Why are you looking for a business?

There comes a stage in most people’s working life where the thought of being your own boss and not having to take orders from someone else is a very enticing proposition.

Before making this step you need to take into account a number of things as rather than the pressure of working for someone else you will face different pressures like, are sales where they need to be, cash flow, bills to pay, legal requirements, staff issues, work life balance, etc, etc

When looking to start up on your own business we would recommend taking these things into account………

  • Do you like dealing with the public, if not then owning a business might not be for you
  • Do you take over an existing business or start from scratch
  • Are you passionate about what you are going to do, if you aren’t then this will definitely come across to your customers and staff and could ultimately effect sales in a negative way
  • Are you committed to working excessive hours 6 or 7 days a week to start with as you build up your business
  • Do you have sufficient knowledge of the type of business, its products and services?
  • Have you researched the market place for the type of products you are looking to sell

 And finally what is the “End Goal” is it…

  • The first rung of the ladder of owning many stores
  • Your retirement plan eg build the business for the next 5 years and then to sell it
  • Something you want to pass on to your children
  • Change of lifestyle
  • Want to live somewhere more rural or in a vibrant location

Many businesses fail early on due to poor planning and cash flow problems on the other hand having your own business can bring great rewards, freedom and also give you a sense of pride and satisfaction you probably wouldn’t get working for someone else