Start Up

Are you Ready to Start Up

Self-employment - Is it right for you?

Before starting up in business it is worth thinking through whether you have the necessary skills and personal characteristics to make your business a success. Key questions to ask yourself include:

  • Are you a self-starter? Are you good at planning and meeting deadlines? Can you rely on yourself to get things done?
  • Can you sell? Do you enjoy the challenge of finding prospective customers? Converting potential customers into actual customers? Keeping customers?
  • Do you enjoy taking on responsibility? Do you like to take charge and see things through?
  • Do you enjoy hard work? Can you cope with pressure without it affecting your home life?
  • Do you have your family behind you? Is your family supportive and willing to take the same risks as you?
  • Are you starting your business for the right reasons? Are you realistic about how much work is involved - don't see it as an easy option.
  • Do you possess entrepreneurial skills?

 EVALUATING YOUR BUSINESS IDEA

When assessing how good your idea is, you will want to ask yourself the following questions:

Income

  • Are your sales figures realistic?
  • What do you predict your income will be in years one and two?
  • How much will each sale be worth?

Idea

  • What is the nature or your proposed business?
  • Is there a market that really needs what you are selling?
  • What is your unique selling point?

Repeat Business

  • What percentage of customers will place a repeat order?
  • How do you intend to keep customers?