In this climate of financial insecurity and redundancies many people are thinking about working for themselves. This can be a hugely rewarding experience both for fiscal reasons and work life balance but you need to start any venture with your eyes wide open. Here is a list of the top ten things to ask yourself if you’re thinking of starting your own business to help you decide if it is a good idea or should be destroyed in the office shredders:
-
What is your product or service going to be? Who else is doing it and how does your offering stack up against the competition?
-
What is your market place? Who are you going to sell to and are people going to be interested?
- What is your business plan, including any plans for growth and expansion?
- What are you going to charge and is this rate competitive and will it give you the profit you need for the company to be viable?
-
Are you going to open a shop or office or operate from your home address? If you are working from home have you got the workspace you need?
-
Do you have all the required equipment from UK shredders to telephones, a van perhaps or even warehouse storage?
-
Do you have any capital to fund the venture or do you need to borrow money? How will this affect you?
-
How much money do you need to earn to support your family and is this realistically represented in your business plan?
-
How are you going to advertise, market and communicate about your business to potential customers and business users?
-
How will you measure success or failure? How long are you going to give yourself to decide if the business is worthwhile and what is your exit strategy?