Sunday, November 19, 2017


“Is Now A Good Time?” When Should We Start A Business?

September 12, 2017 by  
Filed under Business, Opinion, Weekly Columns

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(ThySistas.comIs there ever a good time? While there are plenty of moments in life that are never a good time, the amount of work that goes into starting a business, in many ways is like starting a relationship. There are lots of things to bear in mind before you have even signed the deeds to your first office, store, or workshop.

Are You Ready For The Personal Impact?

This might be the biggest thing to think about, the effect of running a business on your personal life is greatly underestimated by a lot of people. Many budding entrepreneurs want to start up a business because they think they’ve got a fantastic idea, or they are tempted by the so-called freedom of running your own business, but in actual fact, there are many different personal impacts it can have on your life. If you have a family, you may find yourself pulled in various directions even if you are running a home-based business, the amount of late nights, early mornings, and time away from your loved ones may mean that you won’t see them for big chunks of time.

Are You Aware Of The Financial Risks?

A lot of people who make the leap from full-time employment with a steady wage can find themselves in a bit of shock when they’ve gone to self-employment, especially after working in a secure job for so long. If you have people depending on your ability to earn money, is it worth you giving up your job for a potential gamble? While there are many financial options for small businesses, some of these you can find on smallbusinessloans.co, you need to be aware of every financial aspect of your business. For example, do you think you will require hiring extra staff members?  Or is this something you be doing from home by yourself for the foreseeable future? Even though you may find the fact that you aren’t employing extra workers less of a burden on your business, it will still impact your finances. So if you are planning on taking the leap from stable employment to running your dream business, you need to make sure that you are in possession of adequate capital or, at the very least, know how to access capital.

Do You Have What It Takes?

Believe it or not, not everybody has the personality traits to be a business owner. Although you may have the right intentions, you need to realize that to make a business successful, you need to be extremely self-motivated and with a diverse range of skills, from people skills to cooking the books, to having reserves of resilience when times are tough. There is a fun quiz at wesst.org to try to see if you have the basic skills in place. But that’s not to say that you cannot learn the skills. The best entrepreneurs learn and develop over time.

From the perspective of any entrepreneur, the temptation is to dive in right away. But think about these three questions and decide whether it’s time to go back to the drawing board and get a bit more preparation under your belt.

Staff Writer; Paula Adams


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