First things first

First things First
Going into business is not something that should be taken lightly. Make sure you think through every stage. It’s not a game, it’s serious. It has the potential of making you a small fortune or it could cost you everything you own. Don’t even think about starting without sound planning.
"Going into business is not something you can decide on a whim ..."

Don’t approach on the basis that if it doesn’t work out you can simply move onto something else. It’s not always that simple. Others besides yourself may get hurt financially if your venture fails. Before becoming a new business owner attend to first things first by thinking it through.

Working from home has many advantages but it also brings with it many disadvantages. Make sure you are committed to being successful working from home because if you are not there would still be losses for you and your family (because of the upheaval and costs of setting up in the first place) if the business fails.

Develop a Business Vision that’s Clear
A clear and exciting vision will make a big difference in achieving your business objectives. The vision becomes the motivation or driving force.

Clarify your vision by asking yourself some of the following questions:

  1. How big do I want my business to grow?
  2. What exactly do I want to achieve in this business?
  3. Do I think my ideas can be crystallised through my vision?
  4. Will my family be involved in the business?
  5. What do I think is my main advantage or competitive edge?
  6. Do I think I have the passion to make this vision happen?
  7. Do I think my business will make a difference in the lives of my customers?
  8. Do I have a high standard of quality and customer service in mind?

These are things you need to care about before you settle down to work out the plans you have for a business. Initially you should sit down with pencil and paper and jot down your answers to these questions. Then have a chat to your business adviser and family, as well as other respected associates who have been successful in business.

Why Are You Going Into Business?
If you are thinking of going into business, take time to assess your reasons and your expectations. Going into business is not something you decide on a whim. You need to put thought into your motivation, as well as your goals and the abilities you believe you have.

The following are 8 reasons why people consider the possibility of owning and running their own business:

  1. They are tired of working for someone else and they are attracted to the opportunity of doing something for themselves.
  2. They are tired of answering to someone else and want to be their own boss.
  3. They are tired of doing the standard business hours of 9 to 5 and are keen to have more freedom as to the hours they work.
  4. They have a product or idea they believe can make money.
  5. They want to take more control of their financial future.
  6. They believe that by going into business their income will improve and also their standard of living.
  7. They desire a total change of lifestyle in order to spend more time with their family.
  8. They are tired of the “rat race” and are looking at other opportunities to bring greater work satisfaction.