When it comes to the beginning of a new year, many of us are filled with plans and an urge to do something different. If part of Operation New Year New You includes starting a business, then you’re not alone.
Starting a business can be different for everyone of course, whether considering going freelance on the side, or investing a huge amount of capital in something much bigger. Whatever type of business you’re considering, this post will help you determine two important things: whether it’s the right decision for you, and whether it’s the right decision now.
Signs starting a business is the right decision for you
It’s not just about the money
Money is one of the primary motivations towards building a business. But that shouldn’t be reflected in the way that you run the business, or you might struggle.
A great example of this is ensuring that your business provides target customers with value and quality, because it’s their opinion and support which underpins your success.
You’re no stranger to hard work
Building a business will likely be one of, if not the hardest thing you will ever do. You need to be willing to work harder than ever before to make it work. That may mean making sacrifices in other areas of your life. No more Netflix binges every night.
Signs it’s the right decision now
You have a startup fund
While you can technically get started in business with minimal amounts of cash, it’s not ideal. You need to be willing to invest something in your business, even if it’s just a small amount. If you’re not even willing to buy a domain for your website, then it might be best to hold off for now.
With a business that requires a large investment, such as a restaurant, make sure you do your research and don’t underestimate the startup costs. You will always need more than you think.
Learn more about startup finance options>
You have the necessary skills and experience
Plenty of people start businesses without knowing certain things about the business world, but they’re also much more likely to make mistakes.
You stand the best chance of success if you have the necessary skills, knowledge and experience to tackle the business world before you put in the time and investments.
For example, lots of people go into business without knowing the basics of tax and bookkeeping and end up in a tricky situation when HMRC come knocking. Those businesses who fail to file tax returns on time can end up with hefty fines which can be huge roadblocks to a growing business.
If you feel like there are gaps in your knowledge of business, your industry or product/service, then taking some time to research what’s what is useful – even if just to find out what you don’t know.
The most important thing to know about starting a business
Nobody ever feels ready (no matter how well prepared they are).
We hope these questions have raised some interesting thoughts. Starting a business is not an easy decision to make. Will you be starting one in 2020? Let us know in the comments.