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Do You Have What it Takes to Run Your Own Business? - 4th January 2016
Getting your business up and running and making a profit is usually much more difficult than it sounds.
Do you have what it takes self-test
Here's a quick self-test you can take to see if have what it takes to start your own business.
- Do you have several years' experience in the industry you're considering entering? If not, it might be best to wait a few years until you increase your knowledge and contacts.
- Starting your own business is challenging. Do you thrive on challenges? If not, starting your own business might not be the best option for you.
- You need a wide range of skills to run a business successfully. Are you prepared to undergo training to develop the skills you need or to heed input from specialist advisers in areas that are not your specialty? If yes, starting a business could be for you.
- There's no fall-back guy when you run your own business. Do you enjoy making, and being responsible for, your own decisions? If yes, starting your own business could be for you.
- You'll need to invest a lot of time into your business start-up. Are you prepared to work long hours without the security of a steady income? If not, starting your own business might not be the best option for you.
- You might not be able to pay yourself a wage for a while. Are you prepared to lower your standard of living until your business starts to make a profit, and do you have sufficient savings or an alternative income to live off during the start-up period? If not, starting your own business might not be the best option for you at this time.
- Most small businesses fail as a result of inexperience, poor management, or lack of planning. Are you actively working on overcoming these common problems? If yes, starting your own business could be for you.
- Starting your own business has implications for your family, including less income, reduced family time, and taking on additional responsibilities. Does your family understand this and support your desire to start a business unconditionally? If yes, then starting a business could be for you.
- Regardless of how excited you might be about starting your own business, there is a chance you might not succeed. Are you prepared to take the risk of losing the money you invest in your business? If yes, then starting a business could be for you.
- It will be difficult to run your business on your own. Are you prepared to hire staff and delegate responsibilities to them or use the services of a professional? If not, this could reduce the chances of your business being successful.
AV Chartered Accountants can advise you of the best strategy for your unique business needs.
T (02) 4929 5533 or E mail@avcharteredaccountants.com.au
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T (02) 4929 5533 or E mail@avcharteredaccountants.com.au