Should you start your own business?

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Whether you’re just starting out or just looking for a career change, you may be asking yourself whether you should start your own business. Working for someone else is no longer the only option available to job seekers even those whom have recently left tertiary education. The advent of the Internet has changed the way we do business forever. There is no right or wrong way to get started as an entrepreneur, and the garage seems a great place to set up shop. There are have plenty of examples of startups that have gone on to be household names, having spent their beginnings in an entreprenuer’s garage. How do you know if it’s the step to take now? Ask yourself these 5 questions.

Why do I want to start a business?

This is an important one. Why do you really want to start a business? Be honest. Is it because you hate your current boss, or you want to make more money? Is it because you think you’ll be able to work fewer hours? Those aren’t great reasons to start a business. (In reality, you’ll probably make less money and work longer hours when you start a business, at least at first).

On the other hand, if you’re up for the challenge, and you’re ready to work for yourself, then starting your own business may be a good idea. What’s more, you could set up an online business and also seek work with another business until your enterprise’s revenue has reached the tipping point for you to work in it full time. The important thing is to be realistic about why you want to into business for yourself – it needs to be for positive reasons not negative. However if your hand has been forced i.e. you’ve been made redundant then this adversity could be the catalysis for the change to self employment.

Do I have the skills to start my own business?

Just because you have the desire to start a business doesn’t mean you necessarily have the skills to do it successfully. For example, if you love to paint, you don’t necessarily have the skills to run a gallery. Just because you have a passion for baking doesn’t mean you’ll be successful in running a bakery. Before you branch out on your entrepreneurial endeavour, be sure you have not only the passion but the functional skills necessary to run the business as a whole.

Do I have the right mindset for starting a business?

If you’re not ready to roll up your sleeves and do the dirty work, you probably aren’t ready to start a business. When you are just starting out, you’ll have to do all the jobs, from the work of the CEO all the way down to cleaning your own office space – you won’t be able to afford to hire people to do the things you don’t want to do. If you aren’t ready to do that, you aren’t ready to start a business.

Can I afford to start a business?

It takes money to make money. It’s been said a million times, and with good reason. Nearly every business goes through a growth period, during which you won’t be making money. Can you afford to live with that? Do you have enough savings to sustain you while your business goes through its growing pains? If not, it’s probably wise to pad your savings a bit before you branch out onto your own. Alternatively, you could start your business before you quit your day job, so you have that safety net.

Will I have the support I need?

Finally, it’s important to ask yourself if you have the support your need to start your business. This can come in the terms of family support, financial support, or expert advice about selling product from a company like Ideasources. Sourcing product from a business like Ideasources to sell in your online store is a popular starting point for budding entrepreneurs. Amazon, eBay, Alibaba are a few of the big online gateways hundreds of small businesses use to sell their products. Be sure you are surrounded by the right people who are going to help you get to where you want to go with your business.

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