Are you ready?

Starting a business and making a profit usually requires a lot of effort and commitment on your part. Many businesses have started with a good idea but there is much more involved to being a business owner.

Before you commit your time and finances to a business consider the following questions to see whether you are ready to make it a success.

  • Do you have relevant experience in the industry you’re considering entering?
  • Do you thrive on challenges?
  • Do you have the discipline and motivation to keep going when times are tough?
  • Do you enjoy making and being responsible for your own decisions?
  • Are you prepared to work long hours including weekends?
  • Do you have sufficient personal savings or an alternative income to live off during the early stages of your business?
  • If you have a family, do they understand that there may be less income and time available to spend with them while you are starting your business? Do they support this?
  • Are you prepared to develop your skills and knowledge in areas that you will need to effectively run your business?
  • Are you prepared to seek assistance from professional business advisers?
  • Are you prepared to take the risk of not succeeding and losing all the money you have invested?

If you answered ‘no’ to any of the above questions, then starting a business may not be the best option for you at this time.

Alternatively, if you answered ‘yes’ to all of the questions you could well be ready to get started.

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