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 Why start in business?
Identifying your goals.

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In detail:

Work out what you want from your business and ask yourself why you are starting it.

The prospect of increased wealth, freedom and job satisfaction have led many people to start in business for themselves.

Many have failed, however, because they did not clearly identify their personal and business goals.

Write down your specific goals and aspirations on paper. This will help you to think about them clearly.

Each method of start-up has its pros and cons. It is essential for you to know your own aims, strengths and weaknesses in order to decide which is the most suitable start-up method for you. Perhaps, spare 10 minutes to try an online personality test. You might be surprised by what you discover about yourself and your business partners.

Becoming a franchisee, for example, may not be the best option if you value true independence. It may, however, suit those who value the potential to reduce the scope for making mistakes in the early years.

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