There are many different aspects to consider when starting a business, and as the New Year approaches with so many people thinking about making a change in their life, it’s not surprising that this time of year is the time when many wannabe entrepreneurs begin to make a commitment to themselves to launch the idea they have been sitting on for some time.
Whilst the passion and excitement of starting a business is an inspiring and uplifting energy to be around, it’s also important you keep your feet firmly grounded on the floor and look at the realities of setting up a business and what this means for your life.
In this sense, it’s worth considering your business from a social perspective, in terms of how it will impact your life rather than just seeking business legal advice, for instance. As whilst legal advice can be an important component of setting up a business, one of the most significant yet overlooked aspects is the effect starting a business will have on your own life and personal circumstances.
Therefore, in this article, we’re going to take a look at some of the things to consider before setting out on the adventure of starting a business and turning your idea into reality.
- WHERE IS “THERE” FOR YOU?
If you’re thinking of starting a business there’s a strong chance you will have a strong reason to be doing so – it’s not normally the sort of decision a person makes apathetically, there’s usually a strong reason why they are starting their business… and it pays to consider where is “there” for you.
In this sense, you want to look at what your actual goals are, as this way you can assess whether the business you are thinking of starting up is going to lead you to the place you want to be.
Let’s take the example of someone working for a hairdresser; they are currently working 40 hours per week, making £10 per hour. They reliably bring home £400 per week and all they need to do is show up to work and perform their duties.
Their true motivation is to have more free time in order to raise a family. They start a business, therefore, thinking it will create more free time.
- THE RIGHT VEHICLE?
The challenge, however, is that starting a business might not be the right vehicle to get you to where they want to be. For instance, the hairdresser that wants more free time to raise a family is not necessarily going to get it from starting a business, as they are now going to have to take care of marketing, accounting, and so on – in addition to performing their service.
You therefore need to consider whether the business you are thinking of is going to provide the right vehicle to efficiently get you to where you want to be.
- DREAM OR NIGHTMARE
We’ve all seen TV shows like “Kitchen Nightmares” and it’s worth taking a little time to consider whether your business is going to create the dream life you crave, or if it’s going to end up consuming your life and being somewhat of a nightmare.