy an existing franchise branch. And yet another option is to buy an independent business. These options all have their advantages and challenges, which you should take into account and compare to your own situation.
It takes a lot more effort to start a business than it does to buy an existing business. If you have your own unique idea you will start your own business. If you are lacking in experience then you might rather go the franchise route which usually is the proven business model and if you are really risk averse you will rather pay the premium and purchase an existing business or franchise with a proven record of earnings.
When you consider your options it is important to consider what strengths you bring to the business. Do you have the technical skills needed for the business? Or what about the financial, marketing and selling skills? Or do you have the skills to work efficiently with required people?
In asking these questions you’ll get a good idea of the essential skills you will need to run a business and determine if you need to outsource, employ or go for training.
For additional resources and checklists on starting your own business visit www.enterprisesa.com