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Start your own business

If you think you have a good service or product to offer and can’t get any luck with paid employment, have you considered starting your own business?

It is obviously risky to go out on your own – many new businesses fail in the first 12 months because they haven’t done their homework in business establishment.

Things to consider when starting your own business include:
  • Are you really business ready? You will need drive, commitment and energy to start your own business. Be prepared to put in much longer hours than you are currently working while you get your business established. Are your technical and management skills up to the task?
  • What business options suit you best - perhaps a franchise is the right option for you? Or do you already have a service that you can sell on-line? Do you want to try working from home?
  • Who are your competition – do a competitor analysis and find out everything you can about them. Find out what they offer, their fees/ prices and what gives them their market edge.
  • What is the market – who are you trying to sell your products or services to? What do they really want? How can you reach them?
  • What is your ‘edge’? How are you going to set yourself apart from your competitors? What is your business plan going to look like?
  • What is it going to cost to start your own business – as well as lost wages from your current job if you make a clean break, there will be set-up costs for your new business. Detail exactly what these are and work out how to finance them sustainably.
The most important thing is that if you are really serious about starting your own business, get some professional advice first. It may cost for this advice, but it is well worth it in the long run if it ensures you start off on the right foot.
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We are not certified financial planners or advisors. The information in this website is general information only. Always consult a licensed financial planner before making any finance or investment decision.

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