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

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

3) Am I emotionally equipped to deal with self employment?

• How flexible am I? Are you open to constructive criticism? When someone suggests changing something, do you stubbornly do as you wish or do you stop and seriously consider the suggestion?

• How do I cope with failure? To be blunt:  business is one long round of setbacks and disappointments interspersed with wonderful opportunities and unexpected successes. Will you be able to bounce back again and again and again without getting disheartened?

• Do I enjoy a challenge? 

• Am I sufficiently confident? Have you got the confidence to put yourself and your product/skills out there and risk rejection or negative feedback, to deal with awkward clients/suppliers and to effectively network? 

• How will I deal with the mistakes I make? You will make mistakes. Whoppers.  It is how we learn but when it comes to your first start up, it can be a painful and frequently expensive learning curve. Reading A Useful Little Trick for Managing ‘Bad’ Feelings may be helpful.

• Have I got good interpersonal skills?

4)  Have I got the ability to run a business?

• Have I got research skills?

• Can I write a business plan, a marketing plan and any other bloomin’ plan that comes along? These are essential documents and are quite complex and daunting to begin with. However, there are many sources of help and examples online.  This is one of the best: https://www.princes-trust.org.uk/help-for-young-people/tools-resources/business-tools/business-plans.  (Note that the information on the Princes Trust site is aimed at young people so may have to be adjusted.)  Further, local authorities, banks and other organisations provide help. 

• Am I willing to learn business administration; research skills etc. if I have not already got them?   

Watch this space for the next part of this series: You Want to Start Your Own Business? Questions to Ask Yourself Before You Submit Your Resignation Part Three

You may wish to subscribe to Morgan Gleave Art and Design's blog.  You will be cross with yourself if you missed something...

A Useful Little Trick for Managing ‘Bad’ Feelings

What the partners of Leicestershire based 

Morgan GleaveArt & Design 

have learnt during 12 years of running a small business. 

Has someone put you down?

Have you embarrassed yourself at a party?

Have you made a business mistake?

Has a relationship recently ended?

Do you think that you may have said the ‘wrong’ thing?

If something has upset you enough to make you feel ‘bad’, try to pinpoint where in the body you have the physical feeling associated with that upset.

When the memory/feeling comes over you, resist the urge to panic.  Instead, close your eyes and concentrate on feeling the physical discomfort.

After a while, you will find that the feeling dissipates.  This is because you are allowing yourself to acknowledge the pain rather than resist it. 

It may be that the feeling returns fairly quickly.  If so, repeat the exercise.

Each time you do this, you will find that the ‘bad’ feeling dissipates more quickly and takes longer to return.

You are acknowledging your feelings, not suppressing them and you are not adding panic to the mix.

You will get better at this with practice. 

• The greatest hurdle to overcome is remembering to do the exercise when you are in distress and prone to panic.

• The greatest benefit is that feelings will no longer scare you and can just be accepted leaving you feeling peaceful and empowered.

You may find 2 Easy Techniques to Calm and Relax You (Almost) Anywhere and at Anytime useful too.

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