Am I Ready To Start My Own Small Business?

You have always thought that you should start your own small business. Why work for peanuts for someone else when you could run the entire plantation? You would love to get started, but it’s a big step to take, and there are certainly some risks. A recent survey revealed 97.5% of all businesses in Australia, that’s around 2.5 million, are small businesses with 0-19 employees, so there must be something to it! If you think the risks are worth the satisfaction of being your own boss and calling the shots, then let’s take a look at what making it a reality might entail.

It All Starts With Financing – Everything begins with money. Unfortunately, it doesn’t matter how great your idea is, if you can’t scratch together the necessary start-up costs, it’s going nowhere. If you are lucky enough to be able to pay out of pocket, fantastic, proceed to the next section! Otherwise, take a minute to check out acquiring some unsecured business overdraft loans to get you started, it’s a sure-fire way to get your dream business going without a lot of hassle, they make it easy for you to succeed!

Thinking It Through – You have a great idea that you think will sell, but you still best do some heavy thinking and research before you commit your all to it. Here are a few questions you should ask yourself:

  • How difficult will it be to develop my idea into an actual business?
  • Is my idea financially sound and sustainable?
  • Is there currently a need or desire for my products or services?
  • Who are my competitors, if any, and can I compete with them?
  • How will I protect my idea from potential copycats?
  • Do I currently have all the skills necessary, or do I need further study and/or training?
  • Am I prepared to change my lifestyle, with the understanding that running a small business will take most, or even all, of my time?
  • Am I motivated enough to make it through any possible hard times down the road?

Once you have worked through those and you still feel confident that opening your own small business is the right way to go, congratulations! You are on the right track to make your dream come true. It will most certainly be hard work, but well worth it!