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5 Questions to Consider Before Starting Your Business

When considering the option of becoming self-employed, we are often focused upon the financial elements needed for successful trading. Forecasting your earning potential is an important exercise before taking the plunge into self-employment and having a contingency plan in case of failure is always recommended. However, the emotional and psychological implications of self-employment are often overlooked by potential entrepreneurs, and herein lie many of the challenges faced by new business owners.

Why do you want to do this?

The first and most important step to preparing for potential self-employment is to be completely honest with yourself. Identifying your real motivations for wanting to leave the 9-5 grind will help clarify if starting a business is right for you. If your motivations centre solely around an annoying boss or co-worker, then you need to consider if finding another job might be the best solution for you. The idea of being your own boss can be alluring, but not everybody is cut out for entrepreneurship. Self-employment often poses far more difficulties than working for an employer, and it is advisable for one to ascertain whether they are willing to make sacrifices in terms of financial security, as well as job stability, to develop a business. Taking the time to consider this question deeply will either save you a lot of trouble or help steel you for the challenges ahead.

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