Taking your first steps towards setting up and running your own business can be exciting, but also nerve-wracking and challenging. There’s lots to think about, particularly if you’ve never been self-employed before.
There’s a great deal of help and support available, but most of it is very practical, and doesn’t necessarily focus on the critical role that you, as the proprietor, play. A savvy business owner can make a mediocre business a successful one, but a mediocre business owner can make a mess of a brilliant business idea.
Holding a mirror up to yourself and understanding your strengths and weaknesses is vital if you’re to make the most of any opportunity you’re pursuing.
Here are some questions to ask yourself:
Understanding your motivators, drivers, skills and personality style is essential to becoming an effective entrepreneur. It will also help you to plan for and overcome the potential challenges of running your own business such as isolation, accountability, and the lack of support, benefits or training.
Before you get started
The excitement and urgency of setting up a business can rush your thinking. So, it’s a good idea to present your plans to a neutral party. This can often throw up flaws and inconsistencies that you’ll want to address before you get started.
It may sound obvious, but before you do anything, (especially anything that involves financial investment), write a business plan. This should include information about:
Sales & marketing
Cash flow management
Personal and professional development
This is by no means an exhaustive list but just some of the areas that can affect the success of your business.
This article was written by the career coaching experts at Chiumento.
Starting your own business can be one of the most rewarding, exciting and satisfying things you can do. But it’s not for everyone. Talking to a business coach can help you decide whether it’s right for you.