How do I know if I am capable of starting a business? (No replies)
At the beginning we are all filled with a sense of excitement and dread. Can I…? Is a very common question.
A few questions to ask yourself.
Do you have an idea what you know people will want and are prepared to pay for? If you don’t know, find out before you give up your day job.
Do you have a plan that is based on reality? This should be a reasonable plan that tells you what you are doing for the next year. Nothing complicated and based on reality.
Do you have the skills and personality? You will learn a lot of skills as you go, but there are a few things that you must be good at to be successful. Business development, time management, leadership (of self), marketing (at least the basics), finance. You will also need to be optimistic, determined, creative and a problem solver. This is not an exhaustive list, but a good place to start.
Have you got enough money? This is not just start up costs. But your living costs for at least the first 6 months (we’d say a year). It’s unusual for the cash to start flowing consistently at an early stage so plan this carefully.
Have you got the support of your family/spouse? Particularly your spouse or partner. Make sure they understand what you are doing and how you ae going to make it happen. Get their buy in and make sure that if something should go wrong that they will help out.
We have some really good webinars that you can watch in the training section that deal with this. We recommend you check them out.