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Why Start A Small Business?

Why do you want to start a small business?

Do you want to simply make lots of money in a short time running a type business that perhaps you are not really interested in? Or do you want to run a business that you will enjoy running? For example, if you enjoy cooking, you might want to run a restaurant.

What do you and your family want to achieve from this business?

Do you want your business to provide a long term income for you and your family? Perhaps you want your family to run the business once you retire.

Do you have the right temperament and determination?

There will be times when everything seems to be going wrong, no sooner do you solve one problem than another, even bigger one arrives. Do you have the temperament and determination to keep going when it would be easier to give-up.

Do you have the right skills to run the business and if not can you learn them?

Running your own business requires a range of skills, as especially in the early days, you will not be able to employ other people to do them for you. You will need to manage the finances (tax, salaries, control expenses etc.), comply with legal requirements, manage your staff, market your business and control stock. Do you have those skills, if not are you prepared to learn them?

Will your family support your decision to run a business?

At least in the early years of your business (usually the first four or five years) until your business is well established and you can afford to employ more staff, you may have to work from early morning to late at night for seven days a week. Also, you may not be able to take an annual vacation. Therefore, it is very important that your family understands and supports you in this.

Are you good at making well reasoned decisions?

Especially is you are a sole trader, you will need to make business decisions in a well thought out and reasoned way when there is no one you can discuss them with. Making a hasty decision could damage your business if it turns out to be wrong.