5 Questions To Ask Yourself Before You Start A New Business

You finally want to turn that dream into a reality, all those notes you’ve jotted down on paper are about to come to life, all of the time and the effort you have put into creating and nurturing your own brilliant idea is over and you are finally ready to share it with the world. It’s a scary time starting a new business, it’s a new venture and also a huge risk, one big enough that if it pays off it could literally change your life but if it doesn’t you could be paying the price for an eternity. A business is something you need to go into with your eyes wide open, you need to read up and clue up, preparation really is key.

#1 Am I motivated?

You are your own boss, you no longer have anyone watching you out of the corner of their eye to ensure you get things done, it’s all down to you. To make a business successful you need to have the motivation and the passion to really wake up everyday and want to achieve, if its starting to feel like a chore then it’s probably time to ask for help.

#2 What are my strengths and weaknesses?

Know when you need to call in help and don’t be afraid to do so. There are people out there who are trained and experienced in things that you have absolutely no idea about and there is of course no shame in that. This will make it so much easier to delegate and decide what you can be hands on with and when it’s best for you to take a step back.

#3 What are my business goals?

By setting yourself clear goals you will draw out a plan of action and a clear route to where you want to be and what you want to achieve. Setting your eyes on the end prize may seem a little hasty when you’re only at the very beginning of your journey but it can be exactly what you need to focus and remind yourself why you are doing it all when it gets a little stressful, which it most probably will!

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#4 Can I manage my money?

If you’re the sort of person to splash out on a pair of shoes that you know you simply cannot afford then perhaps you should enlist some help in the finance department. Create a financial plan and a start up costs sheet to plan out where your money will go, going into a business just hoping for the best will never end well, it takes months of planning and getting financial advice but luckily that sort of thing has really never been easier.

#5 Can I handle setbacks?

Anyone with their own business will know that it’s never plain sailing, from the very beginning to the very end you face new challenges and new problems on a regular basis, for most people that is what makes it exciting and challenging. If you are someone who gets easily discouraged then it can be difficult to overcome setbacks and pick yourself back up. This doesn’t mean you cannot own a business it just means you need to be prepared and try not to let it defeat you.

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Featured Photo: Blank Intinerary