Starting a business, what do I want from my business?

Ok you have decided to start your own business. It might be a decision that has been taken out of your hands by a job loss or maybe you are not seeing eye to eye with your employer, what ever reason it is there are some things you ought to consider before you start.

If you were to make a list of what you want from your future business what would that list contain and how important would it be to you. It would probably contain something about money- after all we all need it, perhaps independence and maybe a better work /life balance.

My list looks like this:

What do I want from my business?

Independence – no more pressure from the boss to get something done within an unrealistic timescale.

Work/Life balance- total control over what work I take on and when. No more stressed out days because I just have so much to do both at the office and in the home.

Avoid Nastiness- I know we can't cocoon ourselves from the nasty things in life- but maybe if we can avoid working for people who are horrible and avoid tasks that are mind dulling, maybe thats’s my aim

Importance

How important to me are these aims

They are really important to me

What ought I to think about?

On reflection it seems I want to do what work I want when I want to do it, for people who I want to work for. I think that might be a little optimistic in that I do need to do some work and if you set your wishes to an unrealistic height then you will fail. Perhaps I ought to see if I can bend a little. Independence- well perhaps I can bend on that one- maybe consider that some stress and deadlines are good for you. Work/Life balance- no compromise, unless of course it is financially viable- so I am bending already. Nastiness- Well perhaps a little more tolerant and just avoid the really nasty ones!

Life Goals

Now you ought to consider your life goals and how your business can help you to achieve them. If your life goal is to have made your first million by 30 then you need to be involved in a high income generating field and be prepared to have employees and manage. If you want to be a hands on dog walker you are unlikely to make your first million by 30 or perhaps even 50!

So what are my life goals. Having reached middle age my goals are security and income in retirement. Therefore I focus myself on a business that I can continue on a restricted scale when I retire.

How will your business help you obtain your life goals?

Look at the ways that your business can help you. If money is one of your drivers can you make more from your business than in a salaried job? Have you the ability to run a large business, can you tough it out when things are bad? Do you have support, either financial or just social and emotional. All questions that need to be asked and all positive answers will help you in your quest.

As a final exercise picture yourself in five years time. Where do you want to be? There is no guarantee that you will be there even if you work hard but if your goals are even partially met then maybe you are in a better place than you would have been working for someone else.