Are you ready to start a business?
Starting a business takes a lot of effort and commitment. Before you start, it’s important to know what's involved and if you're suited to running a business. These questions will help you evaluate yourself and make sure you're ready.
Aside from having knowledge in your chosen industry, running a business requires a wide range of skills such as business, personal and interpersonal skills.
Events and training
Business events and training can help you develop the tools, skills and knowledge you need to start your business. Find events and training near you or online.
Your lifestyle will change a lot as a business owner. You will need to work long hours and even weekends. You need to prepare yourself that you may have less free time.
Passion and motivation can wear off during hard times. Make sure you’re prepared to keep working even when things are hard. You'll need to rely on your discipline not to give up.
Make sure you are in the right financial position to start a business. Starting a business is exciting but also expensive. There will be a number of up-front costs you will have to consider, as well ongoing fixed and variable costs involved in running a business.
You may not start making money from your business for some time. It’s important you have enough financial backing to take on and support your new venture.
You may not start making money from your business for some time. It’s important you have enough financial backing to take on and support your new venture.
Calculate your start-up business costs
If you're starting a business you'll need to consider what your start-up costs will be. Use our template to calculate the start-up costs of your business.
You should have enough savings or an alternative income to use while you're establishing your business. It may be a while before you can pay yourself a stable salary or income again. This may have a big impact on your lifestyle and daily living.
It’s important that you assess your business idea with a critical eye. Make sure that there is a need or desire from customers for your product or service.
Plan out your business idea
Use our lean business plan template to quickly focus your business idea and set some goals.
It’s important that you are comfortable seeking help. Running a business isn’t a simple thing to do and you don’t have to do it alone. Talking to a business adviser or trusted accountant or tax agent can help you solve business problems and connect you to grants and programs.
Get expertise and advice
Find a business adviser or expert relevant to your interests and location.
Unfortunately, you need to be prepare yourself that your business may not be successful. This might mean that you could lose money, time and investments.
Understand the risks
Before you start a business, be aware of all the business risks you might face.
It’s okay if you don’t feel ready to start a business. There are other pathways you can take.
You can:
- continue your business idea but as a hobby
- think of another idea and assess your new business idea
- reassess your situation again in the future – you might be ready then!