6 Things to consider before starting a business

Updated: Apr 28

Are you thinking about starting your own business? Create a flexible income around your own family by working from home instead of the 9am - 5pm hamster wheel that so many of us have become accustomed to?

Deciding to start your own business is inevitably going to be daunting. There’s no guarantee of success, and there’s no way to be ready for all the obstacles you’ll face along the way. But you can certainly give yourself the best chance of success simply by being prepared. Here's six things you should think about before you start your entrepreneurial journey...

6 things to consider before starting a business
6 things to consider before starting a business

1. Turn your idea into a plan

Every entrepreneurial journey starts with an idea. But how can you bring your idea to life? Take some time to lay out a rough business plan. It doesn’t have to be anything too meaty.

There is a lot to think about, and you don’t need to have all of the answers at this stage. This exercise will not only help you create your formal business plan, but it will also prepare you for the obstacles that you’ll find in the process.

You can download my free editable small business plan to get you started.

2. Self-discipline

This may be one of the most important qualities for any new business owner to have. You are at the heart of your business idea, meaning that you will be the one to hold yourself accountable. As an entrepreneur, you’ll have to stick to your business plan, make and respect your budget, dedicate time to developing your business, and meet the goals you’ve set for yourself. If you find yourself lacking in self-discipline, this might be something to work on before you pursue your dream. You have to be ready to put the time and effort in before you begin your adventure.

3. Be flexible

Once you have your business plan and idea firmly set, it can be hard to accept the need to make changes. While this is understandable after putting immense time and effort into developing one idea, it’s important to be open to changes. Throughout the entire process your brainchild is vulnerable to countless factors that could result in big or small changes to your plan. As challenging as this may be, being flexible can mean the difference between success and failure in the world of business

4. Follow your passion

Passion is the thing that keeps entrepreneurs going through the hard times. If you really believe in what you’re doing, it will make you more resilient and determined when faced with obstacles.

Make sure your idea is something that drives you. In addition to making you more motivated, it will also enhance your ability to sell your idea to potential investors.

5. Listen to the pros

Read books, watch videos, listen to podcasts, watch TedTALKS, talk to other entrepreneurs at different stages in their own process. These insights will be inspirational. By listening to the real-world experiences of others, you’ll better prepare yourself for your own journey.

Here's some inspirational TedTalks for new small business owners and entrepreneurs...

6. Research like crazy

There's a LOT of research to be carried out before you launch your business. Who is your customer? where do they live? how will you reach them? Who are your competitors? what do they charge? what will you offer that is different? why will your customers buy from you? Can you test out your business idea on a few potential customers?

Do not underestimate the amount of research you need to do... and don't outsource this element to anyone, you really do need to roll your sleeves up and get stuck in. Go gather the knowledge...!

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Good luck 🍀

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