This year has taught everyone that the job market is wildly unpredictable and as such, many enterprising individuals have decided the time is finally right to strike out on their own and start their own business. Do you want to join them? If not, what’s holding you back? Perhaps you think it’s just not the right time right now. But maybe it is the right time and you’re just making excuses.
To sort the noise from the wisdom, there are several questions you’ll need to ask yourself. And honesty has never been more important!
Do I have the right idea?
Every good business starts with a great idea. For Jeff Bezos (of Amazon fame) it was selling books online. What could it be for you? Maybe you want to set up a mobile hairdressing salon with its own bespoke app (the Uber of Hair, if you will) or maybe you have a great idea for a food truck? If it inspires you then you’re probably good to go.
Do I have the right equipment?
Whether you’re buying salon equipment online or ordering stock for your street food business, you need to have all of your suppliers sorted, your equipment ready and your staff (if you require any) fully on board. In fact, now that we mention it…
Do you have a good team ready?
Unless it’s a business that’s small by nature then you might want a little help to get your business off the ground. So many startups end up with the founder playing too many roles and this simply isn’t a sustainable practice. Talk to other people who have created startup companies (preferably in your industry) and see what kind of team members you need to get it working.
Do I understand the legal landscape?
Whether it’s about registering your business, obtaining the necessary licenses, or understanding tax obligations, the law is not a place for assumptions. Perhaps you’re considering a brick-and-mortar store? Local zoning laws await your attention. Hiring a team? Employment laws are knocking at your door. Navigating the maze of legal requirements is a rite of passage for every budding entrepreneur. You wouldn’t embark on a road trip without a map, so why start a business without a legal guide?”
Do I have enough capital?
You need to spend money to make money and no matter how little you might think you need to get a business off the ground, you’re always going to need a little more. If you think you’re going to need £10,000 then double it. And if you need a little help there’s always Dragon’s Den!
Do I have a plan?
This is the big one. So many new business owners charge headfirst into their operation with sheer enthusiasm and nothing to back it up. You’ll want to spend at least a week planning out where you see your business in six months, a year and five years. You’ll also want to make plenty of alternative plans too because there’s no telling just how the pandemic will evolve in the months and years to come. Though the pandemic has also opened ups new gaps in the market and they always say that crisis breeds opportunity.
