Do you have the right temperament?
Starting a small business is one of the most serious decisions that a person can take in life. Positively, it often results in higher income levels than one could achieve as an employee together with the unique buzz of being your own boss but conversely, it also can be stressful, will demand longer working hours, and will probably reduce your ability to take long holidays.
Do you have a definite business idea?
The desire to be your own boss is not enough to succeed. Empirical evidence clearly shows that those who do best normally have previous work experience in their chosen business field or have conducted thorough research.
Research, Research, Research!
Before committing to setting up a new business carry out as much research as possible, perhaps contacting any representative and professional bodies for their input and advice. In addition, it is important to note local market conditions as, unless you have a unique selling point, it is very difficult to succeed where a local market is saturated with established competitors. In addition, it is always wise to buy a few pertinent general business books as most will encapsulate the basics of creating a successful business – The formula being remarkably consistent from sector to sector.
Hope for the best but expect the worst!
By definition most entrepreneurs are positive but ironically such optimism can often be their worst enemy, so always leave a sufficient financial safety blanket.
Keep non-essential costs to a minimum.
Many new business people overspend on hardware, expensive computers, printing, etc. If your business does not require people to physically coming to a shop or office do not waste money on office rental or even employing a secretary. In many cases, a serviced or virtual office will create the right impression at a fraction of the cost of having your own office.
Get Expert Advice
Today many government bodies and banks offer free business start-up advice. In general, such advice may not be all-encompassing and may have certain vested interests but by seeking such advice from a number of different suppliers you should end up with a fair understanding of how to develop your new business.
Consider a Franchise.
The risks of establishing your own business are considerably reduced by buying a well known and established franchise. In many cases, the franchisor can often help with finance, computer software, and business methodology. The downside is that if you really are aiming for the heavens then becoming a franchisee is unlikely to result in untold riches!