7 Things To Consider Before Starting Your Own Business

by | Jan 23, 2019 | Business

Starting your own business is an incredibly nerve-wracking and scary thing to do, but if done properly it can be the best decision you ever make. Whether it’s been a life-long dream or a gap in the market you’ve only just spotted – having the courage to go it alone takes a lot of consideration.

 

With that in mind, here are 7 things you need to consider before starting your own business:

 

1. Do You Have Enough Savings, In Case Of Emergency?

 

Although it’s not essential, having some savings you can dip into is a great way to ensure you’re able to get through the quieter months. Starting your own business is unpredictable so having at least 6 months full salary is a great way to ensure you can still afford to cover your bills and put food on the table should things not pick up right away.

 

2. Do You Have The Time To Start A Business? Will It Be A Side Project?

 

Often people set up a business alongside their existing career, fitting it in around the hours they’re already doing. If this is something you’re considering you need to work out whether you not you have enough time free to put into your business, without jeopardising your work-life balance. If it’s something you’re seriously considering, why not take your career part-time and work part-time on your business too?

 

3. What Will You Be Calling Your Business, And What Will You Do?

 

One of the hardest things you’ll have to do when starting your new business is coming up with a name and defining what your values will be, but in order to get started, this is essential.

 

4. Have Your Put Together A Business Plan?

 

If you want your business to be successful you need to put together a business plan. This will detail everything you need to do in order to succeed, including your goals for the future, how you’re going to achieve them and how your business run. You’ll be able to detail a timeline of when things should happen, planning any key expansions you may want to carry out.

 

5. Do You Require Office Space?

 

If your business isn’t something you can do at home you need to consider where you’ll work from. There are lots of different ways to find office space, including hiring your own, working from a local innovation centre or popping into a local co-working space.

 

For more information on purchasing your own office space, you can visit Allcott Commercial here.

 

6. Will You Be Hiring A Team To Join You?

 

If you have plans for your business to grow in the early stages, hiring a team before you get started may be the best way to ensure you have enough time to get everything done. In order to do this, you need to be sure you can pay your staff from the get-go.

 

7. Will It Make You Happy?

 

The most important thing you need to remember is that your business has got to make you happy.

 

Are you thinking of starting your own business? Did I miss anything off the list? Let me know in the comment section below.

 

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