Are you ready?

When thinking about wanting to set up a business, first consider your personal goals. What do you want to get out of life and how much money do you need to live.

What alternate job prospects are there and what current skills do you have that you can take advantage of?

Starting a business is not for everyone and you need to be thoroughly prepared and have done your homework to make the most of your opportunities.

Here are just a few advantages and disadvantages of having a business.

Advantages

  • Being in control and having the flexibility to work times to suit yourself and family.
  • Being able to do something you love.
  • The possibilities can be enormous.

Disadvantages

  • Having a business can impact on your personal and family’s time.
  • Exposing yourself to risk.
  • It is hard work! Sometimes it is easier to go and work for someone else.
  • It could take a bit of time to build up your customer base – and therefore your income. You may not know for 12 months if the business will be a success or not.
  • It can be risky.

Characteristics of successful business owners

Some people appear to succeed in business more than others and here are some characteristics of them:

  • Are passionate about what you want to do
  • Have the skills or can employ people that do
  • Have the support from your friends and family
  • Have self confidence
  • Are persistent and can take knock backs
  • Feel comfortable about taking risks
  • Have financial support
  • Have done a business plan
  • Have found a gap in the market and people will want your product/service
  • Are a creative thinker and can find solutions to tricky problems
  • Get on well with people