Steps to Starting a Business - Step 4

Your Personal Business Requirements

Similar to setting your personal goals, one of the steps to starting a business is to consider your personal business requirements.

What personal requirements do you have of a new business? Most importantly in my opinion is to be true to yourself and make sure that any decisions you make sit comfortably with your own morals.

• Where will you run your business from? Do you have space in the house to create some work space?
• How many hours a week do you have to dedicate to your business? Many people are able to start their home based business on a part-time basis
• What is the most important thing in your life?
• Consider how this might impact on the business you are planning
• What must you be able to do in your business?
• Do you have any restrictions? e.g. you live in a remote area so need to be able to do all your business by telephone or computer
• Consider your health and any restrictions this may place on your business.
• What do you love doing the most?
• A business based around something that you already love will be much more fulfilling. Rule out a business that requires you to regularly do something that you don't enjoy.

Make a list of all of your personal requirements and the things that you must be able to do in your business and keep them close to you whilst you continue to plan and research. If a business model violates any of the items on your list, consider how important it is to you to be able to be true to that item.

Be honest with yourself. If it doesn't fit your needs it is better to ditch the idea early on before you have invested time, energy and money into it!

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