The Basics of Starting a Business

OK, so you've decided you want to be in business. You have a good idea of what you want to do and now you've finally made the decision, you want to get started immediately.

Your idea is brilliant! Something that nobody else has thought of (well ... that's what you think anyway) or something you reckon you can do better. You're going to make a killing … and you can't wait because someone else may beat you to it.

Congratulations! But ease up a little … and don't rush into anything just yet.

Although many small businesses are successful and together make the biggest contribution to employment and the economy, the reality is that the majority of new businesses fail in the first 12 months because most new business entrepreneurs rush into things without too much thought and planning.

To increase your opportunities of success, you need to plan your business properly, do your homework and make sure your business idea is actually going to make you money. Unless you have a totally new idea that is guaranteed to take the world by storm by next week, there is no desperate rush.

So reduce the possibility of heartache later by doing things properly now.

Firstly, you should re-evaluate why you want to have your own business ...

• is it to make a lot more money than you're making now?
• is it because you want a better lifestyle?
• is it because you think you have a unique product or service that people will pay you for?
• is it because you hate your boss or hate going to work?
• is it because you want to work at home to be closer to your family?
• is this an emotional decision?

If your decision to start your own work at home business is based on emotion, be very careful. If this is the case, maybe you should try changing jobs for a while.

Write down all the reasons why you really want to do this. Be honest with yourself. Then prioritise your list.

This will help define your thoughts and goals and assist you later when writing your business plan.

If you ... and the other people involved in your new business venture, still feel totally confident that you'll be successful, then you're ready to go to the next step.

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