Before you start your own business you should ask yourself the following question:
Why do you want to start your own business?
There are advantages and disadvantages of running your own business. Some of the disadvantages include:
- Irregular income
- Unexpected setbacks
- Longer working hours
- You will be responsible for any losses
Some of the advantages:
- Making your own decisions
- You profit from the success of the enterprise
- Flexible working hours
- You can do all the work you like and pay others to do the work you don’t like
Some additional questions you should ask yourself include;
- What product or service are you providing?
- What is your market for this product or service?
- Have you carried out market research?
- Who will your competitors be?
- How will you provide your product or service?
- Does your product need to be manufactured? If so then you will need premises.
- Do you need equipment?
- Will you need staff?
- Will you need finance for your business?
- Who will be your suppliers and customers?
Once you have considered thoroughly the reasons for embarking on your new venture then you will need to prepare a formal business plan, which sets out the detail of your business idea and is normally required by financial providers.