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...

• View our 7 steps to business success e-learning series and find out how to improve your chances of business success.