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44 years of success - Established 1974

44 Years of Success
Established in 1974

"Helping you gain
.control of your career"

Who Should Start Their Own Business?

 

Starting Your Own Business is about finding a great product or service to fill a gap in the market. But that is only half of what’s needed, the other half is you. If you want your business to be successful you’ll need certain skills and attributes. These will help you deal with the rough and tumble that can come with being your own boss. So, below is a list of questions you really should ask yourself before Starting Your Own Business:

  1. What level of commitment can you give? Do you believe in yourself, product or service? If you answer with a whole-hearted ‘yes’, then you’re more likely to succeed.

  2. Are you aware of your limitations? Being a realist is vital if you are going to give, for example, estimates of delivery times for products or sales forecasts to potential investors. This also applies to your skills – do you know how to use a computer well enough to update your website, respond to email enquiries and so on?

  3. Can you ask for help? It is essential that once you know your limitations you are able to ask for help when you need it. It is better to ask than get it horribly wrong – especially where something like tax is concerned. Alternatively, if you need help with something technical, computers for example, and you don’t want to spend time learning, you’ll have to put money aside to pay someone to do the work for you.

  4. Are you able to motivate yourself? There’ll be no-one but yourself to rely on when it comes to motivation and running your own business can often be a lonely occupation.

  5. Are you a risk taker? All businesses involve an element of risk so you need to have the skill, judgement and commitment to make decisions and accept the consequences – good or bad!

  6. Can you spot opportunity? Being able to spot opportunities coming from a mile away is certainly a worthwhile attribute in business ownership. Being too cautious or over-analytical can be detrimental to growth.

  7. How do you respond to change and uncertainty? Do you see change as a good or bad thing? Are you able to absorb change readily? Owning your own business may require a lot of change – to suit markets, economic fluctuations, changing suppliers and so on – these changes can lead to uncertainty. If you ride out uncertainty calmly you should do well being your own boss.

  8. Can you work hard? Being your own boss will require a lot of hard work – you have to build a company name, client list and good will. This could mean putting in many hours outside of what you may be used to, including weekends, nights and so on. It may also mean that you have to carry out the menial, repetitive tasks that have been used to others doing in your nine to five job.

  9. How organised are you? You’ll need to be excellent at planning your time. If you’re not good at this, don’t worry, it’s a skill that can be easily learnt. It is essential that you are able to organise yourself so that deadlines are met, invoices are sent out and chased up, bills get paid and so on.

  10. Do you plan ahead? Planning is vital to make sure that you can predict and survive any number of hiccups that may occur along the way. It helps to minimise uncertainty and maximise your success. Being proactive as opposed to reactive is vital to a successful business.

  11. Are you comfortable networking? This is essential if you want to gain new business as it is your most effective form of marketing and it’s almost free. Being able to talk about your products or services, and yourself, in social situations is a pre-requisite to owning your own business.

  12. Are you commercially aware? Do you know how to attract and keep customers? These are the lifeblood of your business and gaining a large customer base could be your route to success. Do you know how to corner a share of the market and make a profit for yourself? You’ll need to master these skills if you don’t already have them, but again they can be learnt. 

 

These are just some ideas to get you thinking honestly about your own personality traits and if you can cut it in the world of business. It’s not always easy, but most business owners will agree that the benefits of being your own boss are worth it.

Business Training can help you Start Your Own Business. To find out more request a prospectus for our Start Your Own Business course.