Business

Questions To Ask Yourself When Starting Your Own Business

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

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

Advertisements

Jenny in Neverland

Twenty-something lifestyle blogger from Essex. Book lover, Slytherin, organisational wizard and enjoys Motorsport, Disney and Yoga.

44 Comments

  1. My new blog is called Itsnotallrevolution i would LOVE if you could take a look, and maybe comment or send me some constructive criticism?

  2. This is such a true post! i started my own business a year ago and last night i decided to take the plunge and make a blog about it, it’s so daunting! do you have any tips or tricks? I hope you don’t find me cheeky to ask, i’m completely new to this whole online world!

  3. bethany jane says:

    I definitely don’t think I have the skills or ability to take blogging from a hobby to a business. It’s so interesting (but overwhelming!) seeing all the things that are involved in the process. You’re absolutely smashing it.
    Beth x Adventure & Anxiety

    1. Awh thank you xxx

  4. I think entrepreneurs have a certain chromosome….I also call passion. Goes a long way. 40 years coming up for me next year! Good points.
    https://littleblackdomicile.com

  5. This is a really useful and informative post. You cover some great, key points.

    https://littlemissmelanie.com/

    1. Thank you x

  6. Daisy says:

    This is such an informative post! I would never have the guts to start my own business since I’m bad with numbers but this seems really interesting!

    1. Oh so am I, I’m awful with numbers!

  7. I’m super excited about not having to work 9 to 5 but the prospect of not having a regular salary does terrify me somewhat. I think another important question is “How are the logistics of my business going to work?”. I love homeworking but doing it with my main job has made me realise that sometimes I just can’t hack being at home, so I need to have somewhere nearby with coffee and the general public where I can work instead!

    1. That’s definitely something to think about if you’re more extroverted and think working at home all the time will impact your mental health!

  8. Such a great post. I can imagine there are some people who don’t think of all of these things!

    Sarah 🌺 || Boxnip || Latest Post

    1. I certainly didn’t

  9. Sarah says:

    I would love my own business one day xx

    1. Hopefully you will do!

  10. I just fell into freelancing, I put almost no thought into it…

  11. This is such a helpful post and I love your blog for all the insights and realities of being self employed, freelance etc. There;s definitely a lot to consider!
    Rosie

    1. Thanks so much!

  12. These questions are SO good, and I definitely wish I’d taken some more time to think about them before I started my own business. The income one was a big thing for me to get used to at first. I’m really lucky that I’ve had a pretty consistent income for seven months from the same client, but this is super rare in the business world, and it’s always important to keep your options open.

    Another question I would say people need to think about before starting their own business is regarding how going self-employed will influence their mental health. I guess your questions could kind of answer that question, but I think it’s such an important thing to cover. I went into self-employment blindly thinking it would mean I could more easily maintain my mental health, and that hasn’t been the case at all. I’m not saying mentally ill people can’t be self-employed (I know a lot of people with mental illnesses who are) but going in with your eyes wide open to the challenges is super important for when the bad periods do hit.

    1. Yes excellent point! All the responsibilities that come with being self employed can definitely impact your mental health!

  13. Kayleigh Zara says:

    I’d absolutely love to have my own full time business, I would love to have my own full time print store of handmade prints, so this was a really interesting read. It’s so good to know the legal bits and tax bits x

    Kayleigh Zara 🌿 http://www.kayleighzaraa.com

    1. Selling your art work would be amazing!

  14. I’d love to start my own business someday. But, it does sound scary and exciting! I still need to learn more about the business side of blogging.

    1. It definitely is both scary and exciting!

  15. I’m looking to start a business and these are great questions to ask yourself when you want to start a business, I think a lot of people seem to think it’s easy to start up something for yourself and it really isn’t! x

    Lucy | http://www.lucymary.co.uk

    1. It definitely isn’t!

  16. I started my own business this year, and one of the things that has helped the most, in regards to the question about creating a new life/work balance is having a set routine and planning everything.
    I can’t even count the days where I would spend more than 18 hours working away because I hadn’t written down my tasks & goals for the day. I would just work until I looked at the time and realized it was way past midnight. And it’s good to be dedicated and work hard but not to the point where that’s all you do that you forget to eat, sleep or go out to get a bit of sunlight. So my top advice is please schedule your work time and plan out what it is that you want to accomplish for that day, Divide your tasks into more manageable ones and don’t try to do everything at once. You will burn out .

    Have a great day and best of luck with your businesses.

    1. Great tips. I’ve always worked from to-do lists. Every day for the last… I dunno, 4 years? I simply can’t function without them!

  17. It can be so hard being a business owner, but finding your own pace is definitely an important one and preparing for the quiet periods.

    Love, Amie ❤
    The Curvaceous Vegan

    1. Definitely. Quiet periods will come as a shock if you’re not prepared for them!

  18. Great Post! x

    1. Thank you

  19. I started my now family-run business and three years in, it requires more attention to detail and effort than ever. It’s no easy feat and not for everyone. I personally love it, but could see a lot of people not having the focus to follow through. I often have to fight against my bad habits and push myself!

    1. Totally agree, owning a business definitely isn’t for everyone!

  20. Managing a work/ life balance can be tough but it’s also one of the best parts because (depending on what you do) there’s more freedom and flexibility that comes with it. Sitting down before you start and making sure you have all of the legal requirements/ insurance etc is such an important one!! x

    Sophie
    http://www.glowsteady.co.uk

    1. Totally agree. I think my balance at the moment is pretty good! The legal stuff is so boring but obviously important!

  21. Those are all very important questions! You sum them up perfectly. The idea of an unstable income is probably the most daunting.

    1. It really is. I’m still a bit overwhelmed at the beginning of each month when I’m looking at a completely empty month in terms of income – as I never know how much work I’ll get that month!

  22. I’d love to start my own business one day but I’m still lost with what I actually want to do. I like the idea of being my own boss but on days where I’m lacking motivation, knowing there’s no one there to push me, definitely makes it harder! You’ve only got yourself to answer to xx

    Tiffany x http://www.foodandotherloves.co.uk

    1. That definitely is hard. And when you’re having a “meh” day where you just want to watch Netflix it’s super hard to get going.

  23. I think one day id love to own my own business whether thats an actual business in terms of like selling a product or being a blogger but i know i’d really struggle with quiet periods and the legal requirements for it!

    1. There’s plenty of advice for the legal stuff and once you get your head around it, it’s pretty straightforward. But the quiet periods definitely suck!

  24. I think many only think of these questions in a reactive way rather than proactive. Thanks for posting them!

    1. Definitely!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.