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Being in business can be exciting, liberating, empowering and rewarding. It can also be stressful, with long hours, too much to do and financially challenging.

Regardless of how great your idea is, if you personally cannot handle the specific stresses and rewards of being in your own business, then it is unlikely to succeed. Not everyone is made to be their own boss. It is crucial you work this out for yourself before you start to quit jobs, borrow money and open your doors for business. Don’t commit to your business only to ‘swim with the sharks’ further down the track.

A. Rate your suitability for business ownership

Rate your suitability on the following criteria. 1= Low and 5= High.

Persistence
If you can keep going under all circumstances (poor profit, no customers, increasing debt) then you will last. Do you have a steely determination that will enable you to weather early storms until you emerge out into the trade winds?

Boundaries
Are you able to set firm boundaries and protect your business from external influences? E.g. when you feel pressure from family, friends and acquaintances to take cash or stock out of the business

Self-esteem
Enthusiasm and being positive project energy others pick up, enabling you to carry them along with you. You need to believe in yourself (otherwise no one else will) to run a business and generate a revenue stream for your business.

Networking
A major reason for failure is the lack of a support network, with small business people too proud and independent to ask for help. The attitude is often, "I'd rather fail by myself, thank you very much".

Discipline
If you can't set and meet deadlines or get up in the morning, forget it. Do you have the discipline to do the boring parts (there will be some, don't worry), or continually ring potential clients? Do you have the discipline to do the small things every day that matter?

Resourcefulness
Are you able to source work, get access to people, and able to find suppliers? Can you make things work, or find a solution when problems occur?

Passion
Having a passion for what you do is paramount. It is about believing strongly in your product or service. It is being excited about what you are doing, regardless of what other people think. Do you think you can be passionate about your business idea every day?

Industry experience
Industry experience is all about knowing your industry backwards. Who to talk to, what the current politics are, and what people are saying on the street. What your customers, staff and business suppliers think and expect. It's about having your finger on the pulse.

A. Rate your suitability for business ownership

Rate your suitability on the following criteria. 1= Low and 5= High.

We suggest if you scored:
0-39, you still have at least one area to work on
40 congratulations, it seems you have what it takes!



B. Rate the feasibility of your business idea


Demand
If people don’t pay you any money for your product or service then you go out of business. It is therefore critical that you have solid demand for your product/service that is large enough to generate a profit for your business.

Market Research
Have you done enough market research to inform you that your product/service meets a need/want and make a profit? A common mistake is to launch straight into business offering what we “think” the customer needs but not what the customer “actually” needs. Market research involves extracting information from various sources and developing a picture of the industry and the environment that your business will be competing in.

Competition
Every industry has competitors whether they are strong/weak, direct/indirect, or large/small. Do you know who you will be competing against? Have you identified their weaknesses and strengths? How do you compare?

Barriers to Entry
There can be a number of barriers to entry depending on the type of business you are starting. For example you may require high set up costs, or there may be a large number of competitors already, or customers are already satisfied with current offerings.

Investment
Do you have enough money to get started? If not, can you realistically expect to be able to borrow money?

B. Rate the feasibility of your business idea

Rate your suitability on the following criteria. 1= Low and 5= High.

We suggest if you scored:
0-24, you still have at least one area to work on
25, congratulations, it seems you have what it takes!

To help you Get Started enrol in one of our Impac Workshop or contact one of our advisors.