WNA Blog

Thu 23 Sep 2021

5 Questions To Ask Before Starting Your Business


Business Planning & Strategies
Working for yourself, not answering to anyone and hopefully making a load of money all sounds fantastic.

However, before you tell your boss what you really think or burn your weekly paycheck, we suggest taking a sincere look at the situation. If you are considering starting your own business, we recommend honestly answering our five questions included below. 

 

Why am I starting my own business? 

Academics differentiate the reasons that people become entrepreneurs as push or pull motives. Push motives are negative external forces, while pull motives are appealing reasons. Research has shown that while push motives might launch a business, it is the pull that drives it forward for continued growth. 

We recommend being honest and writing down why you want to start your own business. Don’t leave any reason out, however mundane or insignificant it might seem. Once you are done, think about whether you are starting a business to escape your current situation (a push motive) or because you feel your business could be a success (pull motive). 

How much money do I have to invest? 

Businesses take money to get off the ground, and often more than is initially budgeted. Many startups fail simply due to a lack of capital, despite having a qualified team and a brilliant business plan. We recommend allocating the funds that you feel you can safely invest and then looking for additional investors if required. Mentorship and expertise add significant value, as does a cash injection. Consider whether it is worth handing over a piece of your business as a trade-off. 

How long can I survive with a limited income? 

Few entrepreneurs, are paid a salary initially, which is particularly true for companies with the sole ownership. A limited income might be more straightforward to manage for a single person right out of college than a parent with three kids and a mortgage. Work this into your budget from the beginning before your motivation wanes. 

What do I love about the business? 

If you are enthusiastic about your business, it will be easier to keep your eye on the end goal. Moreover, you will naturally bring the topic up during networking events and research in your free time. We recommend that you focus your energy on what you love about the business and write a detailed job description for yourself. 

What do I loathe about the business? 

Every business has aspects that owners loathe or are simply unable to do. From the start, we recommend that you determine what these tasks are and build your team around people that can complement your own skills. For example, bookkeeping is not everyone’s forte so you might consider budgeting for online bookkeeping right from the start. 

Even with the best idea in the world, owning your own business can be an uphill battle with plenty of roadblocks along the way. It takes stamina, motivation and sometimes even a bit of divine intervention before seeing the fruits of your labour, so consider planning accordingly. 


Back to WNA Blog

Recent News

Business Planning & Strategies
Wed 20 Oct 2021

5 Things to Consider Before Building a Commercial Building in Brisbane

Fonthip Ward
Book Review
Mon 18 Oct 2021

Book Review | Three Sisters

Pam Welch
Interior Design & Styling
Thu 14 Oct 2021

How To Create The Perfect Meditation Space Mentally And Physically In The Shower

Rachel Fowler
Finance & Insurance
Wed 13 Oct 2021

Employers Guide to Fringe Benefits

Bronwyn Condon
Click to join the newsletter