Questions to ask yourself when selecting a business

If you're thinking about starting your own business, there are a few questions you have to ponder before you can even start the process.

Ask yourself the following questions:

Can you afford to start your own business?

The first step is to look at how much money you have available. If you do not have money, consider how and where you will access financing.

Will the business yield adequate income?

Calculate how much income you will need for the month and ensure that your earnings will cover your expenses. In the first few months, be prepared to make some sacrifices.

Does it suit your personality and lifestyle?

Does your business idea reflect your hobbies and interests? Doing what you are passionate about has a higher success rate as you will be more inclined to see to the needs of clients because you understand your target market.

Do you have the necessary skills and experience?

Your qualifications or prior work experience should be considered. It is wise to capitalise on existing experience and skill, rather than to diversify into something completely different.

Are the hours satisfactory?

Depending on the type of business, you may have to work long hours for years.

Does it coincide with your morals and values?

Successful entrepreneurs align their personal and professional values. It is therefore advised to consider cultural and moral values.

Do you have the support of your family?

Go into a business where you will be able to share and enjoy your profits with your family. In general, aim to run a business that is profitable – but that you will enjoy. Seek synergy in terms of what you have to offer the business and what it can offer you.

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