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Consider your suitability

Will this business let you achieve all your goals?

  • Make a list of all your goals (e.g. business, family, health, social, spiritual, financial).
  • Which goals will this business help you achieve?
  • Identify areas of potential conflict. How can you eliminate or reduce conflict between goals?
  • What goals are absolute priorities? What goals are you willing to compromise?

Do you have the right skills and knowledge for this business?

  • Review your skills—use our assess your business skills checklist as a guide.
  • Investigate the skills and knowledge that other people have in this industry.
  • Make a list of the training you need. Include managerial and business training if you are not experienced in managing a business.
  • Consider whether you are ready to start a business.

Do you have the motivation, time and energy to operate this business?

  • Ask family and friends if they support your decision to go into business. Do they believe you have the necessary personal qualities?
  • Think about what motivates you. How will you stay motivated through difficult times?
  • Consider how much time you can realistically devote to the business. Are you in general good health? Long hours and stress can affect your energy and motivation.
  • Do you have someone who will help you stay motivated? Are your family and friends supportive?
  • Build up networks of people doing similar things to you, so you can learn from and motivate each other.

Also consider...