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Starting A Business? 11 Things To Consider

starting a business

Starting a business. Why?

Do you have a burning desire to help people because the essence of any business is to be of service to others and solve problems?

If your first thought is “for money” then you might be barking up the wrong tree.

Do you really want to give up your day job?

Should you be starting a business?

Are you sure you are not just bored with your job and need a new one?

Do you feel you are not making progress and are worth more than you currently earn?

Perhaps you might be better just altering your hours so you can work part time and pursue other hobbies or a part time business to see how things go.

A change of industry may be what you are looking for deep down, and if you are truly looking to start your own business then a spell in your sector of choice could be the incentive you need and you can see if your calling is a true one without the risk.

Starting a business doesn’t necessarily scratch the itch either if you don’t like your boss or your terms and conditions.

You just might need a new environment to work in, maybe move from public to private sector or vice versa for a change or have a change of terms and conditions.

Think really carefully about what is making you feel the way you do, don’t try and logic it out

What kind of business do you want to start?

Starting a business is no mean feat so you really want to try and get it right first time if you can.

This is an important question and it is where you can truly get creative in your thinking.

If you are having trouble thinking what kind of business you want to start, think about what you don’t want instead as this will help you see what you do want.

For example:

If you don’t want to have to go to an office, perhaps you want to work from home or would you prefer a shared work space with others to bounce ideas off.

Perhaps you would rather turn your working day upside down and speak to clients in their down time such as evenings and weekends so you can leave behind the traditional 9 to 5 working day on a Monday to Friday.

Do you want a product or service business or maybe start up a shop either online or a physical one?

What can you do?

The easiest and quickest route to starting a business is by looking at what you already have as transferable skills and abilities.

What can you use that is already there?

If you are working in an office could start earning by offering your services as a Virtual Assistant.

If you are a motor mechanic you could you offer a service from your own garage.

If you are a teacher can you start teaching on line instead of the physical classroom?

Do you want to use what you can do?

Perhaps you are trying to get right away from what you do know but is it absolutely the right thing to do?

Can you use elements of it instead?

You may be working in retail and hate it but you might just want to bring your people skills with you and use them in a different way?

What have you got already?

If you need to go down the route of shortening your working week, can you rent out something to raise income or have you got a book sitting on our computer that you could finish and publish in the next 3 months and create some starter income?

You could be starting a business quicker if you can recognise some assets you may not have thought of as income streams.

What would you really like to do?

This is not the time to think in terms of your CV and what you have done in the past, you are not trying to get yourself another job role, you are starting a business don't forget.

This is the bit you can be as free thinking as you like, as crazy as you dare and really be honest with yourself.

So what is it to be?

Carry on using your organisational skills, or bin them completely? 

Travel more, travel less, work outdoors, work with children, older people, by yourself, move into healthcare, start a creative business or that craft business you have always dreamed about?

Really sit down and give some thought to this question and give some time to it.

The clues to what you really want to do are staring you in the face.

What do you do with your off time, what do you spend your money on outside of your usual monthly commitments, what kind of books do you read, what events do you travel to, what hobbies do you have, what do you do for relaxation?

If you start to look at where you pay attention in your life outside of your family duties and stuff you have to do, you will find a theme going on here.

We give attention freely and there is no resistance to stuff we want to do as opposed to what we have to do.

What values do you hold?

This might sound like an odd question but it is actually quite an important one, particularly if you are thinking of starting a business with others.

What kinds of things are important to you?

Do you value doing good for people, or think manners and customer service are very important.

If you work in opposition to what you hold dear, you will find life becomes difficult no matter how hard you try, and you will end up angry and resentful.

Are you prepared for the grind?

You will need to start from zero; can you afford that mentally and physically as well as financially?

Can you dedicate the time and have you communicated to your nearest and dearest about what to expect along the way.

You need to head off self-sabotage at the pass and try to mitigate obstacles where possible at the beginning.

Arguments are often due to the lack of a good conversation in the first place.

How much can you live on?

The reality is you might have to drop your income to significantly less until you get going.

How about keeping your job and start part time evenings and weekends?

Money isn’t everything but you have to be realistic about your bills.

You might find you can live on significantly less if you are prepared for a bit of sacrifice.

If you still need to keep a shoe habit going or have your takeaways 4 nights a week you may want to re-evaluate your commitment to your dreams.

How will you feel if you don’t do it?

When you look back on your life in years to come will you regret not making the leap?

Will you feel as though you and your family missed out due to a lack of something, courage, time or money?