Are you suited to small business?

So you would like to start a business? Maybe you want to earn more money, or be your own boss, or sink your teeth into a new challenge; perhaps you have identified a business opportunity that is too good to miss. There are certainly many good reasons to start a business and many great benefits to be gained.

Whatever your reasons for going into business, if it’s your first time, there are some key questions that you need to answer if you want to give yourself the best possible chance to succeed. Small business is tough and you will need to draw on all of your resources and abilities to make it work.

Are you a self-starter?

There’s a saying:”If it’s to be, it’s up to me.” One of the main differences between a small business owner and en employee and a business owner is that the business owner wakes up every morning and thinks “What do I need to do today to grow my business?” Or “how am I going to make a sale today?”

No one else will fill your in-tray.

How good are your relationship skills?

The ability to build relationships, to network and connect with others is an essential skill for business success. A great idea or product will fail if you are unable to influence others to help you or to buy from you.

Be prepared to build relationships with a variety of people including customers, suppliers, professionals such as lawyers and accountants, the bank etc. Investing time in mutually beneficial relationships is often overlooked by busy business owners who have many balls in the air to juggle.

Click here for some handy tips on how to build better relationships

Do you have the physical and emotional stamina to run a business?

Business ownership can be challenging, fun and exciting. Bur it’s also a lot of work. Can you face 12 hour days six or seven days a week, especially in the early stages?

Be prepared for this and be sure to schedule time for the things that are most important in your life, such as family and personal relationships. Surrounding yourself with supportive people will greatly increase your chances of staying the course.

Are you willing to learn?

Being able to learn from others and adapt to new technology and methods of operation is more important than ever before. The ability to accept change and where possible to take advantage of it will boost your success chances considerably.