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Could You Run Your Own Business?

This resource will run you through the skills and knowledge needed when starting your very own business, read further.

Starting up a business can be an exciting but daunting experience! It takes a lot more than just a good business idea to get going. A well-thought business plan, a viable market and much more are required to get going!

This resource will run you through the skills and knowledge needed when starting your very own business, read further.

Ask yourself these questions?

To start with you’ll find that there are millions of tasks that need to be done, alongside research, people to see and well, things to do! So, it’s important you assess your own skills and mindset to make sure you have it in you.

To help you understand whether you have it in you, ask yourself the following questions:

Do you have access to the necessary capital and financial resources to start your business? For example, equipment or stock as well as funding your living expenses.

Are you prepared to risk your own resources? Can you afford to? For instance, would you be comfortable with taking out a secured loan based on the value of your home? 

Have you thought about the consequences of the business failing and what that might mean for you?

Will you be able to commit through the hard times? Think about long-term factors, high customer demands, and how you might be able to cope with such pressure.

Do you have the confidence to negotiate with suppliers? Be helpful to customers? Keep your own opinions at bay when it comes to criticism?

Have you assessed the potential level of demand for your service or product? This is about thinking way ahead of time and thinking about how you’ll be able to adapt to withstand high demands.

If sales drop, will you be able to carry on with the same determination from the start?

Now, you might now be able to answer these questions but it’s important for you to consider each factor, helping you to understand the uncertainty involved with running your own business.

Enterprising and Entrepreneurial skills

Being a successful entrepreneur doesn’t fall under one type of person, however, there are specific traits and characteristics that can be seen in those who run a successful business.

Such as;

• Logical, well organised and responsible.

• Flexible, adaptable and confident.

• Have the ability to communicate and get their point across.

• Single-minded, but able to take advice and criticism.

• Flexible and adaptable.

• Quick to take opportunities.

• Hard-working, committed and determined.

• Ready to come up with new ideas for the business.

These characteristics do not define a single person. A pursuing business owner does not need all to be successful. A key to being successful is adapting your own skills and constantly gaining new experiences.

Start-Up Checklist

The following checklist is a useful tool for an aspiring entrepreneur to go through to check through they’ve covered all and are ready to get going!

Understanding the pressures ahead

The pressures of being a small business owner are inevitable, but there is a way of handling and controlling them. That’s simply by understanding them. 

Here is a combined list of a few pressures you might face when being a business owner!

The responsibility falls on you, this is all your work if anything goes wrong, it will fall onto your lap.

Your working hours at first will be long. You might find it frustrating to find a good work vs life balance. To learn how you can find the right balance read here!

Financing the whole venture might mean going into debt. This will be difficult to comprehend at first as in the first few days your salary might be non-existent. 

People will doubt, try and maintain your own faith and stick to it!

If you’re a team of more than one, you have a duty to maintain a positive attitude and show leadership all the time, even when you don’t want to.

Feeling lonely is normal! Reach out to others. Don’t face this alone. If you find you don’t have anyone first to confide in, join networking groups! Like our Start-Up Meet-Up to be able to meet people who could be feeling the same as you.

Dealing with awkward customers will happen. When it eventually does, remember to keep professional at all times. 

The skills and qualifications

These are all dependent on what business you go into. Not every business will share the same needs and musts.

Technical skills

Your own business and personal skills will not suffice. Various different sectors do require certain qualifications for trading. Check within your own sector what skills and qualifications you will need to adapt and learn to be seen as a respectable business. 

Business skills

If you do not have the general knowledge of business skills already, now is the time to start introducing them to yourself. This includes planning, marketing, financing, employment and so on. Basic training in these areas will help you to run your own business smoothly in the beginning. Later training might be required for you to learn more as you grow, but for now, focus on starting up your own business!

Selling skills

Each and every business requires an element of selling. It is vital that a business owner learns how to educate and persuade their customers to buy from them. Giving the customer reasoning on why they should buy and what benefit they will get from it. This will then work in the business’s favour as good word of mouth is the first best way of marketing.

Organisational skills

Being well organised only benefits you and your business, the administration of anything will need to be kept on top of. So, keeping your business organised will only help to stop any mishaps. Not only that, being organised does go noticed, customers, investors and possible employees will notice if you are reliable, disciplined and time-efficient.

If you struggle with being organised, Carol, our experienced business owner now a trainer at EMS, will help you to manage your time efficiently!

Support from a business advisor

This is where we can really benefit you! Here at EMS, we offer professional advice on how you can get started. We offer personal 121 sessions with our business advisors, helping you to recognise your capabilities and weaknesses.

Our business advisors will especially help you with a great introduction to the world of business. Book an appointment today to begin your self-employment journey!

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