The Idea and Why
Home > Getting Started in Business > The Idea and Why

The Idea and Why

What are you going to do?

So you have a great idea, maybe it’s something you have seen that you think you could provide better than is already available, maybe you have spotted a gap in the market and created a brand new product, you may have seen someone else doing something and feel that you would like to do it as well.

Whatever the reason behind your idea, if you want to turn it into a business you need to make sure it fulfils your objectives which comes on to the first question:

Why do you want to set up in business? What’s the Goal?

If you can answer this question then it gives you a good starting point about how much work you need or want to put into making it a success.

It may be useful to spend some time thinking about your motivation for doing this:

Do you want to earn a little bit more money for you and/or your family?

  • Do you need to earn more money?
  • Do you want something that can fit in around existing commitments?
  • Will this be your main income?
  • Do you want to run a large organisation?
  • Do you want to change the world?
  • Do you just want to be your own boss?
  • Do things how you want them to be done?
  • Creative freedom?

It’s not always about the money!

The great thing about running your own business is that it can be whatever you want it to be, it can be as large or small as you want it to be. By understanding why you want to set up your new business you can then set your goals, aspirations and expectations around this and will get more satisfaction when you achieve them

Once you understand why you want to set up a business you might want to look at whether or not it’s right for you.

Advantages and Disadvantages of working for yourself

Advantages of being your own boss

 

Financial

Multiple clients

Offset expenses

Flexibility

Freedom

More fulfilling

Own control

Disadvantages

 

Find your own work

Finding customers

less security

uncertainty

no benefits

No sick or holiday pay

Lonely

It’s all down to you

Is it right for you?

Running a small business is not right for everyone. Not everyone has the skills and abilities to make it happen and there are often lots of obstacles in your way to success but with hard work and perseverance the rewards can be great depending on how you measure it (Which takes us back to the question above!)

So what qualities do you need to run your own business?

Initiative- The thing about running your own business is that there are no right answers and you can’t plan for everything. Are you able to adapt to new situations and find your own way?

Self sufficient - This is an important one to think about, particularly if you are giving up full time employment to run your own business. Where are you going to turn when you don’t know the answer to something? How will you manage if there is no-one to give you guidance and support? Of course there is lots of help out there but you need to be able to make the decisions that impact on your business.

Risk Tolerence and resiliance - There may or may not be any risk attached to your business. If you are running your business alongside your employment, the financial risk is much lower than if it’s your only source of income. But if you do rely on it how will you cope financial and mentally if you have a few tough months?

Perserverance - It will not always go your way, will you have the determination to keep going or try different ways?

Fear of Failure - Are you willing or able to take the risks required to be successful?

Committed - To have a really successful business you need to be committed to making a success. Spending time growing and developing yourself and your business

Ambitious

Common Sense

Determined

Focussed and committed

Quick contact form

<