Starting a business can be tough, so before you take the leap it’s important to make sure that it’s the right decision for you. If you’re thinking of becoming self-employed, check out this article from Money.co.uk outlining 7 Hard Questions You Need To Ask Before Going Self-Employed. How much will it cost you to become self-employed? Why do you want to make the transition? How will it affect your personal finances if the business fails? Becoming self-employed requires a lot of preparation, and reflecting on the answers to these questions will help you plan for the future.
In this article from StartUp Donut entitled Common Misconceptions About Starting A Business, business advisor Norman Jones debunks the 10 most common myths that new business owners encounter at the start of their journey. Here are our key takeaways:
- Market research is not a waste of time: Norman Jones stresses that it’s worth taking the extra time to do market research during the early stages of your business. Don’t just ask family and friends- find impartial participants who aren’t afraid to tell you what you don’t want to hear.
- Hard work alone isn’t enough: While hard work is a key ingredient to the success of any venture, Norman Jones explains that there are multiple factors that predict whether a business thrives. A business plan, a cash flow forecast and a marketing strategy are all essential components too.
- Don’t ignore the competition: Avoid falling into the trap of underestimating your competitors. As Norman Jones explains, it’s vital to understand where your business fits into the market before you get started.
Not everyone is cut out to be an entrepreneur, and before you start it’s important to consider whether you have the right skillsets to start your own business. If you’re not sure whether you fit the bill, check out this blog post from the Durham City Incubator to find out the 6 Essential Skills Every Entrepreneur Needs to Master. If you’re short on time, here are the skills:
- Accounting: You don’t need to be a maths genius, but it’s crucial to have a good grasp of the financial elements of your business.
- Marketing: No matter how good your idea is, you’ll need some kind of marketing strategy to find customers.
- Team Building: As your business grows, it will become essential to build a talented team around you.
- Leadership: Effective leadership skills are needed to manage and inspire confidence in any team.
- Delegation: Sometimes it’s impossible to do everything yourself and it’s important to pass on responsibilities when necessary.
- Strategic Thinking: Hone your abilities to think outside of the box and seize opportunities as they arise.
Remember: starting your own business requires serious planning, so make sure that you’re fully committed to your venture before you begin.
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