Starting your own business

Have you always dreamed of quitting your job and starting up your own business?

It does not take an earth-shattering idea to develop a successful business. Anyone can create a thriving business and most businesses start with a simple idea. Starting your own business is about taking risks.

Are you a calm operator when faced with a challenge?

Can you commit to something even if you do not know for sure what the financial return will be?

Can you step forward and keep going when you are faced with temporary setbacks?

The road ahead is not necessarily paved with gold but it is paved with possibilities, opportunities and personal satisfaction.

If you have specialist knowledge, a passion for what you do and are not afraid of hard work, then this is the route for you.

Here are a few tips to get started:

•  What gives you a feeling of accomplishment or success? Accomplishment for some people is an increase in self-esteem and self-confidence. For others it is an inner knowledge that they have made a difference to commerce, industry, the environment or other people’s lives. Being your own boss carries such a high price tag because job satisfaction cannot be bought or sold, it can only be experienced. This sometimes frustrates people because they know they want to run their own business but they cannot come up with the idea or have not got the financial confidence to do it. To help you through this transition, focus on the purpose of the idea.

•  If you had no restrictions on money, what would you do to make a real difference to the lives of others? If you knew the working world would reward you for your efforts, would you do it? Lastly, if you knew that you would never look back and regret your decision, would you do it now?
• Become business aware. Read through lists of new businesses, most successful businesses or business ideas either on the internet or in your local library. When you hit on an idea that you think is good, add it to your list without analysing it. What trends do you notice? Is there a common link between what you have come up with?
• Be aware of your strengths and weaknesses. The person who is fully aware of his or her personal weaknesses is usually making an honest effort to correct and manage them. You cannot be all things to all people, so you must be aware of when you need to bring in assistance, guidance and help.
•  Get a head for finance. Begin to throw some numbers together. How much do you think the business can generate in a year? What will your costs amount to? What do you personally need to take out of the business? What capital do you feel you need to raise and list some sources where you might obtain it. Most importantly, consider your cash flow, as many companies that fail are actually making profits at the time. Everyone wonders, at some point in their career, if they could go it alone.

Self-employment is rewarding but it needs to be fully researched and planned. Firstly, you need to understand yourself, your personality and your passion for your idea. You also need to understand your product or service, industry and sector. What is your unique selling point?

Take the time to ask your potential clients and customers what you would have to do to win their business?