Should You Start Your Own Business?

There are a few things you need to consider when you ask yourself ‘Should you start your own business?’

Should you start your own business? This question seems to be haunting your thoughts. It is normal to have your doubts about starting a business and doing proper research before you get started.

6 Things to Consider Before you Start Your Own Business

You’ve got a business idea, and money that you have saved up. So starting a business would be easy right? If only things were that simple. There are quite a few things you need to be aware of before you get started. Ask yourself the following questions:

  1. Are you Ready for a Lifestyle Change? – Starting your own business is not as glamorous as social media makes it seem. Potentially giving up your social life is one.
  2. What Does the Market Look Like? – You need to figure out if your business idea is unique and if there is a consumer need for it. 
  3. Are you up for Building a Team? – Being a business means you are a team leader. You need to build a team with people you can trust. 
  4. What are the Costs Involved? – Depending on the nature of your business, there will be costs like office space, wifi, office supplies, employee salaries and more. 
  5. Will you be Able to Deal With Legal Disputes? – Intellectual property law and other branches of law is something you need to familiarise yourself with. 
  6. Most Importantly  – Are You Skilled to do the Job? – Being skilled means having consumer insights, business knowledge and being financially literate. Equip yourself with the skills by enrolling for entrepreneurship courses

Reasons to Start Your Own Business

Some people are born leaders, others have to work a little harder to get where they want. If you are passionate about entrepreneurship and would like to start your own business, here are reasons why you should get started today. 

Chance to Choose Who you Want to Work With

Not a fan of your colleagues? One of the best things about being an entrepreneur is that you can choose who you want to work with. But don’t let your poor judgement stand in the way of you hiring incredible people. 

Become the Owner of Something That Changes Lives

Your product or service may simplify and change someone’s life. That should be enough to further research your idea and set up a business plan. Don’t you want to be part of something great? 

Create Job Opportunities for the Youth

Contribute to the labour market, and provide job opportunities. Make sure that the work environment you create makes use of ethical business practices. And most importantly – value those who work for you. 

The Signs Are There

If your business idea is something you can no longer ignore then now is the time to pursue it. Now could be a perfect time to get started if all the signs are there. Start now if:

  • You have a desire to help people
  • Your head is filled with ideas
  • Taking risks doesn’t scare you
  • You are motivated.

Take Calculated Risks 

Create a business plan that takes all risks into account. But first, gain entrepreneurial skills with a course. Speak to one of our course experts to help you get started. You can:

  • Call us for free on 0800 39 00 27
  • Or fill out this contact form for a call back
Last Updated: January 11, 2021

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ABOUT THE AUTHOR:

Cherri-Lee Rhode
Cherri-Lee Rhode
Cherri-Lee is the Head Writer and Content Team Leader at Skills Academy. She enjoys writing but loves the mentoring and training aspects of her job just as much. Her philosophy and answer for everything is 'skills are taught'. You can view her LinkedIn here

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