You Want to Start Your Own Business? Questions to Ask Yourself Before You Submit Your Resignation Part Three

What the partners of Leicestershire based Morgan Gleave Art & Design have learnt in 11 years of running a small business. 

If you have not done so already, you may wish to read: You Want to Start Your Own Business? Questions to Ask Yourself BeforeYou Submit Your Resignation Part One and Part Two

Here is the final question you need to consider before committing yourself to starting up own business.

5)  How am I going to fund my start-up business?

• How much funding will I need to start my business?  Starting a business is surprisingly expensive.

• Where can I get funding?  You need to use your research skills for this one.  There are numerous sources of funding for small businesses out there.  The most obvious place to seek funding is a bank but there are other options such as grants.  Alternatively, you may choose to use your savings or redundancy money.

• Do I have sufficient funds to live on for at least the first year of trading?   It has been said that a business takes at least five years to become established.   In the meantime bills have to be paid.

• How will I feel if I cannot afford my present standard of living?  How will my family feel?

Oh, noooooooo! I really want to start my own business but now I am soooooo depressed because I didn’t answer yes to all the questions!  Oh, oh, oh, what am I going to do? Ohhhhhhhhh.

Calm down!  Honestly, that is quite enough of that unseemly racket!  Where do you think you are?  The House of Commons? 

You are a prospective entrepreneur, act like one!

Just because you did not answer yes to everything it does not mean that all is lost. 

If you are still determined to start your own business, the next step is to try to make changes so that you can return to this page and have a column of yeses. 

Finally, as disappointing as it may be, there is no shame in deciding that a particular course of action is not for you just now.

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