1. Know what it takes
It’s ok, if you don’t know now. You can develop the principle necessary to start, run and grow a business, but it is worth knowing your strengths and weaknesses. A few things to be aware of; Entrepreneurs and those who are self-employed usually work in isolation, they must develop immense self-belief. Starting a business will mean you are likely to hear the word ‘no’ several times.
Key take away: Surround yourself with people who have already started a business and have developed both a business and a tenacious mindset.
2. Number crunching
Are you in a position to risk it all? Many people who start working on their dreams end up going back to work, due to lack of funds. It is imperative that you know how long you can survive with your regular income. If you have nothing to lose, you still need to consider what your bank account needs to look like whilst your business is growing. How much do you need, to keep things afloat?
Key take away: Don’t skip the financial planning because you’re excited about your idea and the possibilities.
3. Wishful thinking vs actual need
Sometimes you solve a problem people didn’t know they had, which is great, other times there’s a solution that could be developed.
There are two questions to ask yourself about your business idea:
- Is your idea solving a problem that many people are having ?
- More importantly are people willing to pay for the solution you’re offering?
Key take away: Be very clear on the problem you are solving and equally clear on the solution.
Overall, there are many things to consider when starting a business or becoming self-employed including; how you will operate, get customers etc. Our startup boot camp and startup consultancy services are geared to help reduce the risk and increase the potential of new businesses.
If you think you have what it takes, but haven’t started working on your business idea as yet, come along to our boot camp, where you will leave feeling supported, knowledgeable, inspired and have made progress on fulfilling your dreams.