AD | I feel like I’m going full steam ahead with the business posts this month. But after a pretty naff June, July been one of my best blogging months to date. And I’m super motivated in taking my business further and further right now. I have things plans. Ideas buzzing around. And I’m excited. Starting my own business was one of my best decisions yet (although I don’t have many of those) and starting your own business might be yours too!
Starting your own business is such a viable option in today’s climate. With the internet and social media opening door after door and platform after platform for bloggers, business owners and entrepreneurs to succeed and thrive on, it’s no surprise that so many people want a piece of the pie.
But owning your own business isn’t a breeze. It’s far from easy. It’s far from stable. And it’s far from a quick buck. So if you’re starting your own business for any of those reasons, then sorry my love but you’ve kind of already set yourself up for failure.
Although I can’t imagine any of my smart readers think that way about starting your own business. But if it’s something you’d like to do and are seriously thinking about, here are some questions to ask yourself before you dive in at the deep end:
Am I prepared to be my own boss and keep myself motivated?
Starting your own business and being your own boss is great. Until you realise that you’ve got absolutely no responsibility to anyone else and the success of your business is up to you and your motivation. Which can be a scary and exciting prospect all in one. Some people thrive on that kind of pressure and expectation. What about you?
Do I understand the legal requirements?
As with all businesses, there are legal requirements involved. With my blog, I’m registered as self-employed, I have to keep track of all my in-goings and out-goings and have to fill in a self-assessment tax return at the end of each tax year. This is definitely the more boring side to running your own business – but also one of the most important.
Am I prepared for quiet periods which may impact my income?
Starting your own business means you probably won’t have a regular income (unless you have a job alongside) anymore. Which can be a terrifying prospect. If you’re not cut out for that instability, then perhaps have a re-think. There’s always quieter periods in business. But you need to know if you can stick it out, rather than get disheartened by it.
Am I able to create a new work/life balance outside the regular 9-5?
Chances are, having your own business means you probably won’t have a “regular” 9-5 anymore. Unless your business is running a shop in which that might be the case. But assuming it’s not, you’ll need to determine whether this new routine will work for you. Do you need the stability of set hours? Are you prepared to work more than you might want to some nights?
Do I know where to go for help and support?
As exciting as starting your own business can be, it can also be pretty terrifying. You’re going to need some help and support along the way. There’s a lot to learn and a lot to manage so do you know where you can find that help? You may consider groups, forums or companies delivering HRIS Services.
Would you like to start your own business? If you have a business, which of these questions could you help someone out with who’s just getting started? Anything else you’d want to consider when starting a business?
* This is a sponsored post