Are You Ready to Start Your Own Business?

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The idea of being self employed appeals to a lot of people, but the realities of running your own business are harder than you might first think. Before you quit your day job, think carefully about your situation and your reasons for going self employed.

1. You want to be self employed because:
a) You’re sick of working in an office, and want to just work whenever you like.
b) You want to be your own boss, and enjoy more recognition and responsibilities.,
c) You want to do something interesting and challenging, and test your skills.

2. Your business idea is:
a) What idea? I was just going to respond to work at home ads.
b) I plan on using the same skills I do in office work, but as a freelancer. I have a proven track record but I’m not sure how to sell the skills yet.
c) I have a fully developed business plan.

3. Your current financial status is:
a) I have a lot of debt, including a mortgage, no secondary income, and no savings.
b) My mortgage is paid off but I have a lot of other outgoings I’d need to cut down on.
c) I’ve been saving for a while, and I generally live quite frugally.

4. The office social scene is:
a) The best part of your job.
b) Enjoyable, but your main goal when you go to the office is to get work done.
c) Not something you’d miss.

5. As a salesman you would be:
a) Selling? I hate selling!
b) I can sell a product that I believe in.
c) Confident and enthusiastic.

6. Your understanding of tax and accounting is:
a) I was just going to do things “cash in hand”.
b) My knowledge is a bit sketchy, but I plan to outsource book keeping anyway.
c) I’ve taken a course, and I have a plan for dealing with my finances.

Mostly A:
Starting your own business is difficult, and it’s not a good idea if you’re in an unstable financial situation, or if you value a fixed income, steady hours, and a social support network. As a small business owner you’ll need to do most of the work yourself in the early days (outsourcing can be expensive for a very young business). It might be a good idea to spend a while putting together a sound plan, and saving up an emergency fund, before you quit your day job.

Mostly B:
It sounds like you’re aware of the challenges of running a small business, and are willing to face those challenges. If you’re confident that you want to try self employment, then your next step would be to do some more market research and put together a good business plan.

Mostly C:
You have a good idea, a sound business plan, and a positive attitude. You know your strengths and weaknesses, and you know what you need to do to succeed. Keep on planning and doing your research, and you should be able to put together a successful business venture.

Author Bio:James Harper writes on behalf of Hallmark Consumer Services, experts in outsourcing efulfilment

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