Setting up your own business is a great way to take control of your career and independence and get out of the rat race than can bring you down. When you’re your own boss, you make all of the decisions, which is great in many ways but it means that the buck stops with you if something goes wrong. To set up your own business, you’ll need to make sure it’s 100% the right decision for you, so consider the following to help you work out if setting up your own business is the right move for you.
Is your business your passion project?
Setting up a business is no easy feat, and if things start to go wrong, or you start running into difficulties, will you be able to retain the enthusiasm to keep you going? Most people who set up their own businesses do so because they’re passionate about what they do, but if your heart is only half in it, or you’re simply bored and looking for a change in direction, you could find your business failing because you don’t have the drive to see it through.
How will you get started?
Do you have any ideas for how you’re going to get your business off the ground? How can you begin and how will you gather the funds to get it started. Do you have savings or someone willing to invest? Have you explored all avenues such as http://www.sage.co.uk/business-advice for advice on launching your startup? There’s a lot of research to be undertaken before you get started, so you must be prepared to put in a lot of hard work before you even get started on planning.
How will you manage money?
How will you manage money coming in and going out of your business? Could you survive if someone doesn’t pay an invoice on time? Getting a tight grip on your business’ finances is important from the outset, and you may wish to try spot cash loans or factoring as explained here: http://www.interstatecapital.com/spot-cash-loans-vs-factoring/, to help you manage your business’ cash flow. You’ll need to make sure that you have contingencies in place as well as some savings in case you are faced with unexpected business costs.
Will you need additional staff?
Can your business operate with just you or will you need additional staff? Can you afford to pay salaries when you first set up your business? It may be that you can’t afford to hire more people at the beginning and could look at hiring freelancers instead to do work as an when is needed (more info available here: http://www.business-opportunities.biz/2014/02/17/freelance-vs-in-house-which-should-you-hire/). When you start a business, and other people are involved, you need to be sensitive to the fact that they have homes, families, etc. to pay for and support and you’ll need to make sure that you can pay them before you start your business.
Once you get your business started, make sure you tell people about it. Social media packages from marketing professionals can take care of the hard work of running your social media accounts to help raise awareness of your business and its services. This leaves you to focus on running your business and making it a success.