Five questions to ask yourself
(PRUnderground) March 22nd, 2021
Thinking of starting your own business? Flying Solo and becoming self-employed isn’t as easy as it sounds when you hear others recounting their journey to success. However, if you ask yourself the right questions at the start, you can create a plan that’s going to power your success story. The trick lies in being honest with yourself. Sonia Gibson from Accounting Heart (Chartered Accountants) shares the five most important questions to ask yourself if you’re on the fence about starting a business:
1. Do you have the funding?
Questions within question always arise when you start planning your future as an entrepreneur. Do you know how much capital you require to get going? Have you created a financial forecast estimating what you can potentially expect to bring in during your first few months? This takes considerable market research. It is important to work with an accountant to get an accurate forecast so that you can plan for unforeseen crises and know that you have the finances you need to persevere and survive your first year.
2. Are you prepared for the “boss” role?
It’s not always easy to play the boss. It looks great because the ball is always in your court. You give the go-ahead and you can even fire clients if they no longer serve your business. But what about the nitty-gritty? Are you prepared to shoulder the responsibility of ensuring that others have a salary each month? As the “boss”, the buck stops with you. Are you ready for that much accountability?
3. Emotional maturity: Do you have it (because you will need it)
You might think that emotional maturity means saving your feelings for your personal life. It’s not. Emotional maturity refers to your ability to manage your emotions. This includes feelings like impulsiveness – are you able to think things through or do you tend to jump in a bit fast because something sounds good? If there is a crisis, are you prepared to take responsibility, even if it’s not your fault? Can you handle rejection with grace and can you keep your cool when you are being treated unfairly? Are you able to balance work and play (not over-working and also not “playing” too hard) so that you can maintain a clear minded level of productivity? Developing emotional maturity is a defining trait in a successful solo-preneur.
4. Can you work IN your business and ON your business?
Are you a specialist in your field, or are you a specialist in your field and a canny businessperson? Working in your business is great when you are a creative in your field. You might have skills that no one else in your trade has. This makes for a great opportunity to work for yourself but without the skills to work on your business, you’re not likely to succeed. A successful entrepreneur must be a businessperson first and foremost. As your business grows, it is your job to steer the ship while you hire others to work in your business. If you have a mind for marketing, dealing with people, identifying potential in employees, and driving your business forward by taking risks and investing – you’re a businessperson. If you are only prepared to work in your business and not on it, you’re better off working for someone else.
5. Do you know your “why”?
Why do you want to start your own business? It’s not easy. It’s rewarding but only if you have an eye for opportunity and if you can manage a business well. Your “why” might be that there’s no one else in your trade that approaches the public in the way you want to. Maybe you feel your competitors lack something that you have identified. If your “why” is because you want flexibility decide how you can achieve that before you launch. Map out your day, allocating a number of hours towards being productive. Your “why” must be your driving force.
If starting your business is slightly overwhelming, you can quieten the white noise that often accompanies that sense of panic. There are fantastic business coaches and accountants that will help you to take your dream and map it out into a coherent plan. Follow your plan and learn how to adapt to setbacks. Being a businessperson is a constant process of learning to adapt, if you can do that, you can succeed!
About The Audacious Agency
The Audacious Agency Helps Established Business Owners And Experienced Entrepreneurs Who Want To Stand Out And Be Well Known, Well Paid And Wanted, So You Can Be The Leader In Your Space, Attract The Right Clients, Become The Go-To Specialist And Turn Your Expertise Into Income.
And The Best Part Is You Stand Out And Shine.
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