Franchise Focus Business News…

Owning and operating a successful business can be a very satisfying way to earn a living. But are you prepared for the responsibilities associated with owning a business? You should carefully consider the self assessment checklist below before starting your own business. It lists the personal attributes and factors which increase your chances of success.

Personal Qualities

I am prepared to work hard and give full-time commitment to the business.

I have the necessary persistence and tenacity to stick with the business through thick and thin.

I have a strong desire to be self-reliant.

I believe that I will be successful through my own efforts.

I am physically and emotionally resilient.

I can work independently.

Your Attitude to Risk

I am prepared to risk my own money and assets in the business.

I recognise the importance of professional advice and guidance before I invest my money in the business and during and after business start up.

Your Family

I have the full support of my family.

My family will cope with the demands of the business on my time.

Business Skills and Know-How

I have a clear market focus with a specialized service or product that fills an ongoing need.

I have specific skills or know how in the product or service area I am contemplating.

I have previous hands-on business experience in business.

I am well organized and efficient.

I have a basic knowledge of accounting and cash flow management.

I feel comfortable selling to people.

I can organize and motivate others to get things done.

Finance

I can raise the funds required  to get a business off the ground and survive the initial start-up phase.

I have sufficient reserves of working capital should the business be slower to grow than expected.