Before You Start a Business

So, you want to start a business?

Why?

The author and speaker Simon Sinek famously wrote a book called Start With Why, and whilst not always appropriate or relevant, in this case it’s the perfect question to start with.

Why do you want to start a business?

Answering this question, by both thinking about it in your head, and writing the answer(s) down on paper, or in an electronic notepad, you’ll be firmly documenting and cementing your reasons.

It’s good to make a physical record of your reasons to start a business because:

• If you haven’t started a business yet, these are your motivating factors to get you started and
• If you’re already in business, it’s good to remind yourself of the reasons why you’re doing this.

Recording the reasons for starting a business are motivators to keep you going. It helps you set your sights on your goals and maintain focus and discipline. You can keep the record nearby as an occasional reminder, as a desktop wallpaper on your computer or phone, or a motivational note on your wall or notice board.

Whatever you do, your reasons drive you forward, give you a raison d’être and a credo for your business.

These are some common reasons why people go into business:

You love what you do.

You have an interest, a hobby, a pastime, a skill, and you’d like to make a living from it. That’s brilliant. Better to do something you love and even more so when you are skilled in the matter.

Make sure you can earn a good income from your venture and be aware of the potential difference of doing what you love as a hobby and as a business.

You want the freedom.

Working for yourself, and running your own business is an admirable direction to go in. Working for yourself gives you the greatest control, and your successes and benefits are all your own to start with.

Make sure that you have a sound business plan in place and you’ve adequately scoped the market.

It’s all about the money.

Businesses have two purposes:

• to provide a product or service and
• to make a profit.

As long as you’re fulfilling both of these basic princilpes, and the second one is paying for the roof over your head and food on the table, that’s good. You’ll want to improve both over time because great service and products generate greater profits.

Whatever your reason for starting and going into business, keep it close at hand as a reminder of why you’re doing this. It will keep you on your path and motivate you.